Section 803. Alterations or replacements of structures by person having estate for life or years

1. When a person having an estate for life  or
  for years in land proposes to make an alteration in, or a replacement of
  a  structure  or  structures located thereon, then the owner of a future
  interest in such land can neither recover damages for,  nor  enjoin  the
  alteration  or  replacement,  if  the  person  proposing  to  make  such
  alteration or replacement complies  with  the  requirements  hereinafter
  stated as to the giving of security and establishes the following facts:
    a.  That the proposed alteration or replacement is one which a prudent
  owner of an estate in fee simple absolute in the affected land would  be
  likely  to  make  in  view  of  the  conditions  existing  on  or in the
  neighborhood of the affected land; and
    b. That the proposed alteration or replacement, when  completed,  will
  not  reduce the market value of the interests in such land subsequent to
  the estate for life or for years; and
    c. That the proposed alteration or replacement is not in violation  of
  the terms of any agreement or other instrument regulating the conduct of
  the owner of the estate for life or for years or restricting the land in
  question; and
    d. That the life expectancy of the owner of the estate for life or the
  unexpired term of the estate for years is not less than five years; and
    e.  That  the person proposing to make such alteration or replacement,
  not less than thirty days prior to  commencement  thereof,  served  upon
  each  owner  of  a  future  interest, who is in being and ascertained, a
  written notice of his intention to make such alteration or  replacement,
  specifying  the nature thereof, which notice was served personally or by
  registered mail sent to the last known address of each such owner  of  a
  future interest.
    2.  When  the  owner of a future interest in the affected land demands
  security that the proposed alteration or replacement, if begun, will  be
  completed   and   that   he  be  protected  against  responsibility  for
  expenditures incident to  the  making  of  the  proposed  alteration  or
  replacement,  the  court  in  which  the action to recover damages or to
  enjoin the alteration or replacement is pending, or if no such action is
  pending, the supreme court, on application thereto, on  such  notice  to
  the interested parties as the court may direct, shall fix the amount and
  terms  of  the security reasonably necessary to satisfy such demand. The
  furnishing of the security so fixed shall be a  condition  precedent  to
  the making of the proposed alteration or replacement.
    3.  This section applies only to estates for life or for years created
  on or after September 1, 1937.