N.Y. SCP Law § 1508 — New York Code / Act SCP / Article 15 / Section 1508
Authority to release claims against the state by reason of appropriation of trust property not subject to power of sale 1
Status: in_force

§ 1508. Authority to release claims against the state by reason of\n          appropriation of trust property not subject to power of sale\n  1.  The surrogate of any county having jurisdiction of the trust may,\nby order, authorize any testamentary trustee to release a claim against\nthe state for compensation on account of the appropriation by the state\nof any real property or any right, interest or easement therein\nbelonging to the trust, and for legal damages caused by the\nappropriation and for damages sustained by any entry upon, use or\noccupation of, or injury to the real property by the state prior to\ncompletion of the appropriation.\n  2.  Application for the order may be entertained by the court in all\ncases where the will does not contain a valid power of sale with regard\nto such property or a sale is not authorized under the provisions of\nEPTL 11-1.1.\n  3.  Notice of the application shall be given to such persons and in\nsuch manner as directed by the court.  Prior to the application and\nirrespective of when the appropriation was effected, the trustee may\nenter into an agreement with the state, subject to the approval of the\ncourt, for the payment of such compensation, a copy of which agreement\nshall be presented to the court together with the petition.\n  4.  Upon consideration by the court of the petition, the allegations\nand proofs of the parties and upon the testimony of the petitioner and\nof at least 2 disinterested persons acquainted with the facts, presented\norally or by affidavit, as to the value of the interest of the trust in\nthe property so appropriated, including the legal damage caused by the\nappropriation and the damages, if any, sustained by the entry upon, use\nor occupation of, or injury to the real property by the state prior to\ncompletion of appropriation and upon inquiring into the facts and\ncircumstances, if it shall appear to the satisfaction of the court that\nthe amount of compensation offered by the state represents the fair\nmarket value of the property appropriated and just compensation for the\nlegal damages caused by the appropriation and the damages, if any,\nsustained by the entry upon, use or occupation of or injury to the\nproperty by the state prior to completion of appropriation, the court\nmay by order confirm the agreement and authorize and direct the trustee\nto execute and deliver to the state a release of such claim and any\ndocuments or instruments required by the state to give full effect to\nthe release, for the amount of consideration so offered by the state for\nsuch release in full payment of such claim for compensation for the use\nand benefit of the trust.\n  5.  The order made pursuant to this section and the release and\nattendant documents and instruments executed and delivered in conformity\ntherewith shall be binding and conclusive on the remainders and\nreversions as well as the immediate or future trust interests in the\nreal property so held under the trust and shall bind and be conclusive\nagainst all persons under disability as defined in this act and persons\nnot in being and all other persons having estates or interests vested or\ncontingent, for life or in trust, or in reversion or remainder in the\ntrust property or in the proceeds of the appropriation thereof by the\nstate.\n