N.Y. Estates, Powers and Trusts Law 10-3.1 – Powers of appointment and other powers
§ 10-3.1 Powers of appointment and other powers
Terms Used In N.Y. Estates, Powers and Trusts Law 10-3.1
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(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.