§ 10-6.8 — Imperative power of appointment; effectuation

New York § 10-6.8

• Jurisdiction: New York
• Law EPT: Estates, Powers & Trusts
• Part 6: Rules Governing Exercise of a Power of Appointment
• Art. 10: Powers

Text

§ 10-6.8 Imperative power of appointment; effectuation\n (a) The exercise of an imperative power of appointment devolves upon\nthe supreme court or, in the case of a will, the surrogate's court in\nthe following cases:\n (1) Failure to designate the donee.\n (2) Death of the designated donee without exercising the power.\n (3) Incompetence of the sole donee.\n (4) Defective exercise of the power, either wholly or in part, by the\ndonee.\n (b) Where an imperative power of appointment:\n (1) Is exclusive, and the donee dies without exercising the power, it\nmust be exercised for the benefit of all of the appointees equally.\n (2) Has been exercised defectively by the donee, it may be properly\nexercised in favor of persons intended to be benefited by the donee.\n (3) Has been exercised defectively by the donee, a purchaser for a\nvaluable consideration claiming under such defective exercise is\nentitled to the same relief as a similar purchaser claiming under a\ndefective disposition from an actual owner.\n (4) Is non-exclusive, and the right of the appointee is assignable,\ncreditors or assignees of such appointee can compel the exercise of such\npower for their benefit.\n (5) Is non-exclusive, the committee of an appointee or his assignee\nfor the benefit of creditors can compel the exercise of such power.\n