N.Y. Estates, Powers and Trusts Law 10-10.2 – Power to lease in tenant for life; scope
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§ 10-10.2 Power to lease in tenant for life; scope
Terms Used In N.Y. Estates, Powers and Trusts Law 10-10.2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
A power may be conferred upon a tenant for life to make leases of real property for a term of not more than twenty-one years to commence in possession during his lifetime. If the power authorizes, or the life tenant makes, a lease for a term in excess of twenty-one years, such power or lease is valid for twenty-one years, but is void as to the excess.