38. Co-owners, trustees and personal representatives.

A lease or tenancy agreement may be granted to two or more persons who are beneficial joint tenants or beneficial tenants in common, but any legal estate vests in the grantees, or, if they are more than four in number, in the first four, as joint tenants to be held in trust1. Any person who accepts a lease or tenancy agreement as trustee is personally liable for the rent and under the covenants but is entitled to be indemnified out of the trust property except in case of personal default2. Persons having the powers of a tenant for life