2010 New York Code
EPT - Estates, Powers & Trusts
Article 10 - POWERS
Part 10 - (10-10.1 - 10-10.8) PROVISIONS AFFECTING POWERS OTHER THAN POWERS OF APPOINTMENT
10-10.1 - Power to distribute principal or allocate income; restriction on exercise.

§ 10-10.1 Power  to distribute principal or allocate income; restriction
              on exercise
    A power held by a person as trustee of an  express  trust  to  make  a
  discretionary  distribution of either principal or income to such person
  as a beneficiary, or to make discretionary allocations in such  person's
  favor of receipts or expenses as between principal and income, cannot be
  exercised  by  such  person unless (1) such person is the grantor of the
  trust and the trust is revocable by such  person  during  such  person's
  lifetime,  or  (2)  the  power  is  a power to provide for such person's
  health, education, maintenance or support within the meaning of sections
  2041 and 2514 of the Internal Revenue Code, or (3) the trust instrument,
  by express reference to this section, provides otherwise. If  the  power
  is conferred on two or more trustees, it may be exercised by the trustee
  or  trustees  who  are  not  so  disqualified.  If  there  is no trustee
  qualified to exercise the power, its exercise devolves  on  the  supreme
  court  or  the surrogate's court, except that if the power is created by
  will, its exercise devolves on the surrogate's court having jurisdiction
  of the estate of the donor of the power.