Laws of New York (Last Updated: November 21, 2014) |
EPT Estates, Powers and Trusts |
Article 10. POWERS |
Part 6. RULES GOVERNING EXERCISE OF A POWER OF APPOINTMENT |
Section 10-6.7. Exercise by all donees; exceptions
Latest version.
-
Whenever a power of appointment 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.