New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 9-1.4 Acquisition of real property by foreign trust

Where real property situated in this state is acquired by a trust validly created under the law of another jurisdiction, whether there is a violation of the rule against perpetuities and whether a direction for the accumulation of rents and profits is valid are determined by the law of this state in effect at the time of the acquisition of such property.