N.Y. Estates, Powers and Trusts Law 7-1.1 – When trust interests not to merge
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§ 7-1.1 When trust interests not to merge
Terms Used In N.Y. Estates, Powers and Trusts Law 7-1.1
- Trustee: A person or institution holding and administering property in trust.
A trust is not merged or invalid because a person, including but not limited to the creator of the trust, is or may become the sole trustee and the sole holder of the present beneficial interest therein, provided that one or more other persons hold a beneficial interest therein, whether such interest be vested or contingent, present or future, and whether created by express provision of the instrument or as a result of reversion to the creator's estate.