N.Y. Estates, Powers & Trusts Law § 10-10.7: Exercise of powers by multiple fiduciaries; joint and several

§ 10-10.7 Exercise of powers by multiple fiduciaries; joint and several

powers

Unless contrary to the express provisions of an instrument affecting

the disposition of property, a joint power other than a power of

appointment but including a power in a trustee to invade trust principal

under section 10-6.6 of this article or under the terms of the

dispositive instrument, conferred upon three or more fiduciaries, as

that term is defined in 11-1.1, by the terms of such instrument, or by

statute, or arising by operation of law, may be exercised by a majority

of such fiduciaries, or by a majority of survivor fiduciaries, or by the

survivor fiduciary. Such a power conferred upon or surviving to two such

fiduciaries may be exercised jointly by both such fiduciaries or by the

survivor fiduciary, unless contrary to the express terms of the

instrument creating the power. A fiduciary who fails to act through

absence or disability, or a dissenting fiduciary who joins in carrying

out the decision of a majority of the fiduciaries if his or her dissent

is expressed promptly in writing to his or her co-fiduciaries, shall not

be liable for the consequences of any majority decision, provided that

liability for failure to join in administering the estate or trust or to

prevent a breach of the trust may not thus be avoided. A power vested in

one or more persons under a trust of real property created in connection

with the salvaging of mortgage participation certificates may be

executed by one or more of such persons as provided in such trust. This

section shall not affect the right of any one of two or more personal

representatives of a decedent to exercise a several power.