2013 New York Consolidated Laws
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


NY Est Pow & Trusts L § 10-10.7 (2012) What's This?
 
  § 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 but including a power in a trustee to invade trust principal
  under section  10-6.6  of  this  article  or  under  the  terms  of  the
  dispositive  instrument,  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 or her  dissent
  is expressed promptly in writing to his or her 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.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.