N.Y. Estates, Powers and Trusts Law 10-5.2 – Contract to appoint; power presently exercisable
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§ 10-5.2 Contract to appoint; power presently exercisable
Terms Used In N.Y. Estates, Powers and Trusts Law 10-5.2
- Contract: A legal written agreement that becomes binding when signed.
- Donee: The recipient of a gift.
The donee of a power of appointment which is presently exercisable, or of a postponed power which has become exercisable, can contract to make an appointment to the extent that the contract or the promised appointment does not confer a benefit upon a person who is not a permissible appointee under the power.