§ 74 — Authority of trustee in administering trust funds

New York § 74

• Jurisdiction: New York
• Law LIE: Lien
• Art. 3-A: Definition and Enforcement of Trusts

Text

§ 74. Authority of trustee in administering trust funds. 1. Subject to\nsubdivisions two and three of this section, the trustee is authorized to\ndetermine the order and manner of payment of any trust claims and to\napply any trust asset to any purpose of the trust.\n 2. The authority of the trustee provided in this section shall\nterminate with respect to any trust assets as to which an order for\ndistribution is made as provided in section seventy-seven and before the\nmaking of an order for distribution may be terminated or limited by\norder of the court pursuant to subdivision three of section\nseventy-seven.\n 3. This section does not limit the effect of any proceeding or order\ntherein by which jurisdiction of the trust assets, or any of them, is\nvested in a court or by which a particular application of any asset or\nof all trust assets is enforced or directed.\n