other Beneficial

SEC. 884. A power is beneficial, when no person than its holder has, by the terms of its creation, any interest in its execution.

powers.

N. Y. C. C., Sec. 307.

trust.

SEC. 885. A power is in trust, when any person or Powers in class of persons, other than its holder, has, by the terms of its creation, an interest in its execution.

N. Y. C. C., Sec. 308.

SEC. 886. A general power is in trust, when any person or class of persons, other than its holder, is designated as entitled to the proceeds of the disposition or charge authorized by the power, or to any portion of the proceeds or other benefits to result from its execution. N. Y. C. C., Sec. 309.

SEC. 887. A special power is in trust—

General when in

powers,

trust.

Special pow

ers, when in

1. When the disposition or charge which it authorizes trust. is limited to be made to any person or class of persons, other than the holder of the power; or,

2. When any person or class of persons, other than the holder, is designated as entitled to any benefit from the disposition or charge authorized by the power.

N. Y. C. C., Sec. 310.

create power

SEC. 888. No person is capable of creating a power. Who may who is not at the same time capable of granting some estate in the property to which the power relates.

N. Y. C. C., Sec. 311.

SEC. 889. A power may be vested in any person.

N. Y. C. C., Sec. 312.

SEC, 890. A power may be created only—

1. By a suitable clause, contained in a grant of some estate in the real property to which the power relates, or in an agreement to execute such a grant; or,

2. By a devise contained in a will.

N. Y. C. C., Sec. 313.

To whom power may be given.

How created

of powers in conveyances

SEC. 891. The grantor in any conveyance may reserve Reservation to himself any power, beneficial or in trust, which he might lawfully grant to another; and every power thus

When power irrevocable.

When power a lien.

Power of sale

in mortgage.

Beneficial

reserved is subject to the provisions of this Title in the same manner as if granted to another.

N. Y. C. C., Sec. 314.

SEC. 892. Every power, beneficial or in trust, is irrevocable, unless an authority to revoke it is given or reserved in the instrument creating the power.

N. Y. C. C., Sec. 315.

SEC. 893. A power is a lien upon the real property which it embraces, from the time the instrument in which it is contained takes effect; except that against creditors, purchasers and encumbrancers, in good faith and without notice from any person having an estate in such real property, the power is a lien only from the time the instrument in which it is contained is duly recorded.

N. Y. C. C., Sec. 316.

SEC. 894. Where a power to sell real property is given to a mortgagee or other encumbrancer, in an instrument intended 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; but such power is subject to the provisions of Chap. CODE OF CIVIL PROCEDure.

N. Y. C. C., Sec. 317.

SEC. 895. Every beneficial power, and the interest of every person entitled to compel the execution of a trust assignments, power, passes to the assignees, pursuant to statute, of the

powers, etc., transferred by insolvent

Who to exe

estate of a non-resident, absconding, insolvent or impris oned debtor, or of a person of unsound mind, in whom such a power or interest is vested.

N. Y. C. C., Sec. 318.

SEC. 896. A power cannot be executed by any person cute powers, not capable of disposing of real property.

Married women.

N. Y. C. C., Sec. 319.

SEC. 897. A married woman may execute a power during her marriage, without the concurrence of her husband, unless otherwise prescribed by the terms of the power.

N. Y. C. C., Sec. 320.

SEC. 898. No power can be executed by a married Same. woman before she attains her majority, nor without being acknowledged by her in the manner prescribed by the chapter on Recording Transfers.

N. Y. C. C., Sec. 321.

cuted.

SEC. 899. A power can be executed only by a written How exeinstrument which would be sufficient to pass the estate or interest intended to pass under the power, if the person executing the power was the actual owner.

N. Y. C. C., Sec. 322.

by survivors.

SEC. 900. Where a power is vested in several persons, Execution all must unite in its execution; out, in case any one or more of them is dead, the power may be executed by the survivor or survivors, unless otherwise prescribed by the terms of the power.

N. Y. C. C., Sec. 323.

power to

devise.

SEC. 901. Where a power to dispose of real property Execution of is confined to a disposition by devise or will, the instru- dispose by ment of execution must be a will duly executed according to the provisions of the Title on Wills.

N. Y. C. C., Sec. 324.

SEC. 902. Where a power is confined to a disposition by grant, it cannot be executed by will, even though the disposition is not intended to take effect until after the death of the person executing the power.

N. Y. C. C., Sec. 325.

SEC. 993. Where the author of a power has directed or authorized it to be executed by an instrument which would not be sufficient in law to pass the estate, the power is not void, but its execution is to be governed by the rules before prescribed in this Title.

N. Y. C. C., Sec. 326.

SEC. 904. Where the author of a power has directed Same. any formalities to be observed in its execution, in addition to those which would be sufficient to pass the estate, the observance of such additional formalities is not necessary to a valid execution of the power.

N. Y. C. C., Sec. 327.

Nominal conditions.

When directions of

observed.

SEC. 905. Where the conditions annexed to a power are merely nominal, and evince no intention of actual benefit to the party to whom, or in whose favor, they are to be performed, they may be wholly disregarded in the execution of the power.

N. Y. C. C., Sec. 328.

SEC. 906. With the exceptions contained in the preauthor to be ceding sections, the intentions of the author of a power, as to the mode, time and conditions of its execution, must be observed, subject to the power of the Court to supply a defective execution in the cases provided in Secs. 915 and 939.

Consent of third person

of power.

SEC. 907.

N. Y. C. C., Sec. 329.

When the consent of a third person to the to execution execution of a power is requisite, such consent must be expressed in the instrument by which the power is executed, or be certified in writing thereon. In the first case the instrument of execution, in the second, the certificate, must be subscribed by the party whose consent is required; and to entitle the instrument to be recorded, such signature must be duly proved or acknowledged, according to the chapter on Recording Transfers.

Same.

Omission to recite power

Instruments deemed

N. Y. C. C., Sec. 330.

SEC. 908. Where the consent of several persons to the execution of a power is requisite, all must consent thereto; but, in case any one or more of them is dead, the consent of the survivors is sufficient, unless otherwise prescribed by the terms of the power.

N. Y. C. C., Sec. 331.

SEC. 909. Every instrument executed by the holder of a power, conveying an estate or creating a charge which such holder would have no right to convey or create except by virtue of his power, is to be deemed a valid execution of the power, even though not recited or referred to therein.

N. Y. C. C., Sec. 332.

SEC. 910. Every instrument, except a will, in execuconveyances tion of a power, even though the power is one of revocation only, is to be deemed a conveyance, within the meaning of the chapter on Recording Transfers.

N. Y. C. C., Sec. 333.

dispositions

not void.

SEC. 911 A disposition or charge, by virtue of a power, Certain more extensive than was authorized thereby, is not therefore void; but every estate or interest so created, so far as it is embraced by the terms of the power, is valid.

N. Y. C. C., Sec. 334.

of term of

SEC. 912. The period during which the absolute right Computation of alienation may be suspended by an instrument in exe- suspension. cution of a power, must be computed, not from the date of the instrument, but from the time of the creation of the power.

N. Y. C. C., Sec. 335.

may be

SEC. 913. No estate or interest can be given or limited What estate to any person, by an instrument in execution of a power, given. which could not have been given or limited at the time of .the creation of the power.

N. Y. C. C., Sec. 336.

women, their

SEC. 914. When a married woman, entitled to an estate Married in fee, is authorized by a power to dispose of such estate authority. during her marriage, she may, by virtue of such power, create any estate which she might create if unmarried.

N. Y. C. C., Sec. 337.

SEC. 915. Purchasers for a valuable consideration, claiming under a defective execution of a power, are entitled to the same relief as similar purchasers claiming under a defective conveyance from an actual owner.

N. Y. C. C., Sec. 338.

Defective execution.

SEC. 916. Instruments in execution of a power are Fraud. affected by fraud in the same manner as like instruments executed by owners or Trustees.

N. Y. C. C., Sec. 339.

SEC. 917. A general and beneficial power is valid, which gives to a married woman power to dispose, during her marriage, and without the concurrence of her busband, of a present or future estate in real property conveyed or devised to her in fee.

N. Y. C. C., Sec. 340.

SEC. 918. Where an absolute power of disposition, not accompanied by any trust, is given to the owner of a par