N.Y. Estates, Powers and Trusts Law 7-1.10 – Provision by non-domiciliary creator as to law to govern trust
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§ 7-1.10 Provision by non-domiciliary creator as to law to govern trust
Terms Used In N.Y. Estates, Powers and Trusts Law 7-1.10
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
(a) Whenever a person, not domiciled in this state, creates a trust which provides that it shall be governed by the laws of this state, such provision shall be given effect in determining the validity, effect and interpretation of the disposition in such trust of:
(1) Any trust property situated in this state at the time the trust is created.
(2) Personal property, wherever situated, if the trustee of the trust is a person residing, incorporated or authorized to do business in this state or a national bank having an office in this state.