N.Y. Estates, Powers and Trusts Law 10-9.1 – Revocability of a power of appointment
§ 10-9.1 Revocability of a power of appointment
Terms Used In N.Y. Estates, Powers and Trusts Law 10-9.1
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
- Fraud: Intentional deception resulting in injury to another.
- Trustee: A person or institution holding and administering property in trust.
(a) A power of appointment is irrevocable unless the donor reserves the right to revoke it.
(b) An exercise of power of appointment is irrevocable whenever:
(1) The donor of a special power manifests his intention that its exercise be irrevocable, or
(2) The donee does not manifest in the instrument exercising the power his intention to reserve a power of revocation.
(c) If the donee in exercising a power reserves a power to revoke the appointment, but does not expressly reserve a power to reappoint, upon the exercise of the power of revocation, the donee can reappoint.
(d) An instrument exercising a power of appointment is affected by fraud in the same manner as a deed or will, executed by an owner or by a trustee of property.