New York Estates, Powers & Trusts Law Section 10-7.2 - Creditors of the donee; general power presently exercisable

10-7.2 Creditors of the donee; general power presently exercisable
Property  covered  by  a  general power of appointment (other than one
  exercisable solely for the support, maintenance, health and education of
  the donee within the meaning of sections 2041 and 2514 of  the  Internal
  Revenue  Code)  which  is presently exercisable, or of a postponed power
  which has become exercisable, is subject to the payment of the claims of
  creditors of the donee, his estate and the expenses of administering his
  estate. It is immaterial whether the power was created in the  donee  by
  himself  or  by  some  other person, or whether the donee has or has not
  purported to exercise the power.

Last modified: February 3, 2019