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Estates and interests under settlements may be separately recorded.
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38. Upon the application of any person claiming under any settlement of a recorded estate, a judge may make an order directing the officer to record separately any vested estate under the settlement, either in possession, or in remainder after the dropping of a life or lives, which can be aliened by the owner thereof without the consent of any other person, and which is not liable to be defeated or affected at law or in equity by the act of any other person, or by any other contingency. Upon any such application the judge shall ascertain whether any power of sale or exchange or power of charging exists with respect to such estate, and if so the record shall be qualified by stating the existence of such power; the judge may also direct the officer to record separately any vested and ascertained charge or incumbrance under the settlement.
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