N.Y. Estates, Powers and Trusts Law 10-3.4 – Classification of powers of appointment as to duty to exercise;
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§ 10-3.4 Classification of powers of appointment as to duty to exercise;
Terms Used In N.Y. Estates, Powers and Trusts Law 10-3.4
- Donee: The recipient of a gift.
imperative and discretionary
(a) A power of appointment is either imperative or discretionary.
(b) A power of appointment is imperative if the instrument creating it imposes on the donee a duty to exercise it, and it may be imperative even though it is exclusive.
(c) A power of appointment is discretionary if the donee is authorized to exercise or not to exercise it.