There is a newer version of the New York Consolidated Laws
2010 New York Code
EPT - Estates, Powers & Trusts
Article 10 - POWERS
Part 5 - (10-5.1 - 10-5.4) EXTENT OF DONEE'S AUTHORITY TO APPOINT OR CONTRACT TO APPOINT AN ESTATE IN APPOINTIVE PROPERTY
10-5.2 - Contract to appoint; power presently exercisable
§ 10-5.2 Contract to appoint; power presently exercisable The donee of a power of appointment which is presently exercisable, or of a postponed power which has become exercisable, can contract to make an appointment to the extent that the contract or the promised appointment does not confer a benefit upon a person who is not a permissible appointee under the power.
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