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New York Estates, Powers and Trusts Law Section 2-1.14 - Consequences of partly ineffective dispositions of trust principal to two or more beneficiaries

Legal Research Home > New York Lawyer > Estates, Powers and Trusts > New York Estates, Powers and Trusts Law Section 2-1.14 - Consequences of partly ineffective dispositions of trust principal to two or more beneficiaries

  § 2-1.14.  Consequences  of  partly  ineffective  dispositions  of trust
  principal to two or more beneficiaries
    Whenever the remainder of a lifetime  or  testamentary  trust  passes,
  whether  outright  or  in  further  trust,  to  two  or  more designated
  beneficiaries,  and  such  remainder  is  ineffective  in  part  and  no
  effective  alternative  disposition  has  been  made  in  the  governing
  instrument, such ineffective part shall pass  to  the  other  designated
  beneficiary or, if there are two or more other designated beneficiaries,
  to such beneficiaries in the proportions that their respective interests
  in  such  principal  bear  to  the  aggregate  of  the interests of such
  designated beneficiaries in such principal.

Last modified: July 31, 2006