N.Y. Estates, Powers and Trusts Law 10-6.9 – Exercise of a power of appointment in further trust
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§ 10-6.9. Exercise of a power of appointment in further trust
Terms Used In N.Y. Estates, Powers and Trusts Law 10-6.9
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Donee: The recipient of a gift.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trustee: A person or institution holding and administering property in trust.
If the donee of a power of appointment exercises the power in favor of the trustee of a trust under a will or deed other than that under which the power was created, and if said exercise is otherwise valid, the appointive property shall be paid over to and administered by the trustee of, and under the terms of, the trust under such will or deed and jurisdiction over said appointive property shall thereafter be in the court having jurisdiction of the trust under such will or deed.