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
10-10.7 - Exercise of powers by multiple fiduciaries; joint and several powers

§ 10-10.7 Exercise  of powers by multiple fiduciaries; joint and several
              powers
    Unless contrary to the express provisions of an  instrument  affecting
  the  disposition  of  property,  a  joint  power  other  than a power of
  appointment, conferred upon three or more fiduciaries, as that  term  is
  defined  in  11-1.1,  by the terms of such instrument, or by statute, or
  arising by operation of law, may be exercised  by  a  majority  of  such
  fiduciaries,  or  by  a  majority  of  survivor  fiduciaries,  or by the
  survivor fiduciary.  Such a power conferred upon  or  surviving  to  two
  such fiduciaries may be exercised jointly by both such fiduciaries or by
  the  survivor  fiduciary,  unless  contrary  to the express terms of the
  instrument creating the power. A fiduciary  who  fails  to  act  through
  absence  or  disability, or a dissenting fiduciary who joins in carrying
  out the decision of a majority of the  fiduciaries  if  his  dissent  is
  expressed promptly in writing to his co-fiduciaries, shall not be liable
  for  the  consequences of any majority decision, provided that liability
  for failure to join in administering the estate or trust or to prevent a
  breach of the trust may not thus be avoided.  A power vested in  one  or
  more  persons  under a trust of real property created in connection with
  the salvaging of mortgage participation certificates may be executed  by
  one  or  more  of  such persons as provided in such trust.  This section
  shall not  affect  the  right  of  any  one  of  two  or  more  personal
  representatives of a decedent to exercise a several power.