sell in

§ 298. Where a power to sell real property is given to Powers to the grantee in any mortgage or other conveyance intended mortgages. to secure the payment of money, the power is to be deemed a part of the security, and vests in and may be executed by any person, who by assignment or otherwise, becomes entitled to the money so secured to be paid.

of this

§ 299. The provisions of this title do not extend to a Application simple power of attorney to convey real property in the title. name of and for the benefit of the owner.

as used in this

§ 300. The term "grantor of a power title designates the person by whom a power is created, whether by grant or devise; and the term "grantee of a power" designates the person in whom a power is vested, whether by grant, devise or reservation.

PART III.

PROPERTY IN THINGS PERSONAL, OR MOVABLE.

TITLE I.

Personal Property in General.

II. Particular Kinds of Personal Property.

TITLE I.

PERSONAL PROPERTY IN GENERAL.

SECTION 301. What is personal property.

302 Distinction of things personal.

303. Qualifications of property.

304. Future interests in perishable property, how protected.

305. By what law governed.

306. Suspension of alienation and accumulations.

307. Trusts.

308. Powers.

§ 301. Every kind of property which is not real is per- What is sonal.

personal property.

§302. Things personal are either: 1. Things in posses- Distinction sion, or 2. Things in action.

of things personal.

tions of

§ 303. Property in things personal may be absolute or Qualificaqualified. The qualification may exist in respect to the property. number of those who are to enjoy it, or in respect to the time and manner of enjoyment, or in any other respect consistent with the rules prescribed in the next title.

interests in

perishable how pro

property,

§ 304. Where one has the present and another the Future future interest in a thing personal, and the thing is perishable or consumed in the using, the latter may require the thing to be sold and the proceeds invested for the benefit of both parties, according to their respective interests.

tected.

By what

law governed.

Suspension of alienation, and accumulations.

Trusts.

Powers.

305. If there is no law to the contrary in the place. where personal property is situated, it is deemed to follow the person of its owner and is governed by the law of his domicil.

306. The provisions of title II, of part II, of this division of the Civil Code, which relate to the suspension of the absolute power of alienation, and to accumulations of income, in respect to real property, apply also to personal property, so far as they are applicable.

1 R. S., 773; Mason a. Jones, 2 Barb., 229.

§ 307. The provisions of title IV of part II of this division of the Civil Code, which authorize certain literary and municipal corporations and officers to hold in trust, and which relate to the determination of the trustee's estate when the purpose of a trust ceases, apply also to personal property; and the provisions of the same title, which relate to the inalienability of trusts, apply also to personal property so far as they are applicable.

The provision of this section, which relates to the inalienability of trusts, is new.

§ 308. The provisions of title V of part II of this division of the Civil Code, entitled Powers, apply to powers in respect to personal property so far as the same are applicable thereto, excepting powers of attorney, of agency and of substitution.

This provision is new.

TITLE II.

PARTICULAR KINDS OF PERSONAL PROPERTY

CHAPTER I. Things in action.

II. Shipping.

III. Corporations.

IV. Products of the mind.

V. Other kinds of personal property.

CHAPTER I.

THINGS IN ACTION.

SECTION 309. Things in action defined.

310. Transfer and survivorship.

§ 309. The right to recover, by judicial proceedings, money or other property, arising out of: 1. The violation of a personal right; 2. The violation of a right of property; or 3. An obligation; and all other right to property not in possession, is called a thing in action.

Things in fined.

action de

and survi

$310. Things in action, arising out of the violation of a Transfer right of property, or out of a contract, may be transferred vorship. by assignment. Upon the death of the owner they pass to his personal representatives, except where, in the cases provided in the Code of Civil Procedure, they pass to his devisees or successor in office.

This section is proposed to establish one rule for the assignability and the survivorship of things in action. Though the cases on this subject are conflicting, this view is generally received. See McKee a. Judd, 12 N. Y., 622; Meech a. Stoner, 19 id., 26.