N.Y. Estates, Powers and Trusts Law 9-1.4 – Acquisition of real property by foreign trust
Current as of: 2024 | Check for updates
|
Other versions
§ 9-1.4 Acquisition of real property by foreign trust
Terms Used In N.Y. Estates, Powers and Trusts Law 9-1.4
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Where real property situated in this state is acquired by a trust validly created under the law of another jurisdiction, whether there is a violation of the rule against perpetuities and whether a direction for the accumulation of rents and profits is valid are determined by the law of this state in effect at the time of the acquisition of such property.