10-10.8 – Irrevocability of Powers Other Than Powers of Appointment
§ 10-10.8 Irrevocability of powers other than powers of appointment A power, other than a power of appointment, is irrevocable unless an authority to revoke it is granted or reserved in the instrument creating the power.
10-9.1 – Revocability of a Power of Appointment
§ 10-9.1 Revocability of a power of appointment (a) A power of appointment is irrevocable unless the donor reserves the right to revoke it. (b) An exercise of power of appointment is irrevocable whenever: (1) The donor of a special power manifests his intention that its exercise be irrevocable, or (2) The donee does not […]
10-9.2 – Release of a Power of Appointment
§ 10-9.2 Release of a power of appointment (a) Any power of appointment, whether exercisable only by deed, only by will, or by either deed or will, and whether general or special, exclusive or nonexclusive other than a power which is imperative, is releasable, either with or without consideration, by written instrument signed by the […]
10-10.1 – Power to Distribute Principal or Allocate Income; Restriction on Exercise.
§ 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 […]
10-10.2 – Power to Lease in Tenant for Life; Scope
§ 10-10.2 Power to lease in tenant for life; scope A power may be conferred upon a tenant for life to make leases of real property for a term of not more than twenty-one years to commence in possession during his lifetime. If the power authorizes, or the life tenant makes, a lease for a […]
10-10.3 – Power to Lease in Tenant for Life; Transfer and Extinguishment
§ 10-10.3 Power to lease in tenant for life; transfer and extinguishment The power of a tenant for life to make leases is not assignable as a separate interest, but is annexed to his estate and passes by a disposition of such estate unless expressly excepted. If so excepted, it is extinguished. Such a power […]
10-10.4 – Power to Lease in Tenant for Life; Effect of Mortgage
§ 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 […]
10-10.5 – Power to Sell in a Mortgage
§ 10-10.5 Power to sell in a mortgage Where a power to sell real property is given to a mortgagee or to the transferee in any other conveyance intended to secure the payment of money, the power is deemed a part of the security, and passes to and may be exercised by any person, who […]
10-10.6 – Effect of Reserved Unqualified Power to Revoke
§ 10-10.6 Effect of reserved unqualified power to revoke Where a creator reserves an unqualified power of revocation, he remains the absolute owner of the property disposed of so far as the rights of his creditors or purchasers are concerned.
10-10.7 – Exercise of Powers by Multiple Fiduciaries; Joint and Several Powers
§ 10-10.7 Exercise of powers by multiple fiduciaries; joint and several powers Unless contrary to the express provisions of an instrument affecting the disposition of property, a joint power other than a power of appointment but including a power in a trustee to invade trust principal under section 10-6.6 of this article or under the […]