N.Y. Estates, Powers & Trusts Law § 10-6.7: Exercise by all donees; exceptions

§ 10-6.7 Exercise by all donees; exceptions

Whenever a power of appointment, other than 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, is created in two or more donees,

all must unite in its exercise, unless the instrument creating such

power provides otherwise. But, if before its execution, one or more of

such donees dies or becomes incompetent, such power may be exercised by

the survivor or the competent donee, unless such exercise is explicitly

barred by the terms of the instrument creating such power.