2014 New York Laws
EPT - Estates, Powers & Trusts
Article 10 - POWERS
Part 6 - (10-6.1 - 10-6.9) RULES GOVERNING EXERCISE OF A POWER OF APPOINTMENT
10-6.2 - Exercise of a power of appointment; conformity to directions of donor

10-6.2 Exercise of a power of appointment; conformity to directions of
         donor
(a)  Subject  to  the  power  of  a court of competent jurisdiction to
  remedy a defective execution of an imperative power of appointment,  the
  directions  of  the  donor  as to the manner, time and conditions of the
  exercise of a power must be observed, except that:
(1) Where the donor has authorized it to be exercised by an instrument
  legally insufficient to dispose of the appointive property,  the  manner
  of exercise is to be determined by the provisions of this article.
(2)  Where  the donor has directed any formality to be observed in its
  exercise, in addition to those which  would  be  legally  sufficient  to
  dispose  of  the  appointive  property, such additional formality is not
  necessary to a valid exercise of such power.
(3) Where the donor has made the power exercisable only by deed, it is
  also exercisable by a written will unless exercise by will is  expressly
  excluded.
(4)  Where  the  donor  of  a  general  power  of  appointment has not
  expressly imposed a requirement of good faith or of reasonableness  with
  respect  to the donee's exercise of such power, neither such requirement
  shall be implied.