N.Y. Real Property Law § 267: Conveyances with power to revoke, determine or alter

§ 267. Conveyances with power to revoke, determine or alter. A

conveyance of, or charge on, an estate or interest in real property,

containing a provision for the revocation, determination or alteration

of the estate or interest, or any part thereof, at the will of the

grantor, is void, as against subsequent purchasers and incumbrancers,

from the grantor, for a valuable consideration, of any estate or

interest so liable to be revoked or determined, although the same be not

expressly revoked, determined or altered by the grantor, by virtue of

the power reserved or expressed in the prior conveyance or charge. Where

a power to revoke a conveyance of real property or the rents and profits

thereof, and to reconvey the same, is given to any person, other than

the grantor in such conveyance, and such person thereafter conveys the

same real property, rents or profits to a purchaser or incumbrancer for

a valuable consideration, such subsequent conveyance is valid, in the

same manner and to the same extent as if the power of revocation were

recited therein, and the intent to revoke the former conveyance

expressly declared. If a conveyance to a purchaser or incumbrancer,

under this section, be made before the person making it is entitled to

execute his power of revocation, it is nevertheless valid, from the time

the power of revocation actually vests in such person, in the same

manner, and to the same extent, as if then made.