Laws of New York (Last Updated: November 21, 2014) |
EPT Estates, Powers and Trusts |
Article 3. SUBSTANTIVE LAW OF WILLS |
Part 3. RULES GOVERNING TESTAMENTARY DISPOSITIONS |
Section 3-3.9. Testamentary direction to purchase annuities
Latest version.
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If a testator directs in his will the purchase of an annuity, the beneficiaries to whom the income thereof is to be paid may not elect to take the capital sum directed to be used for the purchase of such annuity in lieu thereof, unless the will expressly confers such right or except as the will expressly provides for the purchase of an assignable annuity. But nothing contained herein shall impair the right of election by a surviving spouse under 5-1.1 or 5-1.1-A.