reglab/statecodes huggingface dataset:
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 10 - Provisions Affecting Powers Other Than Powers of Appointment › 10-10.7 - Exercise of Powers by Multiple Fiduciaries; Joint and Several Powers

§ 10-10.7 Exercise  of powers by multiple fiduciaries; joint and several
powers
Unless contrary to the express provisions of an  instrument  affecting
  the  disposition  of  property,  a  joint  power  other  than a power of
  appointment but including a power in a trustee to invade trust principal
  under section  10-6.6  of  this  article  or  under  the  terms  of  the
  dispositive  instrument,  conferred  upon  three or more fiduciaries, as
  that term is defined in 11-1.1, by the terms of such instrument,  or  by
  statute,  or arising by operation of law, may be exercised by a majority
  of such fiduciaries, or by a majority of survivor fiduciaries, or by the
  survivor fiduciary. Such a power conferred upon or surviving to two such
  fiduciaries may be exercised jointly by both such fiduciaries or by  the
  survivor  fiduciary,  unless  contrary  to  the  express  terms  of  the
  instrument creating the power. A fiduciary  who  fails  to  act  through
  absence  or  disability, or a dissenting fiduciary who joins in carrying
  out the decision of a majority of the fiduciaries if his or her  dissent
  is expressed promptly in writing to his or her co-fiduciaries, shall not
  be  liable  for the consequences of any majority decision, provided that
  liability for failure to join in administering the estate or trust or to
  prevent a breach of the trust may not thus be avoided. A power vested in
  one or more persons under a trust of real property created in connection
  with  the  salvaging  of  mortgage  participation  certificates  may  be
  executed  by one or more of such persons as provided in such trust. This
  section shall not affect the right of any one of two  or  more  personal
  representatives of a decedent to exercise a several power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 10 - Provisions Affecting Powers Other Than Powers of Appointment › 10-10.8 - Irrevocability of Powers Other Than Powers of Appointment

§ 10-10.8 Irrevocability of powers other than powers of appointment
A  power,  other than a power of appointment, is irrevocable unless an
  authority to revoke it is granted or reserved in the instrument creating
  the power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 1 - Fiduciaries: Powers, Duties and Limitations › 11-1.2 - Tax Elections by Personal Representatives

§ 11-1.2 Tax elections by personal representatives
(A)  If  the  personal  representative  or  other  person  acting in a
fiduciary capacity with respect  to  a  decedent's  estate,  hereinafter
called  the  "fiduciary", claims as income tax reductions administration
expenses chargeable to principal that may be claimed by  such  fiduciary
as  either  estate  tax  deductions or as income tax deductions with the
result that the income taxes paid by or chargeable to income or  to  any
income  beneficiary  are reduced and with the further result that United
States or New York estate taxes chargeable to principal  are  increased,
then,  unless  otherwise  provided or authorized by the decedent's will,
each person, including the estate or any trust, who has received the use
of  such  income  tax  deductions  shall  reimburse  to  the   principal
chargeable  with  such  increased  estate  taxes an amount determined by
multiplying such increase  in  estate  taxes  by  a  fraction  having  a
numerator equal to the income tax deduction made available to him as the
result  of  the  aforesaid election and a denominator equal to the total
amount of the income tax deductions made available thereby.
(b) Unless otherwise expressly  provided  by  a  will  under  which  a
disposition  is  made to or for the benefit of the surviving spouse of a
decedent which qualifies for an estate tax marital deduction  under  any
tax  law of the state of New York or of the United States and the amount
or size of such disposition is defined by  the  will  in  terms  of  the
maximum marital deduction allowable under such tax law:
(1)   No  adjustment  shall  be  required  to  be  made  between  such
disposition and the other interests in the decedent's estate  by  reason
of  (A) any increase in the amount or size of such disposition resulting
from any election by the fiduciary, under such tax laws, to treat estate
administration expenses as income tax deductions over the amount or size
of such disposition had the contrary  election  been  made  or  (B)  any
increase or decrease in the amount or size of such disposition resulting
from an election by the fiduciary, under such tax laws, of an estate tax
valuation  date  other than the date of the decedent's death as compared
with the amount or size of such disposition had  the  contrary  election
been made.
(2)  Such  definition  shall  not  be  construed as a direction by the
decedent to the  fiduciary  to  exercise  any  election  respecting  the
deduction  of estate administration expenses or the determination of the
estate tax valuation date, which the fiduciary may have under  such  tax
laws,  only  in  such manner as will result in a larger allowable estate
tax marital deduction than if the contrary election had been made.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 1 - Fiduciaries: Powers, Duties and Limitations › 11-1.3 - Power and Duty of Executor Before Probate

§ 11-1.3 Power and duty of executor before probate
An executor named in a will has no power to dispose of any part of the
  estate  of  the  testator  before  letters  testamentary  or preliminary
  letters testamentary are  granted,  except  to  pay  reasonable  funeral
  expenses,  nor to interfere with such estate in any manner other than to
  take such action as is necessary to preserve it.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 1 - Fiduciaries: Powers, Duties and Limitations › 11-1.4 - Validity of Execution of Power to Sell, Mortgage or Lease Real Property by Less Than All Qualifying Executors

§ 11-1.4 Validity  of execution of power to sell, mortgage or lease real
property by less than all qualifying executors
Any deed, mortgage or lease duly executed by one or more, but not all,
  of the executors or trustees who qualified conveys the  full  title  and
  interest of the testator, and is as effective as if all the executors or
  trustees  who  qualified  had  joined in the execution thereof, when ten
  years have elapsed since the recording of such deed, mortgage  or  lease
  in  the county where the property affected is situated; saving, however,
  the rights of every grantee, mortgagee or lessee, in good faith and  for
  a valuable consideration, deriving title under an instrument executed by
  all  the executors or trustees who qualified to the same property or any
  part thereof, whose deed, mortgage or lease is duly recorded before such
  period of ten years has elapsed.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 1 - Fiduciaries: Powers, Duties and Limitations › 11-1.5 - Payment of Testamentary Dispositions or Distributive Shares

§ 11-1.5 Payment of testamentary dispositions or distributive shares
(a)  Subject  to  his  or  her duty to retain sufficient assets to pay
administration and reasonable funeral expenses, debts  of  the  decedent
and  all taxes for which the estate is liable, a personal representative
may, but, except as directed by will or court decree or order, shall not
be required to, pay any testamentary disposition or  distributive  share
before  the  completion of the publication of notice to creditors or, if
no such notice is published, before the expiration of seven months  from
the  time  letters testamentary or of administration are granted, or, if
notice of the availability of genetic material of the decedent has  been
given  under  section  4-1.3, before the birth of a genetic child who is
entitled to inherit from the decedent under section 4-1.3.
(b) Whenever a disposition is directed by will to be paid  in  advance
of  such  publication  of  notice  or the expiration of such seven month
period or the birth of a genetic child  entitled  to  inherit  from  the
decedent  under section 4-1.3, the personal representative may require a
bond, conditioned as follows:
(1) That if debts of the decedent appear, and the assets of the estate
are insufficient to pay them or to pay other  testamentary  dispositions
entitled, under section 13-1.3, to payment equally with or prior to that
of  the  disposition  paid  in  advance, the beneficiary to whom advance
payment was made will refund it, or the  value  thereof,  together  with
interest  thereon  and  any costs incurred by reason of such payment, or
such ratable portion thereof, as is necessary to pay such  debts  or  to
satisfy the rights, if any, of other beneficiaries under the will.
(2)  That if the will, under which the disposition was paid, is denied
probate, on appeal or otherwise, such beneficiary will refund the entire
advance payment, together  with  interest  and  costs  as  described  in
subparagraph (1), to the personal representative entitled thereto.
(c) If, after the expiration of seven months from the time letters are
granted  or  the  birth  of a genetic child entitled to inherit from the
decedent  under  section  4-1.3,  as  the  case  may  be,  the  personal
representative  refuses upon demand to pay a disposition or distributive
share, the person entitled thereto may maintain an appropriate action or
proceeding  against  such  representative.  But,  for  the  purpose   of
computing  the  time  limited  for its commencement, the cause of action
does  not  accrue  until  the  personal  representative's   account   is
judicially settled.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 1 - Fiduciaries: Powers, Duties and Limitations › 11-1.7 - Limitations on Powers and Immunities of Executors and Testamentary Trustees

§ 11-1.7 Limitations   on   powers   and  immunities  of  executors  and
testamentary trustees
(a) The attempted grant to an executor, testamentary trustee, or inter
vivos trustee, or  his  or  her  successor,  of  any  of  the  following
enumerated powers or immunities is contrary to public policy:
(1)  The  exoneration  of such fiduciary from liability for failure to
exercise reasonable care, diligence and prudence.
(2) The power to make a binding and conclusive fixation of  the  value
of any asset for purposes of distribution, allocation or otherwise.
(b)  The attempted grant in any will or trust of any power or immunity
in contravention of the terms of this section shall be  void  but  shall
not  be  deemed to render such will or trust invalid as a whole, and the
remaining terms of the instrument shall,  so  far  as  possible,  remain
effective.
(c)  Any  person  interested  in  an  estate  or trust may contest the
validity of any purported grant of any  power  or  immunity  within  the
purview  of  this section without diminishing or affecting adversely his
or her interest in the estate or trust any  provision  in  any  will  or
trust to the contrary notwithstanding.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 1 - Fiduciaries: Powers, Duties and Limitations › 11-1.8 - Power of Fiduciary or Custodian for Fiduciary to Deposit United States Government and Agency Securities With a Federal Reserve Bank

§ 11-1.8 Power  of  fiduciary  or  custodian  for fiduciary to deposit
United States government and agency securities with  a  federal  reserve
bank
(a)  Notwithstanding  any  other  provision  of law, any bank or trust
company, when acting as fiduciary and any bank, trust company or private
banker, when holding securities as custodian for a fiduciary pursuant to
§ 11-1.1(b)  (9),  is  authorized  to  deposit,  or  arrange  through  a
subcustodian or otherwise for the deposit, with the federal reserve bank
in  its  district  of any securities the principal and interest of which
the United States or any department, agency or  instrumentality  thereof
has  agreed  to pay, or has guaranteed payment, to be credited to one or
more accounts on the books of said federal reserve bank in the  name  of
such  bank,  trust company or private banker, to be designated fiduciary
or safekeeping accounts, to which account other similar  securities  may
be  credited.  A  bank,  trust  company  or private banker so depositing
securities with a federal reserve bank shall be subject  to  such  rules
and  regulations  with  respect  to  the  making and maintenance of such
deposit as, in the case  of  state  chartered  institutions,  the  state
superintendent  of  financial  services,  and,  in  the case of national
banking associations, the comptroller of the currency, may from time  to
time  issue.  The  records of such bank, trust company or private banker
shall at all times show the ownership of the  securities  held  in  such
account.  Ownership  of, and other interests in, the securities credited
to such account may be transferred by  entries  on  the  books  of  said
federal  reserve  bank  without  physical  delivery of any securities. A
bank, trust  company  or  private  banker  acting  as  custodian  for  a
fiduciary  shall,  on demand by the fiduciary, certify in writing to the
fiduciary the securities so deposited by such  bank,  trust  company  or
private  banker  with  such federal reserve bank for the account of such
fiduciary. A fiduciary shall, on demand by any party to  its  accounting
or  on demand by the attorney for such party, certify in writing to such
party the securities deposited  by  such  fiduciary  with  such  federal
reserve bank for its account as such fiduciary.
(b)  This  section  shall apply to all fiduciaries, and custodians for
fiduciaries, acting on  the  effective  date  of  this  section  or  who
thereafter  may  act  regardless  of the date of the instrument or court
order by which they are appointed.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 1 - Fiduciaries: Powers, Duties and Limitations › 11-1.10 - Power of Fiduciary to Employ a Broker-Dealer as Custodian

§ 11-1.10 Power of fiduciary to employ a broker-dealer as custodian
Notwithstanding  any  other provision of law any fiduciary (as defined
  in section 1-2.7 or 11-1.1 (a) (3)) is authorized:  (1)  to  employ  any
  broker-dealer  which  is  registered  with  the  Securities and Exchange
  Commission and the department of law of the state of New York  (referred
  to  in  this  section as "broker") as a custodian for a fiduciary of any
  stock or other securities (referred to in this section as "securities");
  (2) to register such securities in the name of such broker. Such  broker
  shall  have the same power and shall be subject to the same restrictions
  with respect to the treatment of such securities as any  bank  or  trust
  company  acting as a custodian for a fiduciary and such securities shall
  be subject to the same treatment as securities held by such a  custodian
  for  a  fiduciary  as  provided in sections 11-1.1 (b) (9) (10), 11-1.6,
  11-1.8, and 11-1.9 of this part. Any such securities held by a broker in
  which the broker does not have a lien for indebtedness due  to  it  from
  the  estate  or trust may not be pledged, lent, hypothecated or disposed
  of except upon the specific instruction of the fiduciary.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 3 - Actions by or Against Personal Representatives › 11-3.1 - Actions

§ 11-3.1 Actions
Any action, other than an action for injury to person or property, may
  be  maintained by and against a personal representative in all cases and
  in such manner as such action might have been maintained by  or  against
  his decedent.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 3 - Actions by or Against Personal Representatives › 11-3.2 - Action for Injury to Person or Property Survives Despite Death of Person in Whose Favor or Against Whom Cause of Action Existed

§ 11-3.2 Action  for injury to person or property survives despite death
of person in whose favor or  against  whom  cause  of  action
existed
(a)  Action  against  personal  representative for injury to person or
property.
(1) No cause of action for  injury  to  person  or  property  is  lost
because  of  the  death  of  the  person  liable for the injury. For any
injury, an action may be  brought  or  continued  against  the  personal
representative  of  the  decedent,  but  punitive  damages  shall not be
awarded nor penalties adjudged in any such  action  brought  to  recover
damages  for  personal injury. This section extends to a cause of action
for wrongfully causing death and an action therefor may  be  brought  or
continued  against  the  personal  representative  of  the person liable
therefor.
(2) Where death or an injury to person or property, resulting  from  a
wrongful  act,  neglect  or default, occurs simultaneously with or after
the death of a person who would have been liable therefor if  his  death
had not occurred simultaneously with such death or injury or between the
wrongful  act,  neglect or default and the resulting death or injury, an
action to recover damages for such death or  injury  may  be  maintained
against the personal representative of such person.
(b)  Action  by  personal  representative  for  injury  to  person  or
property.
No cause of action for injury to person or property is lost because of
the death of the person in whose favor the cause of action existed.  For
any injury an action  may  be  brought  or  continued  by  the  personal
representative  of  the  decedent,  but  punitive  damages  shall not be
awarded nor penalties adjudged in any such  action  brought  to  recover
damages  for  personal injury where the death occurs on or before August
thirty-first, nineteen hundred eighty-two. On  the  trial  of  any  such
action  accruing  before September first, nineteen hundred seventy-five,
which is joined with an  action  for  causing  death,  the  contributory
negligence of the decedent is a defense, to be pleaded and proved by the
defendant.    No  cause  of  action for damages caused by an injury to a
third person is lost because of the death of the third person.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 3 - Actions by or Against Personal Representatives › 11-3.3 - Limitations Upon Recovery Where Injury Causes Death

§ 11-3.3 Limitations upon recovery where injury causes death
(a)  Where  an  injury  causes  the  death  of  a  person  the damages
recoverable for such injury are limited to those accruing  before  death
and shall not include damages for or by reason of death, except that the
reasonable  funeral  expenses of the decedent, paid by the estate or for
the payment of which the estate is responsible, shall be recoverable  in
such  action.    The  damages recovered become part of the estate of the
deceased.
(b) Nothing contained herein shall affect the cause of action existing
in favor of the next of kin under 5-4.1, subject to the following:
(1) Such cause of action and the cause of action, under this  section,
in  favor of the estate to recover damages may be prosecuted to judgment
in a single action; a separate verdict,  report  or  decision  shall  be
rendered as to each cause of action.
(2)  Where  an  action to recover damages for personal injury has been
brought, and the injured person dies, as a result of the injury,  before
verdict, report or decision, his personal representative may enlarge the
complaint  in  such  action  to include the cause of action for wrongful
death under 5-4.1.
(3) Where an action to  recover  damages  under  this  section  and  a
separate  action  for wrongful death under 5-4.1 are pending against the
same defendant, they may be consolidated on the motion of either party.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 3 - Actions by or Against Personal Representatives › 11-3.4 - Action by Representative of Representative

§ 11-3.4 Action by representative of representative
Except  as otherwise prescribed by law, a personal representative of a
  personal representative has no authority to  commence  or  maintain  any
  action  or  proceeding  relating to the estate, effects or rights of the
  decedent of the first representative, or to take any charge  or  control
  thereof, as such representative.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 4 - Procedural Aspects of Actions by or Against Personal Representatives › 11-4.1 - How to Sue or Be Sued

§ 11-4.1 How to sue or be sued
Actions or proceedings brought by or against a personal representative
  must be brought by or against him in his representative capacity.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 4 - Procedural Aspects of Actions by or Against Personal Representatives › 11-4.2 - When Personal and Representative Causes of Action May Be Joined

§ 11-4.2 When personal and representative causes of action may be joined
Actions  or  proceedings  brought  against  a  personal representative
  personally and in his representative capacity may be joined.    In  such
  case  a  judgment  for the plaintiff must clearly indicate whether it is
  awarded against  the  defendant  personally  or  in  his  representative
  capacity.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 4 - Procedural Aspects of Actions by or Against Personal Representatives › 11-4.3 - Separate Dockets and Executions

§ 11-4.3 Separate dockets and executions
In  a  case  specified in 11-4.2 or where costs to be collected out of
  the individual property of a personal representative are awarded  in  an
  action  or  proceeding by or against him in his representative capacity,
  so much of the judgment as awards a sum of money against him  personally
  may  be  separately  docketed  and  a  separate  execution may be issued
  thereupon, as if the judgment contained no  award  against  him  in  his
  representative capacity.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 4 - Procedural Aspects of Actions by or Against Personal Representatives › 11-4.4 - Commencement of Action Against Personal Representatives; Rule When Some of Representatives Not Served

§ 11-4.4 Commencement  of  action against personal representatives; rule
when some of representatives not served
Where an action  or  proceeding  is  commenced  against  two  or  more
  personal    representatives    in   their   representative   capacities,
  jurisdiction of all is obtained by service of process upon  any  one  of
  them  and  any  judgment  recovered  may be entered and execution issued
  thereon against all of them, in their representative capacities,  as  if
  all had been served.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 4 - Procedural Aspects of Actions by or Against Personal Representatives › 11-4.5 - Want of Assets Not to Be Pleaded by Personal Representative

§ 11-4.5 Want of assets not to be pleaded by personal representative
In  an  action or proceeding against a personal representative, in his
  representative capacity, in which the complaint demands judgment  for  a
  sum  of  money,  the non-existence or insufficiency of assets may not be
  pleaded and the plaintiff's right of recovery is not affected thereby.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 1 - Definitions and Fiduciary Duties › 11-A-1.2 - Definitions

§  11-A-1.2 Definitions
In this article:
(1)  "Accounting  period" means a calendar year unless another twelve-
month period is selected by a fiduciary. The term includes a portion  of
a  calendar year or other twelve-month period that begins when an income
interest begins or ends when an income interest ends.
(2) "Beneficiary" includes, in the case  of  a  decedent's  estate,  a
distributee and testamentary beneficiary and, in the case of a trust, an
income beneficiary and a remainder beneficiary.
(3)  "Fiduciary"  means a personal representative or trustee. The term
includes an executor, administrator, successor personal  representative,
and a person performing substantially the same function.
(4)  "Income"  means  money  or  property that a fiduciary receives as
current return from a principal asset. The term includes  a  portion  of
receipts  from a sale, exchange, or liquidation of a principal asset, to
the extent provided in part 4.
(5) "Income beneficiary" means a person to whom net income of a  trust
is or may be payable.
(6)  "Income  interest"  means  the  right of an income beneficiary to
receive all or part of net  income,  whether  the  terms  of  the  trust
require  it  to  be distributed or authorize it to be distributed in the
trustee's discretion.
(7)  "Mandatory  income  interest"  means  the  right  of  an   income
beneficiary  to  receive  net income that the terms of the trust require
the fiduciary to distribute.
(8) "Net income" means the total receipts allocated to  income  during
an accounting period minus the disbursements made from income during the
period, plus or minus transfers under this article or under subparagraph
11-2.3(b)(5) to or from income during the period.
(9) "Person" means an individual, corporation, business trust, estate,
trust,   partnership,  limited  liability  company,  association,  joint
venture,    government;    governmental    subdivision,    agency,    or
instrumentality;  public  corporation,  or any other legal or commercial
entity.
(10) "Principal" means property held in trust for  distribution  to  a
remainder beneficiary when the trust terminates.
(11)  "Remainder  beneficiary"  means  a  person  entitled  to receive
principal when an income interest ends.
(12) "Terms of a trust" means the manifestation of  the  intent  of  a
settlor  or  decedent  with  respect to the trust, expressed in a manner
that admits of its proof in a judicial proceeding, whether by written or
spoken words or by conduct.
(13) "Trustee" includes an original, additional, or successor trustee,
whether or not appointed or confirmed by a court.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 1 - Definitions and Fiduciary Duties › 11-A-1.3 - Fiduciary Duties; General Principles

§ 11-A-1.3 Fiduciary duties; general principles
(a)  In  allocating receipts and disbursements to or between principal
and income, and with respect to any matter within the scope of  parts  2
and 3, a fiduciary:
(1) shall administer a trust or estate in accordance with the terms of
the  trust  or  the will, even if there is a different provision in this
article;
(2)  may  administer  a  trust  or  estate  by  the  exercise   of   a
discretionary  power  of  administration  given  to the fiduciary by the
terms of the trust or the will,  even  if  the  exercise  of  the  power
produces  a result different from a result required or permitted by this
article;
(3) shall administer a trust or estate in accordance with this article
if the terms of the trust  or  the  will  do  not  contain  a  different
provision  or  do  not  give  the  fiduciary  a  discretionary  power of
administration; and
(4) shall add a receipt or charge a disbursement to principal  to  the
extent  that  the terms of the trust or the will and this article do not
provide a rule for allocating the receipt or disbursement to or  between
principal and income.
(b)  In exercising a discretionary power of administration regarding a
matter within the scope of this article, whether granted by the terms of
a trust, a will, or this article, a fiduciary shall administer  a  trust
or  estate  impartially,  based on what is fair and reasonable to all of
the beneficiaries, except to the extent that the terms of the  trust  or
the  will  clearly manifest an intention that the fiduciary shall or may
favor one or more of the beneficiaries. A  determination  in  accordance
with  this  article  is presumed to be fair and reasonable to all of the
beneficiaries.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 3 - Apportionment at Beginning and End of Income Interest › 11-A-3.1 - When Right to Income Begins and Ends

§ 11-A-3.1 When right to income begins and ends
(a)  An  income beneficiary is entitled to net income from the date on
which the income interest begins. An income interest begins on the  date
specified  in the terms of the trust or, if no date is specified, on the
date an asset becomes subject to a trust or successive income interest.
(b) An asset becomes subject to a trust:
(1) on the date it is transferred to the trust in the case of an asset
that is transferred to a trust during the transferor's life;
(2) on the date of a testator's death in the case  of  an  asset  that
becomes  subject  to  a  trust  by reason of a will, even if there is an
intervening period of administration of the testator's estate; or
(3) on the date of an individual's death in the case of an asset  that
is  transferred  to  a  fiduciary  by  a  third  party  because  of  the
individual's death.
(c) An asset becomes subject to a successive income  interest  on  the
day  after  the  preceding  income  interest  ends,  as determined under
paragraph (d), even if there is an intervening period of  administration
to wind up the preceding income interest.
(d)  An  income  interest ends on the day before an income beneficiary
dies or another terminating event occurs, or on the last day of a period
during which there is no beneficiary to whom a  trustee  may  distribute
income.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 3 - Apportionment at Beginning and End of Income Interest › 11-A-3.2 - Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins

§ 11-A-3.2 Apportionment  of  receipts  and  disbursements when decedent
dies or income interest begins
(a) A trustee shall allocate an income receipt or  disbursement  other
than one to which paragraph 11-A-2.1 (1) applies to principal if its due
date occurs before a decedent dies in the case of an estate or before an
income  interest  begins  in  the  case  of a trust or successive income
interest.
(b) A trustee shall allocate an  income  receipt  or  disbursement  to
income  if  its due date occurs on or after the date on which a decedent
dies or an income interest begins and it is  a  periodic  due  date.  An
income  receipt  or disbursement must be treated as accruing from day to
day if its due date is not periodic or it has no due date.  The  portion
of  the  receipt  or  disbursement  accruing  before the date on which a
decedent dies  or  an  income  interest  begins  must  be  allocated  to
principal and the balance must be allocated to income.
(c) An item of income or an obligation is due on the date the payer is
required to make a payment. If a payment date is not stated, there is no
due date for the purposes of this article. Distributions to shareholders
or  other  owners from an entity to which 11-A-4.1 applies are deemed to
be due on the date fixed by the entity for determining who  is  entitled
to  receive the distribution or, if no date is fixed, on the declaration
date for the distribution. A  due  date  is  periodic  for  receipts  or
disbursements that must be paid at regular intervals under a lease or an
obligation   to   pay   interest  or  if  an  entity  customarily  makes
distributions at regular intervals.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 3 - Apportionment at Beginning and End of Income Interest › 11-A-3.3 - Apportionment When Income Interest Ends

§ 11-A-3.3 Apportionment when income interest ends
(a)  In this section, "undistributed income" means net income received
on or before the date on which an income interest ends.  The  term  does
not  include  an item of income or expense that is due or accrued or net
income that has been added or is required to be added to principal under
the terms of the trust.
(b) When a mandatory income interest ends, the trustee shall pay to  a
mandatory  income beneficiary who survives that date, or the estate of a
deceased mandatory income beneficiary whose death causes the interest to
end, the beneficiary's share of the undistributed  income  that  is  not
disposed  of  under the terms of the trust unless the beneficiary has an
unqualified power  to  revoke  more  than  five  percent  of  the  trust
immediately  before  the  income  interest ends. In the latter case, the
undistributed income from the portion of the trust that may  be  revoked
must be added to principal.
(c)  When  a  trustee's  obligation  to pay a fixed annuity or a fixed
fraction of the value of the trust's  assets  ends,  the  trustee  shall
prorate  the  final  payment if and to the extent required by applicable
law to accomplish a purpose of the trust  or  its  settlor  relating  to
income, gift, estate, or other tax requirements.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 1 - Receipts From Entities › 11-A-4.1 - Character of Receipts

§ 11-A-4.1 Character of receipts
(a)  In  this  section,  "entity"  means  a  corporation, partnership,
limited liability company, regulated  investment  company,  real  estate
investment  trust, common trust fund, or any other organization in which
a trustee has an interest other than a trust or estate to which 11-A-4.2
applies, a business  or  activity  to  which  11-A-4.3  applies,  or  an
asset-backed security to which 11-A-4.15 applies.
(b)  Except  as  otherwise  provided  in this section, a trustee shall
allocate to income money received from an entity.
(c) A trustee shall allocate the following receipts from an entity  to
principal:
(1) property other than money; provided that if a trustee receives the
option  to  receive  a distribution in the form of money or property and
elects to  receive  the  distribution  in  the  form  of  property  such
distribution shall be considered to be a distribution of money;
(2)  money  received  in  one  distribution  or  a  series  of related
distributions in exchange for part or all of a trust's interest  in  the
entity;
(3) money received in total or partial liquidation of the entity; and
(4)  money  received  from  an  entity  that is a regulated investment
company or a real estate investment trust if the money distributed is  a
capital gain dividend for federal income tax purposes.
(d) Money is received in partial liquidation:
(1)  to  the  extent  that  the  entity,  at  or  near  the  time of a
distribution,  indicates  that  it  is   a   distribution   in   partial
liquidation; or
(2)  if  the  total  amount  of  money  and  property  received  in  a
distribution or series of related distributions is greater  than  twenty
percent  of the entity's gross assets, as shown by the entity's year-end
financial statements immediately preceding the initial receipt.
(e) Money is not received in partial liquidation, nor may it be  taken
into  account  under subparagraph (d)(2), to the extent that it does not
exceed the amount of income tax that a trustee or beneficiary  must  pay
on taxable income of the entity that distributes the money.
(f)  A  trustee  may rely upon a statement made by an entity about the
source or character of a distribution if the statement  is  made  at  or
near  the  time  of  distribution  by the entity's board of directors or
other person or group of persons authorized to exercise  powers  to  pay
money  or transfer property comparable to those of a corporation's board
of directors.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 1 - Receipts From Entities › 11-A-4.2 - Distribution From Trust or Estate

§ 11-A-4.2 Distribution from trust or estate
A   trustee   shall  allocate  to  income  an  amount  received  as  a
  distribution of income from a trust or an estate in which the trust  has
  an  interest  other  than  a  purchased  interest, and shall allocate to
  principal an amount received as a distribution of principal from such  a
  trust  or  estate. If a trustee purchases an interest in a trust that is
  an investment entity, or a decedent or donor transfers  an  interest  in
  such  a  trust  to a trustee, 11-A-4.1 or 11-A-4.15 applies to a receipt
  from the trust.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 1 - Receipts From Entities › 11-A-4.3 - Business and Other Activities Conducted by Trustee

§ 11-A-4.3 Business and other activities conducted by trustee
(a)  If a trustee who conducts a business or other activity determines
that it is in the best interest of  all  the  beneficiaries  to  account
separately  for the business or activity instead of accounting for it as
part of the trust's general accounting records, the trustee may maintain
separate accounting records for its transactions,  whether  or  not  its
assets are segregated from other trust assets.
(b) A trustee who accounts separately for a business or other activity
may determine the extent to which its net cash receipts must be retained
for working capital, the acquisition or replacement of fixed assets, and
other  reasonably foreseeable needs of the business or activity, and the
extent to which the remaining net cash receipts  are  accounted  for  as
principal  or  income  in  the  trust's general accounting records. If a
trustee sells assets of the business or other activity,  other  than  in
the  ordinary  course  of  the  business  or activity, the trustee shall
account for the net amount received as principal in the trust's  general
accounting  records to the extent the trustee determines that the amount
received is no longer required in the conduct of the business.
(c) Activities for which a trustee may  maintain  separate  accounting
records include:
(1)  retail,  manufacturing,  service,  and other traditional business
activities;
(2) farming;
(3) raising and selling livestock and other animals;
(4) management of rental properties;
(5) extraction of minerals and other natural resources;
(6) timber operations; and
(7) activities to which 11-A-4.14 applies.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 2 - Receipts Not Normally Apportioned › 11-A-4.4 - Principal Receipts

§ 11-A-4.4 Principal receipts
A trustee shall allocate to principal:
(1)  to  the extent not allocated to income under this article, assets
received  from  a  transferor  during  the  transferor's   lifetime,   a
decedent's  estate,  a  trust  with  a terminating income interest, or a
payer under a contract naming the trust or its trustee as beneficiary;
(2)  money  or  other  property  received  from  the  sale,  exchange,
liquidation,  or change in form of a principal asset, including realized
profit, subject to this part;
(3) amounts recovered  from  third  parties  to  reimburse  the  trust
because  of  disbursements  described in subparagraph 11-A-5.2 (a)(7) or
for other reasons to the extent not based on the loss of income;
(4) proceeds of property taken by eminent domain, but a separate award
made for the loss of income with respect to an accounting period  during
which  a  current  income beneficiary had a mandatory income interest is
income;
(5) net income received in an accounting period during which there  is
no beneficiary to whom a trustee may or must distribute income; and
(6) other receipts as provided in subpart 3.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 2 - Receipts Not Normally Apportioned › 11-A-4.5 - Rental Property

§ 11-A-4.5 Rental property
To  the  extent  that  a  trustee  accounts  for  receipts from rental
  property pursuant to this section, the trustee shall allocate to  income
  an  amount  received  as rent of real or personal property, including an
  amount received for cancellation  or  renewal  of  a  lease.  An  amount
  received  as  a  refundable  deposit,  including a security deposit or a
  deposit that is to be applied as rent for future periods, must be  added
  to  principal  and  held  subject  to  the terms of the lease and is not
  available  for  distribution  to  a  beneficiary  until  the   trustee's
  contractual obligations have been satisfied with respect to that amount.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 2 - Receipts Not Normally Apportioned › 11-A-4.6 - Obligation to Pay Money

§ 11-A-4.6 Obligation to pay money
(a)  An  amount  received  as interest, whether determined at a fixed,
variable, or floating rate,  on  an  obligation  to  pay  money  to  the
trustee,  including  an  amount  received as consideration for prepaying
principal, must  be  allocated  to  income  without  any  provision  for
amortization of premium.
(b)  A trustee shall allocate to principal an amount received from the
sale, redemption, or other disposition of an obligation to pay money  to
the  trustee.  The  increment in value of a bond or other obligation for
the  payment  of  money  bearing  no  stated  interest  but  payable  or
redeemable at maturity or at a future time at an amount in excess of the
amount  in consideration of which it was issued is income. If the income
accrues pursuant to a fixed schedule of  appreciation,  such  income  is
distributable  to  the beneficiary at the time the increment occurs, and
the trustee may transfer the amount thereof from principal to income  on
each  such  date. Whenever unrealized increment is distributed as income
but out of principal the principal shall be reimbursed from  the  income
when realized.
(c)  This  section  does not apply to an obligation to which 11-A-4.9,
11-A-4.10, 11-A-4.11, 11-A-4.12, 11-A-4.14, or 11-A-4.15 applies.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 2 - Receipts Not Normally Apportioned › 11-A-4.7 - Insurance Policies and Similar Contracts

§ 11-A-4.7 Insurance policies and similar contracts
(a)  Except  as  otherwise  provided in paragraph (b), a trustee shall
allocate to principal the proceeds of a life insurance policy  or  other
contract  in  which  the  trust  or its trustee is named as beneficiary,
including a contract that insures the trust or its trustee against  loss
for  damage  to,  destruction of, or loss of title to a trust asset. The
trustee shall allocate dividends on an insurance policy to income if the
premiums on the policy are paid from income, and  to  principal  if  the
premiums are paid from principal.
(b)  A  trustee  shall  allocate to income proceeds of a contract that
insures the trustee against loss of occupancy or other use by an  income
beneficiary,  loss  of  income, or, subject to 11-A-4.3, loss of profits
from a business.
(c) This section does not  apply  to  a  contract  to  which  11-A-4.9
applies.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11-A - Uniform Principal and Income Act › Part 4 - Allocation of Receipts During Administration of Trust › Sub Part 3 - Receipts Normally Apportioned › 11-A-4.8 - Insubstantial Allocations Not Required

§ 11-A-4.8 Insubstantial allocations not required
If  a  trustee  determines  that  an  allocation between principal and
income  required  by  11-A-4.9,  11-A-4.10,  11-A-4.11,  11-A-4.12,   or
11-A-4.15  is  insubstantial, the trustee may allocate the entire amount
to principal unless one of the circumstances described  in  subparagraph
11-2.3  (b)(5) applies to the allocation. This power may be exercised by
a cotrustee in the circumstances described in subparagraph 11-2.3 (b)(5)
and may be released for the reasons and in the manner described in  that
section. An allocation is presumed to be insubstantial if:
(1) the amount of the allocation would increase or decrease net income
in  an  accounting  period, as determined before the allocation, by less
than ten percent; or
(2) the value of  the  asset  producing  the  receipt  for  which  the
allocation  would be made is less than ten percent of the total value of
the trust's assets at the beginning of the accounting period.