N.Y. EPT Law § 8-1.3 — New York Code / Act EPT / Article 8 / Part 1 / Section 8-1.3
Certain charitable trusts regulated
Status: in_force

§ 8-1.3 Certain charitable trusts regulated\n  (a) Any person desiring in his lifetime to promote the public welfare\nby founding, endowing and maintaining, within this state, a public\nlibrary, museum or other educational institution, a chapel, crematory or\na board of trade or chamber of commerce may, by a disposition for such\npurpose, transfer property to a trustee named in such disposition or to\nhis successor.\n  (b) The creator of such disposition may describe:\n  (1) The nature, object and purpose of the institution to be founded,\nendowed and maintained or of the corporation to be benefited thereby.\n  (2) In case of the founding of an institution, the name by which it\nshall be known.\n  (3) The powers and duties of the trustee and, if accounting is\nrequired, the manner in which and to whom he shall account; but the\npowers conferred shall not be exclusive of other powers which may be\nnecessary to enable such trustee to execute fully the object of such\ndisposition.\n  (4) Such rules for the management of the property as the creator may\nprescribe; but, unless otherwise provided, such rules shall be advisory\nonly and shall not preclude the trustee from making such changes as new\ncircumstances may from time to time require.\n  (5) The manner and by whom the successor to the trustee named in the\ndisposition is to be appointed.\n  (6) The place where, and the time when, the buildings necessary and\nproper for the institution shall be erected, and the character and\nextent of such buildings. The creator may provide for all matters\nnecessary and proper to carry out the purposes of the institution, and\nmay provide for such lectures, exhibitions, instruction or amusement in\nconnection therewith as he may consider desirable.\n  (c) The trustee named in the disposition or his successor may sue and\ndefend, in the name of an institution established by such disposition,\nwith respect to all matters affecting such institution.\n  (d) The creator of the disposition may provide for the right, during\nhis lifetime, to personally perform the duties and exercise the powers\nwhich the disposition imposes and confers upon the trustee, and may\nfurther provide that his surviving spouse may, during her lifetime,\nperform such duties and exercise such powers. In all cases in which such\nduties and powers are performed and exercised by the creator or his\nspouse, during his or her lifetime, upon his death or the death of his\nspouse such duties and powers devolve upon and shall be performed and\nexercised by the trustee or his successor.\n  (e) The creator may reserve the right to alter, amend or modify his\ndisposition with respect to any of the matters described in\nsubparagraphs (1) to (6). He may also reserve the right, during his\nlifetime, to exercise complete control over the property subject to his\ndisposition, without obligation to account therefor in any manner\nwhatever, and may further provide that his surviving spouse shall,\nduring her lifetime, have like control over such property, without\nobligation to account therefor in any manner whatever.\n  (f) A disposition described in this section may be executed,\nacknowledged and recorded in the manner provided by the law of this\nstate for the execution, acknowledgment and recording of conveyances of\nreal property.\n  (g) No action or proceeding shall be maintained by any person to\naffect, impair, or defeat a disposition described in this section or to\naffect the title to property subject to such disposition or the right to\nthe possession of such property or the income therefrom, unless such\naction or proceeding is commenced within two years from the time such\ndisposition is recorded. Nor shall any defense be made to any action or\nproceeding maintained by a trustee or his successor which involves the\nlegality of such disposition or affects the title to property subject\nthereto or the right to the possession of such property or the income\ntherefrom, unless such defense is made in an action or proceeding\ncommenced within two years from the time such disposition is recorded.\n