N.Y. Estates, Powers and Trusts Law 10-6.5 – Exercise of exclusive and non-exclusive power of appointment
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§ 10-6.5 Exercise of exclusive and non-exclusive power of appointment
Terms Used In N.Y. Estates, Powers and Trusts Law 10-6.5
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
(a) Unless the donor expressly provides otherwise:
(1) The donee of an exclusive power may appoint all or any part of the appointive property to one or more of the appointees to the exclusion of the others.
(2) The donee of a non-exclusive power must appoint in favor of all of the appointees equally.