N.Y. Estates, Powers & Trusts Law § 10-8.1: Rule against perpetuities; time at which permissible period

§ 10-8.1 Rule against perpetuities; time at which permissible period

begins

(a) Where an estate is created by an instrument exercising a power of

appointment, the permissible period of the rule against perpetuities

begins:

(1) In the case of an instrument exercising a general power which is

presently exercisable, on the effective date of the instrument of

exercise.

(2) In all other cases, at the time of the creation of the power.

(b) Where the creator of a trust reserves to himself an unqualified

power to revoke, the permissible period of the rule against perpetuities

begins when the power to revoke terminates by reason of the death of the

creator, by a release of such power or otherwise.