N.Y. Estates, Powers and Trusts Law 11-1.4 – Validity of execution of power to sell, mortgage or lease real
§ 11-1.4 Validity of execution of power to sell, mortgage or lease real
Terms Used In N.Y. Estates, Powers and Trusts Law 11-1.4
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Testator: A male person who leaves a will at death.
property by less than all qualifying executors
Any deed, mortgage or lease duly executed by one or more, but not all, of the executors or trustees who qualified conveys the full title and interest of the testator, and is as effective as if all the executors or trustees who qualified had joined in the execution thereof, when ten years have elapsed since the recording of such deed, mortgage or lease in the county where the property affected is situated; saving, however, the rights of every grantee, mortgagee or lessee, in good faith and for a valuable consideration, deriving title under an instrument executed by all the executors or trustees who qualified to the same property or any part thereof, whose deed, mortgage or lease is duly recorded before such period of ten years has elapsed.