N.Y. Estates, Powers and Trusts Law 10-10.3 – Power to lease in tenant for life; transfer and extinguishment
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§ 10-10.3 Power to lease in tenant for life; transfer and extinguishment
Terms Used In N.Y. Estates, Powers and Trusts Law 10-10.3
- 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
The power of a tenant for life to make leases is not assignable as a separate interest, but is annexed to his estate and passes by a disposition of such estate unless expressly excepted. If so excepted, it is extinguished. Such a power may be released by the tenant to a person entitled to a future estate in the property, and shall thereupon be extinguished.