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New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 10-7.4 Creditors of the donee; general power not presently exercisable

Current as of January 01, 2024 | Updated by FindLaw Staff

(a)  1 Property covered by a general power of appointment which, when created, is not presently exercisable is subject to the payment of the claims of creditors of the donee, his estate and the expenses of administering his estate, only:

(1) If the power was created by the donee in favor of himself; or

(2) If a postponed power becomes exercisable in accordance with the terms of the creating instrument, except in the case of a testamentary general power.

1 No subd. (b) has been enacted.
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Cite this article: FindLaw.com - New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 10-7.4 Creditors of the donee; general power not presently exercisable - last updated January 01, 2024 | https://codes.findlaw.com/ny/estates-powers-and-trusts-law/ept-sect-10-7-4/

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