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Civil Code - CIV - CIV § 717
Civil Code - CIV - CIV § 717
No lease or grant of land for agricultural or horticultural purposes for a longer period than 51 years, in which shall be reserved any rent or service of any kind, shall be valid.
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Civil Code - CIV - CIV § 718
Civil Code - CIV - CIV § 718
No lease or grant of any town or city lot, which reserves any rent or service of any kind, and which provides for a leasing or granting period in excess of 99 years, shall be valid. The property owned by, or that held by, or under the management and control of, any municipality,
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Civil Code - CIV - CIV § 718f
Civil Code - CIV - CIV § 718f
A lease of land for the purpose of effecting the production of minerals, oil, gas, or other hydrocarbon substances from other lands may be made for a period certain or determinable by any future event prescribed by the parties but no such lease shall be enforceable after 99 years
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Civil Code - CIV - CIV § 719
Civil Code - CIV - CIV § 719
Notwithstanding the 55-year limitation imposed by Section 718, property owned by, or held by, or under the management and control of, any city, or any department or board thereof, may be leased for a period which exceeds 55 years but does not exceed 99 years, if all of the follow
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Civil Code - CIV - CIV § 722
Civil Code - CIV - CIV § 722
Dispositions of the income of property to accrue and to be received at any time subsequent to the execution of the instrument creating such disposition are governed by the rules relating to future interests.
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Civil Code - CIV - CIV § 723
Civil Code - CIV - CIV § 723
All directions for the accumulation of the income of property, except such as are allowed by this Title, are void.
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Civil Code - CIV - CIV § 724
Civil Code - CIV - CIV § 724
(a) An accumulation of the income of property may be directed by any will, trust or transfer in writing sufficient to pass the property or create the trust out of which the fund is to arise, for the benefit of one or more persons, objects or purposes, but may not extend beyond th
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Civil Code - CIV - CIV § 725
Civil Code - CIV - CIV § 725
If the direction for an accumulation of the income of property is for a longer term than is limited in the last section, the direction only, whether separable or not from the other provisions of the instrument, is void as respects the time beyond the limit prescribed in said last
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Civil Code - CIV - CIV § 726
Civil Code - CIV - CIV § 726
When one or more persons for whose benefit an accumulation of income has been directed is or are destitute of other sufficient means of support or education, the proper court, upon application, may direct a suitable sum to be applied thereto out of the fund directed to be accumul
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Civil Code - CIV - CIV § 731
Civil Code - CIV - CIV § 731
This chapter may be cited as the Legal Estates Principal and Income Law.
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Civil Code - CIV - CIV § 731.01
Civil Code - CIV - CIV § 731.01
Nothing in this chapter shall affect the provisions of the Personal Income Tax Law and the Bank and Corporation Tax Law.
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Civil Code - CIV - CIV § 731.02
Civil Code - CIV - CIV § 731.02
This chapter shall apply to all transactions by which a principal was established without the interposition of a trust on or after September 13, 1941, or is hereafter so established. Transactions by which a principal is held in trust are governed by Chapter 3 (commencing with Sec
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Civil Code - CIV - CIV § 731.03
Civil Code - CIV - CIV § 731.03
(a) “Principal” as used in this chapter means any realty or personalty which has been so set aside or limited by the owner thereof or a person thereto legally empowered that it and any substitutions for it are eventually to be conveyed, delivered, or paid to a person, while the r
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Civil Code - CIV - CIV § 731.04
Civil Code - CIV - CIV § 731.04
This chapter shall govern the ascertainment of income and principal and the apportionment of receipts and expenses between tenants and remaindermen in all cases where a principal has been established without the interposition of a trust, except that in the establishment of the pr
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Civil Code - CIV - CIV § 731.05
Civil Code - CIV - CIV § 731.05
(a) All receipts of money or other property paid or delivered as rent of realty or hire of personalty, or interest on money loaned, or interest on or the rental or use value of property wrongfully withheld or tortiously damaged or otherwise in return for the use of principal, sha
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Civil Code - CIV - CIV § 731.06
Civil Code - CIV - CIV § 731.06
Whenever a tenant’s right to income shall cease by death, or in any other manner, all payments theretofore actually paid to the tenant shall belong to the tenant or to his personal representative; all income actually received after such termination shall be paid to the person nex
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Civil Code - CIV - CIV § 731.07
Civil Code - CIV - CIV § 731.07
(a) All dividends on shares of a corporation forming a part of the principal which are payable (1) In shares of the declaring corporation of the same kind and rank as the shares on which such dividend is paid; and (2) In shares of the declaring corporation of a different kind or
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Civil Code - CIV - CIV § 731.08
Civil Code - CIV - CIV § 731.08
Where any part of the principal consists of bonds or other obligations for the payment of money, they shall be deemed principal at their inventory value as fixed by the appraiser or appraisers regularly appointed by the court, or, in default thereof, at their market value at the
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Civil Code - CIV - CIV § 731.09
Civil Code - CIV - CIV § 731.09
(a) Whenever a tenant is authorized by the terms of the transaction by which the principal was established or by law, to use any part of the principal in the continuance of a business which the original owner of the property comprising the principal had been carrying on, the net
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Civil Code - CIV - CIV § 731.10
Civil Code - CIV - CIV § 731.10
Where any part of the principal consists of animals employed in business, the provisions of Section 731.09 shall apply; and in other cases where the animals are held as a part of the principal partly or wholly because of the offspring or increase which they are expected to produc
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Civil Code - CIV - CIV § 731.11
Civil Code - CIV - CIV § 731.11
(a) Where any part of the principal consists of property in lands from which may be taken timber, minerals, oils, gas, or other natural resources, and the tenant in possession is not under a duty to change the form of the investment of the principal, or (the duty to change the fo
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Civil Code - CIV - CIV § 731.12
Civil Code - CIV - CIV § 731.12
Where any part of the principal consists of property subject to depletion, such as leaseholds, patents, copyrights, and royalty rights, and the tenant in possession is not under a duty to change the form of the investment of the principal, the full amount of rents, royalties, or
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Civil Code - CIV - CIV § 731.13
Civil Code - CIV - CIV § 731.13
(a) Where any part of a principal in the possession of a tenant consists of realty or personalty which for more than a year and until disposed of as hereinafter stated has not produced an average net income of at least 1 percent per annum of its inventory value as fixed by the ap
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Civil Code - CIV - CIV § 731.14
Civil Code - CIV - CIV § 731.14
(a) Where any part of the principal in possession of the tenant consists of an obligation for the payment of money secured by a mortgage or other hypothecation of real or personal property, and by reason of the enforcement of such obligation or by agreement in lieu of enforcement
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Civil Code - CIV - CIV § 731.15
Civil Code - CIV - CIV § 731.15
(a) All ordinary expenses incurred in connection with the principal or with its administration and management, including regularly recurring taxes assessed against any portion of the principal, water rates, premiums on insurance taken upon the estates of both tenant and remainder