come is undisposed of, and no valid direction for its accumulation is given, such income belongs to the persons presumptively entitled to the next eventual interest. CHAPTER IV. TERMINATION OF OWNERSHIP. SECTION 739. Future interests, when defeated. 741. Future interests, when not defeated. $739. A future interest, depending on the contingency of the death of any person without successors, heirs, issue, or children, is defeated by the birth of a posthumous child of such person, capable of taking by succession. § 740. A future interest may be defeated in any manner or by any act or means which the party creating such interest provided for or authorized in the creation thereof; nor is a future interest, thus liable to be defeated, to be on that ground adjudged void in its creation. § 741. No future interest can be defeated or barred by any alienation or other act of the owner of the intermediate or precedent interest, nor by any destruction of such precedent interest by forfeiture, surrender, merger, or otherwise, except as provided by the next section, or where a forfeiture is imposed by statute as a penalty for the violation thereof. § 742. No future interest, valid in its creation, is defeated by the determination of the precedent interest before the happening of the contingency on which the future interest is limited to take effect; but should such contingency afterwards happen, the future interest takes effect in the same manner, and to the same extent, as if the precedent interest had continued to the same period. TITLE III. GENERAL DEFINITIONS. SECTION 748. Income, what. 749. Time of creation, what. § 748. The income of property, as the term is used in this part of the Code, includes the rents and pronts of real property, the interest of money, dividends upon stock, and other produce of personal property. $749. The delivery of the grant, where a limitation, condition, or future interest is created by grant, and the death of the testator, where it is created by will, is to be deemed the time of the creation of the limitation, condition, or interest, within the meaning of this part of the Code. PART II. REAL OR IMMOVABLE PROPERTY. TITLE I. GENERAL PROVISIONS, § 755. II. ESTATES IN REAL PROPERTY, §§ 761-811. 841. IV. USES AND TRUSTS, §§ 847-871. TITLE I. GENERAL PROVISIONS. SECTION 755. Real property, how governed. $755. REAL property within this State is governed by the law of this State, except where the title is in the United States. [In effect July 1, 1874.] TITLE II. ESTATES IN REAL PROPERTY. CHAPTER I. ESTATES IN GENERAL, §§ 761-781. CHAPTER I. ESTATES IN GENERAL. SECTION 761. Enumeration of estates. 762. What estate a fee simple. 763. Conditional fees and estates tail abolished. SECTION 765. Freeholds. Chattels real. Chattel interests. 766. Estates for life of a third person, when a freehold, &c. 768. Reversions. 769. Remainders. 770. Limitations of chattels real. 771. Suspension by trust. 772. Contingent remainder in fee 773. Remainders, future and contingent estates, how created. 774. Limitation of successive estates for life. 775. Remainder upon estates for life of third person. 776. Contingent remainder on a term of years. 777. Remainder of estates for life. 778. Remainder upon a contingency. 779. Heirs of a tenant for life, when to take as purchasers. 781. Effect of power of appointment. $761. Estates in real property, in respect to the duration of their enjoyment, are either: 1. Estates of inheritance or perpetual estates; 2. Estates for life; 3. Estates for years; or, 4. Estates at will. § 762. Every estate of inheritance is a fee, and every such estate, when not defeasible or conditional, is a fee simple, or an absolute fee. [In effect July 1, 1874.] § 763. Estates tail are abolished, and every estate which would be at common law adjudged to be a fee tail is a fee simple; and if no valid remainder is limited thereon, is a fee simple absolute. § 764. Where a remainder in fee is limited upon any es tate, which would by the common law be adjudged a fee tail, such remainder is valid as a contingent limitation upon a fee, and vests in possession on the death of the first taker, without issue living at the time of his death. § 765. Estates of inheritance and for life are called estates of freehold; estates for years are chattels real; and estates at will are chattel interests, but are not liable as such to sale on execution. § 766. An estate, during the life of a third person, whether limited to heirs or otherwise, is a freehold. [In effect July 1, 1874.] § 767. A future estate may be limited by the act of the party to commence in possession at a future day, either without the intervention of a precedent estate, or on the termination, by lapse of time or otherwise, of a precedent estate created at the same time. 49 Cal. 374. § 768. A reversion is the residue of an estate left by operation of law in the grantor or his successors, or in the successors of a testator, commencing in possession on the determination of a particular estate granted or devised. § 769. When a future estate, other than a reversion, is dependent on a precedent estate, it may be called a remainder, and may be created and transferred by that name. § 770. The absolute ownership of a term of years cannot be suspended for a longer period than the absolute power of alienation can be suspended in respect to a fee. [In effect July 1, 1874.] $771. The suspension of all power to alienate the subject of a trust, other than a power to exchange it for other property to be held upon the same trust, or to sell it and reinvest the proceeds to be held upon the same trust, is a suspension of the power of alienation, within the meaning of section. 715. § 772. A contingent remainder in fee may be created on a prior remainder in fee, to take effect in the event that the persons to whom the first remainder is limited die under the age of twenty-one years, or upon any other contingency by which the estate of such persons may be determined before they attain majority. $ 773. Subject to the rules of this title, and of Part I. of this division, a freehold estate, as well as a chattel real, may be created to commence at a future day; an estate for life may be created in a term of years, and a remainder limited thereon; a remainder of a freehold or chattel real, either contingent or vested, may be created, expectant on the determi nation of a term of years; and a fee may be limited on a fee, upon a contingency, which, if it should occur, must happen within the period prescribed in this title. |