§ 10-5.3 — Contract to appoint; power not presently exercisable

New York § 10-5.3

• Jurisdiction: New York
• Law EPT: Estates, Powers & Trusts
• Part 5: Extent of Donee's Authority to Appoint or Contract to Appoint an Estate In Appointive Property
• Art. 10: Powers

Text

§ 10-5.3 Contract to appoint; power not presently exercisable\n (a) The donee of a power of appointment which is not presently\nexercisable, or of a postponed power which has not become exercisable,\ncannot contract to make an appointment; except that this prohibition\nshall not apply if the donor and donee are the same person. Such a\nprohibited contract, if made, cannot be the basis of an action for\nspecific performance or damages, but the promisee can obtain restitution\nof the value given by him for the promise unless the donee has exercised\nthe power pursuant to the contract.\n (b) The provisions of this section shall not abridge the ability of\nthe donee of a power of appointment which is not presently exercisable\nto release his power pursuant to 10-9.2 or to make the power, after\nrelease, an imperative power, except that where the donor designated\npersons or a class to take in default of the donee's exercise of the\npower, a release with respect to appointive property must serve to\nbenefit all those so designated as provided by the donor.\n