Title EPT, Estates, Powers & Trusts

§ 10-6.5 Exercise of exclusive and non-exclusive power of appointment\n (a) Unless the donor expressly provides otherwise:\n (1) The donee of an exclusive power may appoint all or any part of the\nappointive property to one or more of the appointees to the exclusion of\nthe other…

§ 10-6.6 Exercise of a power of appointment; effect when more extensive\n or less extensive than authorized; trustee's authority to\n invade principal in trust.\n (a) An exercise of a power of appointment is not void because its\nexercise is:\n (1) More extensive than was authori…

§ 10-6.7 Exercise by all donees; exceptions\n Whenever a power of appointment, other than a power in a trustee to\ninvade trust principal under section 10-6.6 of this article or under the\nterms of the dispositive instrument, is created in two or more donees,\nall must unite in i…

§ 10-6.8 Imperative power of appointment; effectuation\n (a) The exercise of an imperative power of appointment devolves upon\nthe supreme court or, in the case of a will, the surrogate's court in\nthe following cases:\n (1) Failure to designate the donee.\n (2) Death of the desi…

§ 10-6.9. Exercise of a power of appointment in further trust\n If the donee of a power of appointment exercises the power in favor of\nthe trustee of a trust under a will or deed other than that under which\nthe power was created, and if said exercise is otherwise valid, the\nap…

§ 10-7.1 Creditors of the donee; special power\n Property covered by a special power of appointment (or a general power\nof appointment that is exercisable solely for the support, maintenance,\nhealth and education of the donee within the meaning of sections 2041\nand 2514 of the…

§ 10-7.2 Creditors of the donee; general power presently exercisable\n Property covered by a general power of appointment (other than one\nexercisable solely for the support, maintenance, health and education of\nthe donee within the meaning of sections 2041 and 2514 of the Inter…

§ 10-7.3 Creditors of the donee; power subject to a condition\n A general power of appointment may be created subject to a condition\nprecedent or subsequent, and until the condition is fulfilled, it is not\nsubject to the provisions of 10-7.2.\n

§ 10-7.4 Creditors of the donee; general power not presently exercisable\n (a) Property covered by a general power of appointment which, when\ncreated, is not presently exercisable is subject to the payment of the\nclaims of creditors of the donee, his estate and the expenses of\…

§ 10-8.1 Rule against perpetuities; time at which permissible period\n begins\n (a) Where an estate is created by an instrument exercising a power of\nappointment, the permissible period of the rule against perpetuities\nbegins:\n (1) In the case of an instrument exercising a gen…

§ 10-8.2 Rule against perpetuities; law which determines permissible\n period\n In all cases covered by 10-8.1, the permissible period of the rule\nagainst perpetuities is determined by the law in effect when the power\nis exercised or the unqualified power to revoke is terminate…

§ 10-8.3 Rule against perpetuities; facts to be considered\n When the permissible period of the rule against perpetuities must be\ncomputed from the time of the creation of the power of appointment,\nfacts and circumstances existing on the effective date of the instrument\nexerci…

§ 10-8.4 Rule against accumulations; law determining validity in\n exercise of a power of appointment\n When a direction for the accumulation of income is contained in an\ninstrument exercising a power, heretofore or hereafter created, the\nvalidity of such direction is determine…

§ 10-9.1 Revocability of a power of appointment\n (a) A power of appointment is irrevocable unless the donor reserves\nthe right to revoke it.\n (b) An exercise of power of appointment is irrevocable whenever:\n (1) The donor of a special power manifests his intention that its\ne…

§ 10-9.2 Release of a power of appointment\n (a) Any power of appointment, whether exercisable only by deed, only\nby will, or by either deed or will, and whether general or special,\nexclusive or nonexclusive other than a power which is imperative, is\nreleasable, either with or…

§ 11-1.1 Fiduciaries' powers\n (a) As used in this section, unless the context or subject matter\notherwise requires, (1) the term "estate" means the estate of a\ndecedent; (2) the term "trust" means any express trust of property,\ncreated by a will, deed or other instrument, whe…

§ 11-1.10 Power of fiduciary to employ a broker-dealer as custodian\n Notwithstanding any other provision of law any fiduciary (as defined\nin section 1-2.7 or 11-1.1 (a) (3)) is authorized: (1) to employ any\nbroker-dealer which is registered with the Securities and Exchange\nCo…

§ 11-1.11 Limited power of fiduciary to amend trust for certain tax\n purposes\n (a) Unless expressly prohibited by the terms of the instrument\ncreating an express trust, the terms of the trust instrument shall be\ndeemed to include the following provision granting the trustee, …

§ 11-1.2 Tax elections by personal representatives\n (A) If the personal representative or other person acting in a\nfiduciary capacity with respect to a decedent's estate, hereinafter\ncalled the "fiduciary", claims as income tax reductions administration\nexpenses chargeable to…

§ 11-1.3 Power and duty of executor before probate\n An executor named in a will has no power to dispose of any part of the\nestate of the testator before letters testamentary or preliminary\nletters testamentary are granted, except to pay reasonable funeral\nexpenses, nor to int…

§ 11-1.4 Validity of execution of power to sell, mortgage or lease real\n property by less than all qualifying executors\n Any deed, mortgage or lease duly executed by one or more, but not all,\nof the executors or trustees who qualified conveys the full title and\ninterest of th…

§ 11-1.5 Payment of testamentary dispositions or distributive shares\n (a) Subject to his or her duty to retain sufficient assets to pay\nadministration and reasonable funeral expenses, debts of the decedent\nand all taxes for which the estate is liable, a personal representative…

§ 11-1.6 Property held as fiduciary to be kept separate\n (a) Every fiduciary shall keep property received as fiduciary separate\nfrom his individual property. He shall not invest or deposit such\nproperty with any corporation or other person doing business under the\nbanking law…

§ 11-1.7 Limitations on powers and immunities of executors and\n testamentary trustees\n (a) The attempted grant to an executor, testamentary trustee, or inter\nvivos trustee, or his or her successor, of any of the following\nenumerated powers or immunities is contrary to public …

§ 11-1.8 Power of fiduciary or custodian for fiduciary to deposit\nUnited States government and agency securities with a federal reserve\nbank\n (a) Notwithstanding any other provision of law, any bank or trust\ncompany, when acting as fiduciary and any bank, trust company or pr…

§ 11-1.9 Power of Fiduciary or Custodian to Deposit Securities in a\n Central Depository\n (a) Notwithstanding any other provision of law, any fiduciary (as\ndefined in section 1-2.7) holding securities in its fiduciary capacity,\nany bank, trust company or private banker holding…

§ 11-2.1 Principal and income\n (a) Duty of trustee as to receipts and expenditures.\n (1) A trust shall be administered with due regard to the respective\ninterests of income beneficiaries and remaindermen. A trust is so\nadministered with respect to the allocation of receipts a…

§ 11-2.2 Power to invest\n (a) Investment of trust funds\n (1) A fiduciary holding funds for investment may invest the same in\nsuch securities as would be acquired by prudent men of discretion and\nintelligence in such matters who are seeking a reasonable income and\npreservatio…

§ 11-2.3 Prudent investor act\n (a) Prudent investor rule.\n A trustee has a duty to invest and manage property held in a fiduciary\ncapacity in accordance with the prudent investor standard defined by\nthis section, except as otherwise provided by the express terms and\nprovisio…

§ 11-2.3-A Judicial control with respect to fiduciary's power to adjust\n (a) Judicial control of adjustment power.\n A court shall not change a fiduciary's decision to exercise or not to\nexercise an adjustment power conferred by subparagraph 11-2.3(b)(5)\nunless it determines t…

§ 11-2.4 Optional unitrust provision\n (a) Unless the terms of the trust provide otherwise, the net income of\nany trust to which this section applies shall mean the unitrust amount\nas determined hereunder.\n (b) Unitrust amount.\n (1) For the first year of the trust as a unitru…

§ 11-3.1 Actions\n Any action, other than an action for injury to person or property, may\nbe maintained by and against a personal representative in all cases and\nin such manner as such action might have been maintained by or against\nhis decedent.\n

§ 11-3.2 Action for injury to person or property survives despite death\n of person in whose favor or against whom cause of action\n existed\n (a) Action against personal representative for injury to person or\nproperty.\n (1) No cause of action for injury to person or property i…

§ 11-3.3 Limitations upon recovery where injury causes death\n (a) Where an injury causes the death of a person the damages\nrecoverable for such injury are limited to those accruing before death\nand shall not include damages for or by reason of death, except that the\nreasonabl…

§ 11-3.4 Action by representative of representative\n Except as otherwise prescribed by law, a personal representative of a\npersonal representative has no authority to commence or maintain any\naction or proceeding relating to the estate, effects or rights of the\ndecedent of th…

§ 11-4.1 How to sue or be sued\n Actions or proceedings brought by or against a personal representative\nmust be brought by or against him in his representative capacity.\n

§ 11-4.2 When personal and representative causes of action may be joined\n Actions or proceedings brought against a personal representative\npersonally and in his representative capacity may be joined. In such\ncase a judgment for the plaintiff must clearly indicate whether it is…

§ 11-4.3 Separate dockets and executions\n In a case specified in 11-4.2 or where costs to be collected out of\nthe individual property of a personal representative are awarded in an\naction or proceeding by or against him in his representative capacity,\nso much of the judgment …

§ 11-4.4 Commencement of action against personal representatives; rule\n when some of representatives not served\n Where an action or proceeding is commenced against two or more\npersonal representatives in their representative capacities,\njurisdiction of all is obtained by serv…

§ 11-4.5 Want of assets not to be pleaded by personal representative\n In an action or proceeding against a personal representative, in his\nrepresentative capacity, in which the complaint demands judgment for a\nsum of money, the non-existence or insufficiency of assets may not …

§ 11-4.6 Leave to issue execution against personal representative; how\n procured; order and contents thereof; security before order\n granted; execution on judgment recovered by predecessor\n representative\n (a) Leave to issue execution against personal representative.\n Except…

§ 11-4.7 Liability of the personal representative for claims arising out\n of the administration of the estate\n (a) Unless otherwise provided in the contract, a personal\nrepresentative is not individually liable on a contract properly entered\ninto in his fiduciary capacity in …

§ 11-A-1.1 Short title\n This article may be cited as the New York uniform principal and income\nact.\n

§ 11-A-1.2 Definitions\n In this article:\n (1) "Accounting period" means a calendar year unless another twelve-\nmonth period is selected by a fiduciary. The term includes a portion of\na calendar year or other twelve-month period that begins when an income\ninterest begins or e…

§ 11-A-1.3 Fiduciary duties; general principles\n (a) In allocating receipts and disbursements to or between principal\nand income, and with respect to any matter within the scope of parts 2\nand 3, a fiduciary:\n (1) shall administer a trust or estate in accordance with the term…

§ 11-A-2.1 Determination and distribution of net income\n After a decedent dies, in the case of an estate, or after an income\ninterest in a trust ends, the following rules apply:\n (1) A fiduciary of an estate or of a terminating income interest shall\ndetermine the amount of ne…

§ 11-A-2.2 Distribution to residuary and remainder beneficiaries\n (a) Each beneficiary described in paragraph 11-A-2.1 (4) is entitled\nto receive a portion of the net income equal to the beneficiary's\nfractional interest in undistributed principal assets, using values as\nof t…

§ 11-A-3.1 When right to income begins and ends\n (a) An income beneficiary is entitled to net income from the date on\nwhich the income interest begins. An income interest begins on the date\nspecified in the terms of the trust or, if no date is specified, on the\ndate an asset …

§ 11-A-3.2 Apportionment of receipts and disbursements when decedent\n dies or income interest begins\n (a) A trustee shall allocate an income receipt or disbursement other\nthan one to which paragraph 11-A-2.1 (1) applies to principal if its due\ndate occurs before a decedent di…

§ 11-A-3.3 Apportionment when income interest ends\n (a) In this section, "undistributed income" means net income received\non or before the date on which an income interest ends. The term does\nnot include an item of income or expense that is due or accrued or net\nincome that h…