Page:United States Statutes at Large Volume 76A.djvu/181

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-85§ 193. Perpetual interest A perpetual interest has a duration equal to that of the property. § 194. Limited interest A limited interest has a duration less than that of the property. § 195. Kinds of future interests A future interest is either: (1) vested; or (2) contingent. § 196. Vested future interests A future interest is vested when there is a person in being who would have a right, defeasible or indefeasible, to the immediate possession of the property, upon the ceasing of the intermediate or precedent interest. § 197. Contingent future interests A future interest is contingent while the person in whom, or the event upon which, it is limited to take effect remains uncertain. § 198. Two or more future interests Two or more future interests may be created to take effect in the alternative, so that if the first in order fails to vest, the next in succession shall be substituted for it, and take effect accordingly. § 199. Future interests; improbability of contingency A future interest is not void merely because of the improbability of the contingency on which it is limited to take effect. § 200. Same; posthumous children When a future interest is limited to successors, heirs, issue or children, posthumous children are entitled to take in the same manner as if living at the death of their parent. § 201. Same; transfer of title Future interests pass by succession, will, and transfer, in the same manner as present interests. § 202. Same; possibilities A mere possibility, such as the expectancy of an heir apparent, is not an interest. § 203. Future interests which are recognized A future interest in property is recognized by the law only as defined in this title. § 204. United States bonds or obligations; title upon death of owner or co-owner United States bonds or obligations, however designated, or whenever issued, which are registered in the names of two persons as coowners in the alternative, shall, upon the death of either of the registered co-owners, become the sole and absolute property of the surviving co-owner, unless the Federal laws under which the bonds or other obligations were issued or the regulations governing the issuance thereof, provide otherwise. United States bonds or obligations, however designated, or whenever issued, which are registered in the name of one person payable on death to a named survivor, shall, upon the death of the registered owner, become the sole and absolute property of the surviving beneficiary named therein, unless the Federal laws under which the bonds or other obligations were issued or the regulations governing the issuance thereof, provide otherwise.