There is a newer version
of
the New York Laws
2017 New York Laws
EPT - Estates, Powers & Trusts
Article 10 - Powers
Part 10 - Provisions Affecting Powers Other Than Powers of Appointment
10-10.4 - Power to Lease in Tenant for Life; Effect of Mortgage
Universal Citation: NY Est Pow & Trusts L § 10-10.4 (2017)
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.
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
