EPTL 10-10.1 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search up PART 10 Provisions Affecting Powers Other Than Powers of Appointment next SECTION 10-10.2 Power to lease in tenant for life; scope Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 10-10.1 Power to distribute principal or allocate income; restriction Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 10, PART 10 § 10-10.1 Power to distribute principal or allocate income; restriction on exercise A power held by a person as trustee of an express trust to make a discretionary distribution of either principal or income to such person as a beneficiary, or to make discretionary allocations in such person's favor of receipts or expenses as between principal and income, cannot be exercised by such person unless (1) such person is the grantor of the trust and the trust is revocable by such person during such person's lifetime, or (2) the power is a power to provide for such person's health, education, maintenance or support within the meaning of sections 2041 and 2514 of the Internal Revenue Code, or (3) the trust instrument, by express reference to this section, provides otherwise. If the power is conferred on two or more trustees, it may be exercised by the trustee or trustees who are not so disqualified. If there is no trustee qualified to exercise the power, its exercise devolves on the supreme court or the surrogate's court, except that if the power is created by will, its exercise devolves on the surrogate's court having jurisdiction of the estate of the donor of the power.