Page:United States Statutes at Large Volume 76A.djvu/183

–87– -87§ 272. Accumulations which are void Directions for the accumulation of the income of property, except such as are allowed by this chapter, are void. § 273. Accumulation of income An accumulation of the income of property may be directed by a will, trust, or transfer in writing sufficient to pass the property or create the trust out of which the fund is to arise, for the benefit of one or more persons, objects, or purposes, but may not extend beyond the time permitted by this title for the vesting of future interests. § 274. Directions for accumulation beyond limit If the direction for an accumulation of the income of property is for a longer term than is limited by section 273 of this title, the direction only, whether separable or not from the other provisions of the instrument, is void as respects the time beyond the limit prescribed in that section, and no other part of the instrument is affected by the void portion of the direction. § 275. Destitute beneficiaries When a person for whose benefit an accumulation of income has been directed is destitute of other sufficient means of support or education, the proper court, upon application, may direct a suitable sum to be applied thereto out of the fund directed to be accumulated for his benefit. CHAPTER 13—RIGHTS OF OWNERS Sec. 311. Increase of property. 312. Income of property with respect to future interests.

§ 311. Increase of property The owner of a thing owns also all its products and accessories, c § 312. Income of property with respect to future interests When, in consequence of a valid limitation of a future interest, there is a suspension of the power of alienation or of the ownership, during the continuation of which the income is undisposed of, and a valid direction for its accumulation is not given, the income belongs to the person presumptively entitled to the next eventual interest. CHAPTER 15—TERMINATION OF OWNERSHIP Sec. 341. Defeat of future interests. 842. Alienation or loss of precedent interest as affecting future interest. 343. Premature determination of precedent interest as affecting future interest.

§ 341. Defeat of future interests (a) A future interest, depending on the contingency of the death of a person without successors, heirs, issue, or children, is defeated by the birth of a posthumous child of that person, capable of taking by succession. (b) A future interest may be defeated in a manner or by an act or means which the party creating it provided for or authorized in the creation thereof. A future interest, thus liable to be defeated, 'is not, on that ground, void in its creation, § 342. Alienation or loss of precedent interest as affecting future interest A future interest is not defeated or barred by an alienation or other act of the owner of the intermediate or precedent interest, or by destruction of the precedent interest by forfeiture, surrender, merger, or otherwise, except as provided by section 343 of this title, or where a forfeiture is imposed by statute as a penalty for the violation thereof.

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