N.Y. Estates, Powers and Trusts Law 10-3.2 – Classification of powers of appointment as to kind; general and
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§ 10-3.2 Classification of powers of appointment as to kind; general and
Terms Used In N.Y. Estates, Powers and Trusts Law 10-3.2
- Donee: The recipient of a gift.
special; exclusive and non-exclusive
(a) A power of appointment is:
(1) general or special.
(2) exclusive or non-exclusive.
(b) A power of appointment is general to the extent that it is exercisable wholly in favor of the donee, his estate, his creditors or the creditors of his estate.
(c) All other powers of appointment are special.
(d) A special power of appointment is exclusive if it may be exercised in favor of one or more of the appointees to the exclusion of the others.
(e) A special power of appointment is non-exclusive if it must be exercised in favor of all the appointees.