Page:United States Statutes at Large Volume 47 Part 1.djvu/1179

 72d CONG RESS. SESS. II. CH. 128. FEBRUARY 27. 1933. SEC.209. VESTED INTERESTS .-A future interest is vested when t here is a person in being who would have a right, defeasible or indefeasible, to the immediate possession of the property, upon the ceasing of the inter media te or pre ceden t int eres t. SEC. 210. CONTINGENT INTERESTS .-A future interest is contingent, whilst the person in whom, or the event upon which, it is limited to take effec t rem ains unce rtain. SEC. 211 . Two OR MORE FUTURE INTERESTS .-TWO Or more future interests may be cre ated to take effect in the alternative, so that if the first in order fails to vest, the next i n succession shall b e substituted for it, and take effect accordingly. SEC. 212 . CERTAIN FUTURE INTERE STS NOT TO BE VOID .-A future interest is not void merely because of the improbability of the contingency on which it is limited to take effect. SEC. 213 POSTHuMoUS CHILDREN .-When a future interest is limited t o success ors, heirs, issue, o r children, posthumo us children are enti tled to take in the same manner as if living at the death of their parent. SEC. 214. QUALITIES OF EXPECTANT ESTATES .-Future interests pass Qualities of expect- ant esta tes. by succession, will, and transfer, in the same manner as present interests. Mere possibility nut SEC. 215. SAME .-A mere possibility, such as the expectancy of an deemed an interest. heir apparent, is not to be deemed an interest of any kind. CROSS REF ERENCE Mere possibility cannot be transferred, see section 262. interest in property is recognized by the law, except such as is defined in this code. CROSS REF ERENCE Conditional Legacies, see section 376. SEC. 218. CONDITIONS .-Conditions are pre ced ent or subsequent. The former fix the beginning, the latter the ending, of the right. Caoss REFERENCES Condit ional obl igations, see sect ions 430 to 438. Conditions copcurrent, see section 433. Conditions precedent, what are, see sections 377 and 432. Condition s subsequent, what are, see sections 380 and 434. SEC. 219 . CERTAIN CONDITIONS PRECEDENT vOID .-If a condition precedent requires the performance of an act wrong of itself, the instrument containing it is so far void, and the right can not exist. If it requires the performance of an act not wrong of itself, but otherw ise un lawfu l, the inst rument take s effe ct an d the condi tion is void. Veste d. Conti ngent. Alternative. Certain future inter- ests not to be void. Posthumous ch) dren . Post, p.1181. 1155 SEC . 216 . WHAT FUTURE INTERESTS ARE RECOGNIZED:NO future what future interests recognized . Conditions of owner- CONDITIONS OF OWNERSHIP ship . SEC . 217. FIXING THE TIME OF ENJOYMENT .-The time when the Fixing time of enjoy- ment . enjoyment o f property is to begin or end may be determined by computation, or be made to depend on events . In the latter case, the enjoyment is said to be upon condition . Post, p . 1175. Condit ions . Post, p . 1183 . Post, p . 118 3. Post, pp. 1175, 1152 . Post, pp. 1175, 1183 . Conditions prece- dent, when void. CROS S RE FEREN CES Future in terests defe ated by birt h of posthumo us child, see section 231 . Post, p . 1157. Post, 117 1,11 73, pp. Succession by posthumous children, see sections 344, 370, 419. 118 1