2018 New York Laws
EPT - Estates, Powers and Trusts
Article 11-A - Uniform Principal and Income Act
Part 1 - Definitions and Fiduciary Duties
11-A-1.3 - Fiduciary Duties; General Principles

§ 11-A-1.3 Fiduciary duties; general principles
(a)  In  allocating receipts and disbursements to or between principal
  and income, and with respect to any matter within the scope of  parts  2
  and 3, a fiduciary:
(1) shall administer a trust or estate in accordance with the terms of
  the  trust  or  the will, even if there is a different provision in this
  article;
(2)  may  administer  a  trust  or  estate  by  the  exercise   of   a
  discretionary  power  of  administration  given  to the fiduciary by the
  terms of the trust or the will,  even  if  the  exercise  of  the  power
  produces  a result different from a result required or permitted by this
  article;
(3) shall administer a trust or estate in accordance with this article
  if the terms of the trust  or  the  will  do  not  contain  a  different
  provision  or  do  not  give  the  fiduciary  a  discretionary  power of
  administration; and
(4) shall add a receipt or charge a disbursement to principal  to  the
  extent  that  the terms of the trust or the will and this article do not
  provide a rule for allocating the receipt or disbursement to or  between
  principal and income.
(b)  In exercising a discretionary power of administration regarding a
  matter within the scope of this article, whether granted by the terms of
  a trust, a will, or this article, a fiduciary shall administer  a  trust
  or  estate  impartially,  based on what is fair and reasonable to all of
  the beneficiaries, except to the extent that the terms of the  trust  or
  the  will  clearly manifest an intention that the fiduciary shall or may
  favor one or more of the beneficiaries. A  determination  in  accordance
  with  this  article  is presumed to be fair and reasonable to all of the
  beneficiaries.