New York Estates, Powers & Trusts Law Section 3-3.9 - Testamentary direction to purchase annuities

3-3.9 Testamentary direction to purchase annuities
If  a  testator  directs  in  his will the purchase of an annuity, the
  beneficiaries to whom the income thereof is to be paid may not elect  to
  take  the  capital  sum  directed  to  be  used for the purchase of such
  annuity in lieu thereof, unless the will expressly confers such right or
  except as the will expressly provides for the purchase of an  assignable
  annuity.    But  nothing  contained  herein  shall  impair  the right of
  election by a surviving spouse under 5-1.1 or 5-1.1-A.

Last modified: February 3, 2019