2021 New York Laws
EPT - Estates, Powers and Trusts
Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities
Part 1 - Fiduciaries: Powers, Duties and Limitations
11-1.7 - Limitations on Powers and Immunities of Executors and Testamentary Trustees
§ 11-1.7 Limitations on powers and immunities of executors and
testamentary trustees (a) The attempted grant to an executor, testamentary trustee, or inter
vivos trustee, or his or her successor, of any of the following
enumerated powers or immunities is contrary to public policy:
(1) The exoneration of such fiduciary from liability for failure to
exercise reasonable care, diligence and prudence.
(2) The power to make a binding and conclusive fixation of the value
of any asset for purposes of distribution, allocation or otherwise.
(b) The attempted grant in any will or trust of any power or immunity
in contravention of the terms of this section shall be void but shall
not be deemed to render such will or trust invalid as a whole, and the
remaining terms of the instrument shall, so far as possible, remain
effective.
(c) Any person interested in an estate or trust may contest the
validity of any purported grant of any power or immunity within the
purview of this section without diminishing or affecting adversely his
or her interest in the estate or trust any provision in any will or
trust to the contrary notwithstanding.
