From and after March fourteenth, one thousand eight hundred and fifty-one, any person may devise, or, by deed, convey, assign or charge, any such contingent or executory interest, right of entry for condition broken or other future estate or interest in expectancy, as he may have or shall at any time be entitled to, or presumptively be entitled to, in any real estate, or any part of such right, estate or interest, although the contingency on which such right, estate or interest is to vest may not have happened; and every person to whom any such right, estate or interest shall have been or be devised, conveyed or assigned, his heirs or assigns, shall, on the happening of such contingency, be entitled to stand in the place of the person by whom the same shall have been or be devised, conveyed or assigned, his heirs and assigns, and to have the same interest, right or estate, or such part thereof, as shall have been or be devised, conveyed or assigned to him, and the same actions and remedies therefor as the person originally entitled thereto or his heirs would then have been entitled to if no devise, conveyance, assignment or other disposition thereof had been made.

This section shall not be construed to have empowered or to empower any person to dispose of any expectancy which he may have had or have as heir of a living person, or any contingent estate or expectancy, where the contingency is as to the person in whom, or in whose heirs, the same may vest, or any estate, right or interest to which he may or may have become entitled under any deed to be thereafter executed, or under the will of any living person.

This section shall not be construed to render any contingent estate or other estate or expectancy herein mentioned liable to be levied upon and sold by virtue of an execution.