Title EPT, Estates, Powers & Trusts

§ 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)…

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

§ 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 ex…

§ 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 d…

§ 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 appoint…

§ 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 Inte…

§ 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 …

§ 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.

§ 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 admi…

§ 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 pow…

§ 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…

§ 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 …

§ 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 t…

§ 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 …

§ 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 with…

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

§ 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 Commiss…

§ 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 (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 prin…

§ 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 interfer…

§ 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 test…

§ 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…

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

§ 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…

§ 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…

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

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

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

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

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

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

§ 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.

§ 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 be…

§ 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 fun…

§ 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 fir…

§ 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.

§ 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 awa…

§ 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 aw…

§ 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…

§ 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 p…

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

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

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

§ 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 whe…

§ 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 t…

§ 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 (a) Each beneficiary described in paragraph 11-A-2.1 (4) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the di…

§ 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 becom…

§ 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 …

§ 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 be…