EPTL 10-10.4 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 10-10.3 Power to lease in tenant for life; transfer and extinguishment up PART 10 Provisions Affecting Powers Other Than Powers of Appointment next SECTION 10-10.5 Power to sell in a mortgage Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 10-10.4 Power to lease in tenant for life; effect of mortgage Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 10, PART 10 § 10-10.4 Power to lease in tenant for life; effect of mortgage (a) The power of a tenant for life to make leases is neither extinguished nor suspended when such tenant executes a mortgage. The power is bound by the mortgage in the same manner as the real property embraced therein, and the lien of the mortgagee on such power: (1) Entitles the mortgagee to an exercise of the power so far as the satisfaction of the debt requires; and (2) Causes any subsequent interest, created by the tenant for life by an exercise of such power, to become subject to the mortgage as if in terms embraced therein.