§ 7-2.1 Extent of trustee’s estate (a) Except as otherwise provided in this article, an express trust vests in the trustee the legal estate, subject only to the execution of the trust, and the beneficiary does not take any legal estate in the property but may enforce the trust. (b) This section does not prevent […]
§ 7-2.2 When estate of trustee ceases When the purpose for which an express trust is created ceases, the estate of the trustee also ceases.
§ 7-2.3 Trust estate not to descend on death of trustee; appointment, duties and rights of successor trustee (a) On the death of the sole surviving trustee of an express trust, the trust estate does not vest in his personal representative or pass to his distributees or devisees, but, in the absence of a contrary […]
§ 7-2.4 Act of trustee in contravention of trust If the trust is expressed in the instrument creating the estate of the trustee, every sale, conveyance or other act of the trustee in contravention of the trust, except as authorized by this article and by any other provision of law, is void.
§ 7-2.5 Suspension of powers of trustee in war service (a) Whenever a trustee of an express trust is engaged in war service, as defined in this section, such trustee or any other person interested in the trust estate may present a petition to the supreme court or the surrogate’s court, as the case may […]
§ 7-2.6 Resignation, suspension or removal of trustee (a) Subject to the relevant provisions of the civil practice law and rules, the supreme court has power: (1) On the application of a trustee, to accept his resignation and to discharge him on such terms as it deems proper. (2) On the application of any person […]
§ 7-2.7 Accounting by trustee in supreme court (a) Any proceeding for an accounting or other relief brought by a trustee or by a substituted or successor trustee may be commenced by such notice to the beneficiaries of the trust as the supreme court may direct. (b) In case of the resignation, suspension or removal, […]
§ 7-2.8 Commissions of trustee to sell real property for benefit of creditors A trustee of a trust to sell real property for the benefit of creditors is entitled to the same commissions as an assignee for the benefit of creditors.
