N.Y. Estates, Powers & Trusts Law § 10-10.4: Power to lease in tenant for life; effect of mortgage

§ 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.