2006 New York Code - Authority To Release Claims Against The State By Reason Of Appropriation Of Trust Property Not Subject To Power Of Sale

 
  § 1508. Authority  to  release  claims  against  the  state by reason of
            appropriation of trust property not subject to power of sale
    1.  The surrogate of any county having jurisdiction of the trust  may,
  by  order, authorize any testamentary trustee to release a claim against
  the state for compensation on account of the appropriation by the  state
  of  any  real  property  or  any  right,  interest  or  easement therein
  belonging  to  the  trust,  and  for  legal  damages   caused   by   the
  appropriation  and  for  damages  sustained  by  any  entry upon, use or
  occupation of, or injury to the real property  by  the  state  prior  to
  completion of the appropriation.
    2.    Application for the order may be entertained by the court in all
  cases where the will does not contain a valid power of sale with  regard
  to  such  property  or  a sale is not authorized under the provisions of
  EPTL 11-1.1.
    3.  Notice of the application shall be given to such  persons  and  in
  such  manner  as  directed  by the court.   Prior to the application and
  irrespective of when the appropriation was  effected,  the  trustee  may
  enter  into  an agreement with the state, subject to the approval of the
  court, for the payment of such compensation, a copy of  which  agreement
  shall be presented to the court together with the petition.
    4.    Upon consideration by the court of the petition, the allegations
  and proofs of the parties and upon the testimony of the  petitioner  and
  of at least 2 disinterested persons acquainted with the facts, presented
  orally  or by affidavit, as to the value of the interest of the trust in
  the property so appropriated, including the legal damage caused  by  the
  appropriation  and the damages, if any, sustained by the entry upon, use
  or occupation of, or injury to the real property by the state  prior  to
  completion  of  appropriation  and  upon  inquiring  into  the facts and
  circumstances, if it shall appear to the satisfaction of the court  that
  the  amount  of  compensation  offered  by the state represents the fair
  market value of the property appropriated and just compensation for  the
  legal  damages  caused  by  the  appropriation  and the damages, if any,
  sustained by the entry upon, use or  occupation  of  or  injury  to  the
  property  by  the  state prior to completion of appropriation, the court
  may by order confirm the agreement and authorize and direct the  trustee
  to  execute  and  deliver  to  the state a release of such claim and any
  documents or instruments required by the state to give  full  effect  to
  the release, for the amount of consideration so offered by the state for
  such  release in full payment of such claim for compensation for the use
  and benefit of the trust.
    5.   The order made pursuant to  this  section  and  the  release  and
  attendant documents and instruments executed and delivered in conformity
  therewith  shall  be  binding  and  conclusive  on  the  remainders  and
  reversions as well as the immediate or future  trust  interests  in  the
  real  property  so held under the trust and shall bind and be conclusive
  against all persons under disability as defined in this act and  persons
  not in being and all other persons having estates or interests vested or
  contingent,  for  life  or in trust, or in reversion or remainder in the
  trust property or in the proceeds of the appropriation  thereof  by  the
  state.