N.Y. Estates, Powers and Trusts Law 10-7.3 – Creditors of the donee; power subject to a condition
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§ 10-7.3 Creditors of the donee; power subject to a condition
Terms Used In N.Y. Estates, Powers and Trusts Law 10-7.3
- Donee: The recipient of a gift.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
A general power of appointment may be created subject to a condition precedent or subsequent, and until the condition is fulfilled, it is not subject to the provisions of 10-7.2.