§ 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 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 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 (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 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 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 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 […]
§ 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.
