2006 New York Code - Extent Of Trustee\'s Estate

 
  § 7-2.1 Extent of trustee's estate
    (a)  Except  as  otherwise  provided in this article, an express trust
  vests in the trustee the legal estate, subject only to the execution  of
  the  trust,  and  the  beneficiary does not take any legal estate in the
  property but may enforce the trust.
    (b) This section  does  not  prevent  the  creator  of  a  trust  from
  providing  to whom the property shall belong in the event of the failure
  or termination of the trust or from disposing of the property subject to
  the execution of the trust. Such a transferee shall have a legal  estate
  in  the  property  as  against  all persons except the trustee and those
  lawfully claiming under him.
    (c) A trust as described in sections 9-1.5, 9-1.6  and  9-1.7  of  the
  estates, powers and trusts law, including a business trust as defined in
  subdivision  two  of  section  two  of the general associations law, may
  acquire property in the name of the trust as such name is designated  in
  the  instrument  creating  said  trust. Any property, so acquired can be
  conveyed, encumbered or otherwise disposed of only in  such  name  by  a
  conveyance, encumbrance or other instrument executed by:
    (1)  the  person or persons authorized by the instrument creating said
  trust; or
    (2) the person or persons authorized by a resolution duly  adopted  by
  the trustees; or
    (3)  a  majority  of  the trustees unless the instrument creating said
  trust otherwise provides.
    Any instrument of conveyance,  encumbrance  or  disposition  delivered
  prior  to  the  effective date of this section to or by a trust to which
  this section applies, in its trust name  is  hereby  validated  provided
  that  no  action  or  proceeding  to  cancel  or  disaffirm  it shall be
  instituted within one year from the effective date hereof,  but  nothing
  herein contained shall affect any such pending action or proceeding.