Laws of New York (Last Updated: November 21, 2014) |
EPT Estates, Powers and Trusts |
Article 6. CLASSIFICATION, CREATION, DEFINITION OF, AND RULES GOVERNING ESTATES IN PROPERTY |
Part 3. ESTATES CLASSIFIED AS TO TIME OF ENJOYMENT AND CREATION |
Section 6-3.3. Concerning the creation of certain future estates
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(a) Subject to the provisions of article 9: (1) An estate may be created to commence at a future time. (2) An estate for life may be created in a term of years and a future estate limited thereon. (3) A future estate may be limited after a term of years, provided that, if such future estate is subject to a condition precedent, the condition must occur within the period prescribed by article 9. (4) A fee or a lesser estate may be limited on a fee, subject to a condition precedent which must occur within the period prescribed by article 9.