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
10-10.4 - Power to lease in tenant for life; effect of mortgage

§ 10-10.4 Power to lease in tenant for life; effect of mortgage
    (a)    The  power  of  a  tenant  for  life  to make leases is neither
  extinguished nor suspended when such tenant executes a  mortgage.    The
  power  is  bound by the mortgage in the same manner as the real property
  embraced therein, and the lien of the mortgagee on such power:
    (1)  Entitles the mortgagee to an exercise of the power so far as  the
  satisfaction of the debt requires; and
    (2)  Causes any subsequent interest, created by the tenant for life by
  an  exercise  of  such power, to become subject to the mortgage as if in
  terms embraced therein.