reglab/statecodes huggingface dataset:
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 8 - Charitable Trusts › Part 1 - Rules Governing Charitable Trusts › 8-1.5 - Trusts for Cemetery Purposes

§ 8-1.5 Trusts for cemetery purposes
Dispositions  of  property  in  trust for the purpose of the perpetual
  care, maintenance, improvement or embellishment of cemeteries or private
  burial lots in cemeteries,  and  the  roadways,  lawns,  hedges,  walks,
  fences,  monuments,  structures  and tombs in such cemeteries or on such
  private burial lots  are  permitted  and  shall  be  deemed  to  be  for
  charitable and benevolent purposes. Such dispositions are not invalid by
  reason of any indefiniteness or uncertainty of the persons designated as
  beneficiaries,  nor shall they be invalid as violating any existing rule
  against perpetuities. Nothing herein contained shall affect any existing
  authority of the courts to determine the reasonableness of the amount of
  such disposition. Any cemetery association may act  as  trustee  of  and
  execute  any  such  trust with respect to lots, roadways, lawns, hedges,
  walks, fences, monuments, structures  and  tombs  both  within  its  own
  cemetery limits and outside of any cemetery under its control but within
  the  county where such cemetery is located, whether or not such power is
  included among its corporate powers.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 8 - Charitable Trusts › Part 1 - Rules Governing Charitable Trusts › 8-1.6 - Deposit of Money in Trust by Owner of Lots in Private Unincorporated Cemetery

§ 8-1.6 Deposit   of  money  in  trust  by  owner  of  lots  in  private
unincorporated cemetery
The owner of lots in any private unincorporated cemetery  may  deposit
  in  trust  for  the  care  of such lots a sum not exceeding four hundred
  dollars for each lot so owned with any    bank  or  banking  institution
  located  in  a  city,  town  or  village  conveniently near such private
  unincorporated cemetery, provided such bank or  banking  institution  is
  willing  to  accept such money in trust and agrees to apply the proceeds
  of the interest thereon to the care and upkeep of such lots.  Such banks
  or banking institutions are hereby authorized to accept such  money  for
  the  purpose  described herein and to apply the proceeds of the interest
  thereon to the care and upkeep of any such lots.  The provisions of this
  section do not apply to savings banks.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 8 - Charitable Trusts › Part 1 - Rules Governing Charitable Trusts › 8-1.7 - Authority of Trustee to Accumulate Income

§ 8-1.7 Authority of trustee to accumulate income
(a)  Where  property  has been transferred in trust for any religious,
charitable, educational  or  benevolent  purpose,  or  acquired  by  the
trustee  of  a  trust for such purpose, the trustee is authorized in his
discretion, notwithstanding the absence of any direction therefor in the
disposition creating the trust, to accumulate the  income  therefrom  to
the  extent  necessary  to  carry  out  the  purposes  of the trust. The
authority herein granted is subject:
(1) To any  express  or  implied  prohibition  by  the  terms  of  the
disposition  creating  the trust, by any statute in force at the time of
the accumulation or by the charter  of  a  corporate  trustee  or  other
document  or regulation controlling the trustee in the administration of
the trust.
(2) To the supervision of the supreme court or the surrogate's  court,
as  provided  in  8-1.1,  and  to any contrary direction by order of the
court in an action or proceeding thereunder.
(b) This section shall not restrict in any  manner  the  appropriation
for  expenditure  or  accumulation  of  endowment  funds as set forth in
section 553 of the not-for-profit corporation law.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 1 - Perpetuities › 9-1.1 - Rule Against Perpetuities

§ 9-1.1 Rule against perpetuities
(a)  (1)  The absolute power of alienation is suspended when there are
no persons in being by whom an absolute fee or estate in possession  can
be conveyed or transferred.
(2) Every present or future estate shall be void in its creation which
shall  suspend  the  absolute  power  of alienation by any limitation or
condition for a longer period than lives in being at the creation of the
estate and a term of not more than  twenty-one  years.  Lives  in  being
shall  include  a  child conceived before the creation of the estate but
born thereafter. In no case shall the lives  measuring  the  permissible
period  be  so  designated  or so numerous as to make proof of their end
unreasonably difficult.
(b) No estate in property shall be valid unless it must  vest,  if  at
all, not later than twenty-one years after one or more lives in being at
the  creation  of the estate and any period of gestation involved. In no
case shall lives measuring the  permissible  period  of  vesting  be  so
designated  or  so  numerous  as to make proof of their end unreasonably
difficult.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 1 - Perpetuities › 9-1.2 - Reduction of Age Contingency

§ 9-1.2 Reduction of age contingency
Where  an  estate  would,  except for this section, be invalid because
  made to depend, for  its  vesting  or  its  duration,  upon  any  person
  attaining or failing to attain an age in excess of twenty-one years, the
  age  contingency  shall  be reduced to twenty-one years as to any or all
  persons subject to such contingency.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 1 - Perpetuities › 9-1.3 - Rules of Construction

§ 9-1.3 Rules of construction
(a)  Unless  a  contrary  intention appears, the rules of construction
provided in this section govern with respect to any matter affecting the
rule against perpetuities.
(b) It shall be presumed that the creator intended the  estate  to  be
valid.
(c)  Where  an  estate  would,  except  for this paragraph, be invalid
because of the possibility that the  person  to  whom  it  is  given  or
limited  may be a person not in being at the time of the creation of the
estate, and such person is referred to in the instrument  creating  such
estate  as  the spouse of another without other identification, it shall
be presumed that such reference is to a person in being on the effective
date of the instrument.
(d) Where the duration or vesting of an estate is contingent upon  the
probate  of  a  will,  the appointment of a fiduciary, the location of a
distributee, the payment of debts, the sale of assets, the settlement of
an estate, the determination of  questions  relating  to  an  estate  or
transfer tax or the occurrence of any specified contingency, it shall be
presumed  that  the  creator of such estate intended such contingency to
occur, if at all, within twenty-one years from the effective date of the
instrument creating such estate.
(e) (1) Where the validity of a disposition depends upon  the  ability
of  a  person to have a child at some future time, it shall be presumed,
subject to subparagraph (2), that a male can have a  child  at  fourteen
years of age or over, but not under that age, and that a female can have
a  child  at twelve years of age or over, but not under that age or over
the age of fifty-five years.
(2) In the case of a living person, evidence may be given to establish
whether he or she is able to have a child at the time in question.
(3) Where the validity of a disposition depends upon the ability of  a
person  to  have  a child at some future time, the possibility that such
person may have a child by adoption shall be disregarded.
(4) The provisions of subparagraphs (1), (2) and (3) shall  not  apply
for  any  purpose  other  than  that  of  determining  the validity of a
disposition under the rule  against  perpetuities  where  such  validity
depends  on the ability of a person to have a child at some future time.
A determination of validity or invalidity of  a  disposition  under  the
rule  against perpetuities by the application of subparagraph (1) or (2)
or (3) shall not be  affected  by  the  later  occurrence  of  facts  in
contradiction  to the facts presumed or determined or the possibility of
adoption disregarded under subparagraphs (1) or (2) or (3).
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 1 - Perpetuities › 9-1.4 - Acquisition of Real Property by Foreign Trust

§ 9-1.4 Acquisition of real property by foreign trust
Where  real  property  situated  in  this state is acquired by a trust
  validly created under the law of another jurisdiction, whether there  is
  a violation of the rule against perpetuities and whether a direction for
  the accumulation of rents and profits is valid are determined by the law
  of this state in effect at the time of the acquisition of such property.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 1 - Perpetuities › 9-1.5 - Trust With Transferable Certificates

§ 9-1.5 Trust with transferable certificates
A  trust  with  transferable  certificates,  heretofore  or  hereafter
  created, is not invalid as violating the rule against perpetuities;  but
  such  trust may continue for such time as may be necessary to accomplish
  the purposes for which it is created if  the  instrument  creating  such
  trust  provides  that  it may be terminated at any time by action of the
  trustees or by affirmative vote of the beneficiaries having a  specified
  percentage  of  interest therein.  This section applies to an investment
  trust, which is  an  unincorporated  trust  or  association  managed  by
  trustees  not holding any property for sale to customers in the ordinary
  course of its trade or business, the beneficial ownership  of  which  is
  evidenced  by  transferable  shares  or  by transferable certificates of
  beneficial interest offered for sale to the public.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 1 - Perpetuities › 9-1.6 - Trust for Employees

§ 9-1.6 Trust for employees
A  trust  created  by  an employer, as part of a stock bonus, pension,
  disability or death benefit or profit-sharing plan,  for  the  exclusive
  benefit of some or all of his employees, to which contributions are made
  by  such employer or employees, or both, for the purpose of distributing
  to such employees the income or principal, or both, of the fund so  held
  in trust, is not invalid as violating the rule against perpetuities; but
  such  trust may continue for such time as may be necessary to accomplish
  the purposes for which it is created.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 1 - Perpetuities › 9-1.7 - Trust for Self-Employed Individuals and Others

§ 9-1.7 Trust for self-employed individuals and others
No trust created under a retirement plan, which is exempt from federal
  income  taxation  under  the  laws  of  the United States, is invalid as
  violating the rule against  perpetuities  or  the  rules  governing  the
  accumulation  of income.  Such a trust may continue for such time as may
  be necessary to accomplish the purposes for which  it  is  created;  may
  permit  the  accumulation  of  income  until  such time as the income is
  distributed to the beneficiaries under the terms of the trust; and  may,
  according  to  its  terms,  be  made irrevocable and the interest of its
  beneficiaries nontransferable by assignment or otherwise.   A  trust  so
  made  irrevocable  is not subject to revocation upon the written consent
  of its beneficiaries as provided in 7-1.9.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 1 - Perpetuities › 9-1.8 - Trust Created by National Securities Exchange to Assist Customers of Members, Member Firms or Member Corporations

§ 9-1.8 Trust   created   by  national  securities  exchange  to  assist
customers of members, member firms or member corporations
(a) A trust created by a national securities exchange for the  purpose
of  enabling  the  trustees,  in  their discretion, to provide direct or
indirect assistance to customers of a  member,  member  firm  or  member
corporation  of  such  exchange,  threatened with loss of their money or
securities because such member, member firm or  member  corporation,  in
the  opinion  of  the  trustees,  is  insolvent or may be unable without
assistance to meet its obligations to such customers, is not invalid  as
violating  the  rule  against  perpetuities  or  the rules governing the
accumulation of income. Such a trust may continue and may accumulate the
income from the property held therein for such time as may be  necessary
to accomplish the purposes for which it is created.
(b)  As  used in this section, the term "national securities exchange"
means any exchange registered as a national  securities  exchange  under
the  federal securities exchange act of nineteen hundred thirty-four, as
the same may be amended from time to time.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 2 - Accumulations › 9-2.1 - Rules Governing Accumulations

§ 9-2.1 Rules governing accumulations
(a)  All  directions  for  the  accumulation of income are void unless
authorized by statute.
(b) A direction for the  accumulation  of  income  is  valid  if  such
accumulation  is  to  begin and terminate within the time allowed by the
rule against perpetuities. An accumulation directed to  continue  for  a
period extending beyond the expiration of such time terminates upon such
expiration.
(c)  Where  property  is  disposed  of  in  trust  for  any religious,
charitable, educational  or  benevolent  purpose  and  no  valid  future
estate,  except for a similar purpose, is created by such disposition, a
direction for the accumulation by the trustee  of  income  received  for
such  purpose  is  valid  without  regard  to  the  time  at  which  the
accumulation is to begin  or  to  terminate,  but  the  accumulation  is
subject  to  the  supervision  and  control  of the supreme court or the
surrogate's court as provided in 8-1.1.
(d) The income from a trust created by an employer, as part of a stock
bonus, a pension, disability or death benefit  or  profit-sharing  plan,
for  the  exclusive  benefit  of  some or all of his employees, to which
contributions are made by such employer or employees or  both,  for  the
purpose  of  distributing  to such employees the income or principal, or
both, of the trust, may be accumulated until the funds  are  sufficient,
in the opinion of the employer, to accomplish the purposes of such plan.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 2 - Accumulations › 9-2.2 - Anticipation of Directed Accumulation

§ 9-2.2 Anticipation of directed accumulation
(a)  When a valid accumulation is directed for the benefit of a person
without other sufficient  means  to  support  or  educate  himself,  the
supreme  court  or,  if  such  accumulation  was  directed  by will, the
surrogate's court of the county  in  which  such  will  is  admitted  to
probate,  on the application of such person, his guardian, committee, or
conservator may direct that a suitable sum from the  income  accumulated
or  to  be  accumulated  be applied for the support or education of such
person.
(b) When the proceeds of a life insurance policy issued  or  delivered
in  this  state  are being retained under an agreement by the insurer to
credit interest thereon for  the  benefit  of  a  person  without  other
sufficient  means  to  support or educate himself, the supreme court, on
the application of such person, his guardian, committee, or  conservator
may  direct  that a suitable sum from the interest credited or agreed to
be credited be applied for the support or education of such person.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 9 - Perpetuities and Accumulations › Part 2 - Accumulations › 9-2.3 - Undistributed Income

§ 9-2.3 Undistributed income
When income is not disposed of and no valid direction is given for its
  accumulation it passes to the persons presumptively entitled to the next
  eventual estate.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 1 - Common Law of Powers Established With Exceptions › 10-1.1 - Common Law of Powers Retained, Except as Modified by This Article

§ 10-1.1 Common  law  of  powers  retained,  except  as modified by this
article
The common law of powers as embodied in this article and as to matters
  not included herein, as heretofore established, is retained as  the  law
  of this state except as modified by the provisions of this article.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 2 - Definitions › 10-2.1 - Power

§ 10-2.1 Power
A  power  is  an  authority  to  do  any  act in relation to property,
  including the creation or revocation of an estate therein  or  a  charge
  thereon,  which the donor of the power might himself do, except that the
  term, as used in this article, does not apply to a power of attorney  to
  convey property in the name of the owner, regulated by other statutes.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 2 - Definitions › 10-2.2 - Other Words Defined

§ 10-2.2 Other words defined
(a) Donor. A donor is the person who creates or reserves a power.
(b)  Donee. A donee is the person to whom a power is given or in whose
favor a power is reserved.
(c) Appointee. An appointee is the person in whose favor  a  power  of
appointment is exercisable.
(d)  Appointive property. Appointive property is property which is the
subject of a power of appointment.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 3 - Varieties of Powers › 10-3.1 - Powers of Appointment and Other Powers

§ 10-3.1 Powers of appointment and other powers
(a)  This  article  applies  to  powers  of  appointment.  A  power of
appointment, as the term is  used  in  this  article,  is  an  authority
created  or  reserved  by  a  person  having  property  subject  to  his
disposition, enabling the donee to designate, within such limits as  may
be prescribed by the donor, the appointees of the property or the shares
or the manner in which such property shall be received.
(b) This article applies, generally, to powers which are not powers of
appointment,  such as a power to revoke a disposition previously made, a
power during minority to manage property vested in an infant, a power to
disburse the principal of a trust, a power to sell in a mortgage  and  a
power in a life tenant to make leases. This enumeration is not exclusive
but illustrative.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 3 - Varieties of Powers › 10-3.2 - Classification of Powers of Appointment as to Kind; General and Special; Exclusive and Non-Exclusive

§ 10-3.2 Classification of powers of appointment as to kind; general and
special; exclusive and non-exclusive
(a) A power of appointment is:
(1) general or special.
(2) exclusive or non-exclusive.
(b)  A  power  of  appointment  is  general  to  the extent that it is
exercisable wholly in favor of the donee, his estate, his  creditors  or
the creditors of his estate.
(c) All other powers of appointment are special.
(d) A special power of appointment is exclusive if it may be exercised
in  favor  of  one  or  more  of  the appointees to the exclusion of the
others.
(e) A special power of appointment is  non-exclusive  if  it  must  be
exercised in favor of all the appointees.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 3 - Varieties of Powers › 10-3.3 - Classification of Powers of Appointment as to Time of Exercise; Presently Exercisable, Testamentary and Postponed

§ 10-3.3 Classification of powers of appointment as to time of exercise;
presently exercisable, testamentary and postponed
(a)  A power of appointment, as to the time of its exercise, is either
presently exercisable, testamentary or postponed.
(b) A power of appointment is  presently  exercisable  if  it  may  be
exercised  by  the donee, during his lifetime or by his written will, at
any time after its creation, and does not include a postponed  power  as
described in paragraph (d).
(c)  A  power of appointment is testamentary if it is exercisable only
by a written will of the donee.
(d) A power of appointment is postponed if it is  exercisable  by  the
donee only after the expiration of a stated time or after the occurrence
or non-occurrence of a specified event.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 3 - Varieties of Powers › 10-3.4 - Classification of Powers of Appointment as to Duty to Exercise; Imperative and Discretionary

§ 10-3.4 Classification of powers of appointment as to duty to exercise;
imperative and discretionary
(a) A power of appointment is either imperative or discretionary.
(b) A power of appointment is imperative if the instrument creating it
imposes  on  the  donee  a duty to exercise it, and it may be imperative
even though it is exclusive.
(c) A power of appointment is discretionary if the donee is authorized
to exercise or not to exercise it.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 4 - Creation of a Power of Appointment › 10-4.1 - Rules for Creation of a Power of Appointment.

§ 10-4.1 Rules for creation of a power of appointment.
(a) The donor of a power of appointment:
(1) Must be a person capable of transferring the appointive property.
(2)  Must  have  created or reserved the power by a written instrument
executed by him in the manner required by law.
(3) Must manifest his intention  to  confer  the  power  on  a  person
capable of holding the appointive property.
(4)  Cannot  nullify or alter the rights of creditors of the donee, as
defined in this article, by any language in the instrument  creating  or
reserving  the  power  purporting  to  give the interest of such donee a
spendthrift character.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 5 - Extent of Donee's Authority to Appoint or Contract to Appoint an Estate in Appointive Property › 10-5.1 - Scope of the Authority of the Donee

§ 10-5.1 Scope of the authority of the donee
The scope of the donee's authority as to appointees and as to the time
  and manner of the appointment is unlimited except as the donor manifests
  a contrary intention.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 5 - Extent of Donee's Authority to Appoint or Contract to Appoint an Estate in Appointive Property › 10-5.2 - Contract to Appoint; Power Presently Exercisable

§ 10-5.2 Contract to appoint; power presently exercisable
The donee of a power of appointment which is presently exercisable, or
  of  a postponed power which has become exercisable, can contract to make
  an  appointment  to  the  extent  that  the  contract  or  the  promised
  appointment  does  not  confer  a  benefit  upon  a  person who is not a
  permissible appointee under the power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 5 - Extent of Donee's Authority to Appoint or Contract to Appoint an Estate in Appointive Property › 10-5.3 - Contract to Appoint; Power Not Presently Exercisable

§ 10-5.3 Contract to appoint; power not presently exercisable
(a)  The  donee  of  a  power  of  appointment  which is not presently
exercisable, or of a postponed power which has not  become  exercisable,
cannot  contract  to  make  an appointment; except that this prohibition
shall not apply if the donor and donee  are  the  same  person.  Such  a
prohibited  contract,  if  made,  cannot  be  the basis of an action for
specific performance or damages, but the promisee can obtain restitution
of the value given by him for the promise unless the donee has exercised
the power pursuant to the contract.
(b) The provisions of this section shall not abridge  the  ability  of
the  donee  of a power of appointment which is not presently exercisable
to release his power pursuant to 10-9.2 or  to  make  the  power,  after
release,  an  imperative  power,  except that where the donor designated
persons or a class to take in default of the  donee's  exercise  of  the
power,  a  release  with  respect  to  appointive property must serve to
benefit all those so designated as provided by the donor.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 5 - Extent of Donee's Authority to Appoint or Contract to Appoint an Estate in Appointive Property › 10-5.4 - Priority

§ 10-5.4 Priority
The  interest  of  the  donee  of  a  power of appointment, and of any
  appointee thereunder, has priority with respect to real property subject
  thereto, as against creditors,  purchasers  or  incumbrancers,  in  good
  faith  and  without notice, of or from a person having an estate in such
  property, only from the time at which the instrument creating the  power
  is  duly  recorded.  As  against  all  other  persons, such interest has
  priority from the time at which the instrument creating the power  takes
  effect.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 6 - Rules Governing Exercise of a Power of Appointment › 10-6.1 - Exercise of a Power of Appointment; Manifestation of Intention of Donee

§ 10-6.1 Exercise  of a power of appointment; manifestation of intention
of donee
(a) Subject to paragraph (b), an effective  exercise  of  a  power  of
appointment does not require an express reference to such power. A power
is  effectively  exercised  if  the  donee  manifests  his  intention to
exercise it. Such a manifestation exists when the donee:
(1) Declares in substance that he is exercising all the powers he has;
(2) Sufficiently identifying  the  appointive  property  or  any  part
thereof,  executes  an instrument purporting to dispose of such property
or part;
(3) Makes a  disposition  which,  when  read  with  reference  to  the
property  he  owned  and  the  circumstances existing at the time of its
making, manifests  his  understanding  that  he  was  disposing  of  the
appointive property; or
(4)  Leaves  a  will  disposing  of  all of his property or all of his
property of the kind covered by the power, unless the intention that the
will is not to operate as an execution of the power appears expressly or
by necessary implication.
(b) If the donor has expressly directed that no  instrument  shall  be
effective  to exercise the power unless it contains a specific reference
to the power, an instrument  not  containing  such  reference  does  not
validly exercise the power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 6 - Rules Governing Exercise of a Power of Appointment › 10-6.2 - Exercise of a Power of Appointment; Conformity to Directions of Donor

§ 10-6.2 Exercise of a power of appointment; conformity to directions of
donor
(a)  Subject  to  the  power  of  a court of competent jurisdiction to
remedy a defective execution of an imperative power of appointment,  the
directions  of  the  donor  as to the manner, time and conditions of the
exercise of a power must be observed, except that:
(1) Where the donor has authorized it to be exercised by an instrument
legally insufficient to dispose of the appointive property,  the  manner
of exercise is to be determined by the provisions of this article.
(2)  Where  the donor has directed any formality to be observed in its
exercise, in addition to those which  would  be  legally  sufficient  to
dispose  of  the  appointive  property, such additional formality is not
necessary to a valid exercise of such power.
(3) Where the donor has made the power exercisable only by deed, it is
also exercisable by a written will unless exercise by will is  expressly
excluded.
(4)  Where  the  donor  of  a  general  power  of  appointment has not
expressly imposed a requirement of good faith or of reasonableness  with
respect  to the donee's exercise of such power, neither such requirement
shall be implied.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 6 - Rules Governing Exercise of a Power of Appointment › 10-6.3 - Exercise of a Power of Appointment; Type of Instrument

§ 10-6.3 Exercise of a power of appointment; type of instrument
A  power  of appointment can be exercised only by a written instrument
  which would be sufficient to  dispose  of  the  estate  intended  to  be
  appointed if the donee were the actual owner.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 6 - Rules Governing Exercise of a Power of Appointment › 10-6.4 - Exercise of a Power of Appointment; Required Consents

§ 10-6.4 Exercise of a power of appointment; required consents
(a) When the consent of the donor or of a third person to the exercise
of  a  power of appointment is required, such consent shall be expressed
in a written instrument, subscribed  by  the  person  whose  consent  is
required;  and to entitle the instrument of exercise to be recorded, the
signatures  of  the  donee  and  of  the  person  consenting   must   be
acknowledged  or proved in the manner required by the laws of this state
for the recording of a deed of real property.
(b) Unless the donor expressly provides otherwise:
(1) When the consents of two or more  persons  are  required  for  the
exercise of a power of appointment, all must consent.
(2) If before the exercise of the power:
(A)  One  or  more of such persons die, the consent of the survivor is
sufficient.
(B) One or more of such persons become incompetent, the consent of the
competent person is sufficient.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 6 - Rules Governing Exercise of a Power of Appointment › 10-6.5 - Exercise of Exclusive and Non-Exclusive Power of Appointment

§ 10-6.5 Exercise of exclusive and non-exclusive power of appointment
(a) Unless the donor expressly provides otherwise:
(1) The donee of an exclusive power may appoint all or any part of the
appointive property to one or more of the appointees to the exclusion of
the others.
(2) The donee of a non-exclusive power must appoint in favor of all of
the appointees equally.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 6 - Rules Governing Exercise of a Power of Appointment › 10-6.7 - Exercise by All Donees; Exceptions

§ 10-6.7 Exercise by all donees; exceptions
Whenever  a  power  of appointment, other than 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, is created in two or  more  donees,
  all  must  unite  in  its  exercise, unless the instrument creating such
  power provides otherwise. But, if before its execution, one or  more  of
  such  donees dies or becomes incompetent, such power may be exercised by
  the survivor or the competent donee, unless such exercise is  explicitly
  barred by the terms of the instrument creating such power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 6 - Rules Governing Exercise of a Power of Appointment › 10-6.8 - Imperative Power of Appointment; Effectuation

§ 10-6.8 Imperative power of appointment; effectuation
(a)  The  exercise of an imperative power of appointment devolves upon
the supreme court or, in the case of a will, the  surrogate's  court  in
the following cases:
(1) Failure to designate the donee.
(2) Death of the designated donee without exercising the power.
(3) Incompetence of the sole donee.
(4)  Defective exercise of the power, either wholly or in part, by the
donee.
(b) Where an imperative power of appointment:
(1) Is exclusive, and the donee dies without exercising the power,  it
must be exercised for the benefit of all of the appointees equally.
(2)  Has  been  exercised defectively by the donee, it may be properly
exercised in favor of persons intended to be benefited by the donee.
(3) Has been exercised defectively by the donee,  a  purchaser  for  a
valuable   consideration  claiming  under  such  defective  exercise  is
entitled to the same relief as a  similar  purchaser  claiming  under  a
defective disposition from an actual owner.
(4)  Is  non-exclusive,  and the right of the appointee is assignable,
creditors or assignees of such appointee can compel the exercise of such
power for their benefit.
(5) Is non-exclusive, the committee of an appointee  or  his  assignee
for the benefit of creditors can compel the exercise of such power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 6 - Rules Governing Exercise of a Power of Appointment › 10-6.9 - Exercise of a Power of Appointment in Further Trust

§ 10-6.9. Exercise of a power of appointment in further trust
If the donee of a power of appointment exercises the power in favor of
  the  trustee of a trust under a will or deed other than that under which
  the power was created, and if said  exercise  is  otherwise  valid,  the
  appointive  property  shall  be  paid  over  to  and administered by the
  trustee of, and under the terms of, the trust under such  will  or  deed
  and  jurisdiction  over  said appointive property shall thereafter be in
  the court having jurisdiction of the trust under such will or deed.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 7 - Rights of Creditors in Appointive Property › 10-7.1 - Creditors of the Donee; Special Power

§ 10-7.1 Creditors of the donee; special power
Property covered by a special power of appointment (or a general power
  of  appointment that is exercisable solely for the support, maintenance,
  health and education of the donee within the meaning  of  sections  2041
  and  2514 of the Internal Revenue Code) is not subject to the payment of
  the claims of creditors of the donee, his  estate  or  the  expenses  of
  administering his estate.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 7 - Rights of Creditors in Appointive Property › 10-7.2 - Creditors of the Donee; General Power Presently Exercisable

§ 10-7.2 Creditors of the donee; general power presently exercisable
Property  covered  by  a  general power of appointment (other than one
  exercisable solely for the support, maintenance, health and education of
  the donee within the meaning of sections 2041 and 2514 of  the  Internal
  Revenue  Code)  which  is presently exercisable, or of a postponed power
  which has become exercisable, is subject to the payment of the claims of
  creditors of the donee, his estate and the expenses of administering his
  estate. It is immaterial whether the power was created in the  donee  by
  himself  or  by  some  other person, or whether the donee has or has not
  purported to exercise the power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 7 - Rights of Creditors in Appointive Property › 10-7.3 - Creditors of the Donee; Power Subject to a Condition

§ 10-7.3 Creditors of the donee; power subject to a condition
A  general  power of appointment may be created subject to a condition
  precedent or subsequent, and until the condition is fulfilled, it is not
  subject to the provisions of 10-7.2.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 7 - Rights of Creditors in Appointive Property › 10-7.4 - Creditors of the Donee; General Power Not Presently Exercisable

§ 10-7.4 Creditors of the donee; general power not presently exercisable
(a)  Property  covered  by  a general power of appointment which, when
created, is not presently exercisable is subject to the payment  of  the
claims  of  creditors  of  the  donee,  his  estate  and the expenses of
administering his estate, only:
(1) If the power was created by the donee in favor of himself; or
(2) If a postponed power becomes exercisable in  accordance  with  the
terms  of  the creating instrument, except in the case of a testamentary
general power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 8 - Rule Against Perpetuities and Accumulations as Affected by Powers of Appointment › 10-8.1 - Rule Against Perpetuities; Time at Which Permissible Period Begins

§ 10-8.1 Rule  against  perpetuities;  time  at which permissible period
begins
(a) Where an estate is created by an instrument exercising a power  of
appointment,  the  permissible  period  of the rule against perpetuities
begins:
(1) In the case of an instrument exercising a general power  which  is
presently  exercisable,  on  the  effective  date  of  the instrument of
exercise.
(2) In all other cases, at the time of the creation of the power.
(b) Where the creator of a trust reserves to  himself  an  unqualified
power to revoke, the permissible period of the rule against perpetuities
begins when the power to revoke terminates by reason of the death of the
creator, by a release of such power or otherwise.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 8 - Rule Against Perpetuities and Accumulations as Affected by Powers of Appointment › 10-8.2 - Rule Against Perpetuities; Law Which Determines Permissible Period

§ 10-8.2 Rule  against  perpetuities;  law  which determines permissible
period
In all cases covered by 10-8.1, the permissible  period  of  the  rule
  against  perpetuities  is determined by the law in effect when the power
  is exercised or the unqualified power to revoke is terminated,  and  not
  by the law in effect when the power was created.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 8 - Rule Against Perpetuities and Accumulations as Affected by Powers of Appointment › 10-8.3 - Rule Against Perpetuities; Facts to Be Considered

§ 10-8.3 Rule against perpetuities; facts to be considered
When  the  permissible period of the rule against perpetuities must be
  computed from the time of the creation  of  the  power  of  appointment,
  facts and circumstances existing on the effective date of the instrument
  exercising  the  power  shall  be  taken into account in determining the
  validity of interests created by the instrument exercising the power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 8 - Rule Against Perpetuities and Accumulations as Affected by Powers of Appointment › 10-8.4 - Rule Against Accumulations; Law Determining Validity in Exercise of a Power of Appointment

§ 10-8.4 Rule   against   accumulations;  law  determining  validity  in
exercise of a power of appointment
When a direction for the accumulation of income  is  contained  in  an
  instrument  exercising  a  power,  heretofore  or hereafter created, the
  validity of such direction is determined by the law in effect  when  the
  power  is  exercised,  and  not  by the law in effect when the power was
  created.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 9 - Revocation and Release of a Power of Appointment › 10-9.1 - Revocability of a Power of Appointment

§ 10-9.1 Revocability of a power of appointment
(a)  A  power  of appointment is irrevocable unless the donor reserves
the right to revoke it.
(b) An exercise of power of appointment is irrevocable whenever:
(1) The donor of a special power  manifests  his  intention  that  its
exercise be irrevocable, or
(2) The donee does not manifest in the instrument exercising the power
his intention to reserve a power of revocation.
(c)  If the donee in exercising a power reserves a power to revoke the
appointment, but does not expressly reserve a power to  reappoint,  upon
the exercise of the power of revocation, the donee can reappoint.
(d)  An  instrument  exercising  a power of appointment is affected by
fraud in the same manner as a deed or will, executed by an owner or by a
trustee of property.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 9 - Revocation and Release of a Power of Appointment › 10-9.2 - Release of a Power of Appointment

§ 10-9.2 Release of a power of appointment
(a)  Any  power of appointment, whether exercisable only by deed, only
by will, or by either deed or will,  and  whether  general  or  special,
exclusive  or  nonexclusive  other  than a power which is imperative, is
releasable, either with or without consideration, by written  instrument
signed by the donee of such power and delivered as hereinafter provided.
(b)  A releasable power of appointment may be released with respect to
all or any part of the appointive property and may also be  released  in
such  manner  as  to  reduce  or  limit  the  appointees,  or classes of
appointees, in whose favor such power is exercisable. No release of  any
power  of  appointment  shall  cause the power to become imperative when
such power  was  not  imperative  prior  to  such  release,  unless  the
instrument of release expressly so provides.
(c) Such release may be delivered to any of the following:
(1)  Any  person specified for such purpose in the instrument creating
the power.
(2) Any trustee of the property subject to such power.
(3) Any person, other than the donee, who might be adversely  affected
by an exercise of the power.
(4) The county clerk of the county in which the donee resides or has a
place  of  business  or  in  which  the instrument creating the power is
filed, to be duly filed by such clerk upon the payment  to  him  of  the
fees  due  for  such filing or, if the power was created by will, to the
clerk of the surrogate's court having jurisdiction of the estate of  the
donor.
(d) This section applies to releases delivered on or after July first,
nineteen hundred forty-two.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 10 - Provisions Affecting Powers Other Than Powers of Appointment › 10-10.1 - Power to Distribute Principal or Allocate Income; Restriction on Exercise.

§ 10-10.1 Power  to distribute principal or allocate income; restriction
on exercise
A power held by a person as trustee of an  express  trust  to  make  a
  discretionary  distribution of either principal or income to such person
  as a beneficiary, or to make discretionary allocations in such  person's
  favor of receipts or expenses as between principal and income, cannot be
  exercised  by  such  person unless (1) such person is the grantor of the
  trust and the trust is revocable by such  person  during  such  person's
  lifetime,  or  (2)  the  power  is  a power to provide for such person's
  health, education, maintenance or support within the meaning of sections
  2041 and 2514 of the Internal Revenue Code, or (3) the trust instrument,
  by express reference to this section, provides otherwise. If  the  power
  is conferred on two or more trustees, it may be exercised by the trustee
  or  trustees  who  are  not  so  disqualified.  If  there  is no trustee
  qualified to exercise the power, its exercise devolves  on  the  supreme
  court  or  the surrogate's court, except that if the power is created by
  will, its exercise devolves on the surrogate's court having jurisdiction
  of the estate of the donor of the power.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 10 - Provisions Affecting Powers Other Than Powers of Appointment › 10-10.2 - Power to Lease in Tenant for Life; Scope

§ 10-10.2 Power to lease in tenant for life; scope
A power may be conferred upon a tenant for life to make leases of real
  property  for  a  term  of not more than twenty-one years to commence in
  possession during his lifetime.  If the power authorizes,  or  the  life
  tenant  makes,  a  lease  for a term in excess of twenty-one years, such
  power or lease is valid for twenty-one years, but  is  void  as  to  the
  excess.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 10 - Provisions Affecting Powers Other Than Powers of Appointment › 10-10.3 - Power to Lease in Tenant for Life; Transfer and Extinguishment

§ 10-10.3 Power to lease in tenant for life; transfer and extinguishment
The  power  of a tenant for life to make leases is not assignable as a
  separate interest, but  is  annexed  to  his  estate  and  passes  by  a
  disposition  of  such estate unless expressly excepted.  If so excepted,
  it is extinguished.  Such a power may be released by  the  tenant  to  a
  person  entitled to a future estate in the property, and shall thereupon
  be extinguished.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 10 - Provisions Affecting Powers Other Than Powers of Appointment › 10-10.4 - Power to Lease in Tenant for Life; Effect of Mortgage

§ 10-10.4 Power to lease in tenant for life; effect of mortgage
(a)    The  power  of  a  tenant  for  life  to make leases is neither
extinguished nor suspended when such tenant executes a  mortgage.    The
power  is  bound by the mortgage in the same manner as the real property
embraced therein, and the lien of the mortgagee on such power:
(1)  Entitles the mortgagee to an exercise of the power so far as  the
satisfaction of the debt requires; and
(2)  Causes any subsequent interest, created by the tenant for life by
an  exercise  of  such power, to become subject to the mortgage as if in
terms embraced therein.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 10 - Provisions Affecting Powers Other Than Powers of Appointment › 10-10.5 - Power to Sell in a Mortgage

§ 10-10.5 Power to sell in a mortgage
Where  a power to sell real property is given to a mortgagee or to the
  transferee in any other conveyance intended to  secure  the  payment  of
  money, the power is deemed a part of the security, and passes to and may
  be  exercised  by  any  person,  who by assignment or otherwise, becomes
  entitled to the money so secured to be paid.
2023 New York Laws › EPT - Estates, Powers and Trusts › Article 10 - Powers › Part 10 - Provisions Affecting Powers Other Than Powers of Appointment › 10-10.6 - Effect of Reserved Unqualified Power to Revoke

§ 10-10.6 Effect of reserved unqualified power to revoke
Where  a  creator  reserves  an  unqualified  power  of revocation, he
  remains the absolute owner of the property disposed of  so  far  as  the
  rights of his creditors or purchasers are concerned.