N.Y. Estates, Powers & Trusts Law § 10-5.3: Contract to appoint; power not presently exercisable

§ 10-5.3 Contract to appoint; power not presently exercisable

(a) The donee of a power of appointment which is not presently

exercisable, or of a postponed power which has not become exercisable,

cannot contract to make an appointment; except that this prohibition

shall not apply if the donor and donee are the same person. Such a

prohibited contract, if made, cannot be the basis of an action for

specific performance or damages, but the promisee can obtain restitution

of the value given by him for the promise unless the donee has exercised

the power pursuant to the contract.

(b) The provisions of this section shall not abridge the ability of

the donee of a power of appointment which is not presently exercisable

to release his power pursuant to 10-9.2 or to make the power, after

release, an imperative power, except that where the donor designated

persons or a class to take in default of the donee's exercise of the

power, a release with respect to appointive property must serve to

benefit all those so designated as provided by the donor.