New York Estates, Powers & Trusts Law Part 1 - RULES GOVERNING TRUSTS

• 7-1.1 - When Trust Interests Not to Merge
  7-1.1 When trust interests not to merge A trust is not merged or invalid because a person, including but not limited to the creator of...
• 7-1.2 - Trustee of Passive Trust Not to Take
  7-1.2 Trustee of passive trust not to take Every disposition of property shall be made directly to the person in whom the right to possession...
• 7-1.3 - Purchase-Money Resulting Trust Abolished
  7-1.3 Purchase-money resulting trust abolished (a) A disposition of property to one person for a valuable consideration paid, in whole or in part, by another...
• 7-1.4 - Purposes for Which Trust May Be Created
  7-1.4 Purposes for which trust may be created An express trust may be created for any lawful purpose.
• 7-1.5 - When Trust Interest Inalienable; Exception
  7-1.5 When trust interest inalienable; exception (a) The interest of the beneficiary of any trust may be assigned or otherwise transferred, except that: (1) The...
• 7-1.6 - Application of Principal to Income Beneficiary
  7-1.6 Application of principal to income beneficiary (a) Notwithstanding any contrary provision of law, the court having jurisdiction of an express trust, heretofore created or...
• 7-1.7 - Interest Remaining in Creator of Trust
  7-1.7 Interest remaining in creator of trust Every legal estate and interest not embraced in an express trust and not otherwise disposed of remains in...
• 7-1.8 - Duration of Trust for Benefit of Creditors
  7-1.8 Duration of trust for benefit of creditors (a) Where an estate in real property has heretofore vested or shall hereafter vest in an assignee...
• 7-1.9 - Revocation of Trusts
  7-1.9 Revocation of trusts (a) Upon the written consent, acknowledged or proved in the manner required by the laws of this state for the recording...
• 7-1.10 - Provision by Non-Domiciliary Creator As to Law to Govern Trust
  7-1.10 Provision by non-domiciliary creator as to law to govern trust (a) Whenever a person, not domiciled in this state, creates a trust which provides...
• 7-1.11 - Application of Principal to Creator of Trust As Reimbursement for Taxes
  7-1.11 Application of principal to creator of trust as reimbursement for taxes (a) Notwithstanding any contrary provision of law, the trustee of an express trust,...
• 7-1.12 - Supplemental Needs Trusts Established for Persons With Severe and Chronic or Persistent Disabilities
  7-1.12 Supplemental needs trusts established for persons with severe and chronic or persistent disabilities (a) Definitions: When used in this section, unless otherwise expressly stated...
• 7-1.13 - Division of Trusts and Establishment of Separate Trusts
  7-1.13 Division of trusts and establishment of separate trusts (a) Notwithstanding any contrary provision of law, unless expressly prohibited by the terms of the disposing...
• 7-1.14 - Who May Make a Lifetime Trust
  7-1.14 Who may make a lifetime trust Any person, as defined in 1-2.12, may by lifetime trust dispose of real and personal property. A natural...
• 7-1.15 - What Property May Be Disposed of by Lifetime Trust
  7-1.15 What property may be disposed of by lifetime trust Every estate in property may be disposed of by lifetime trust.
• 7-1.16 - Revocation of Lifetime Trust by Will
  7-1.16 Revocation of lifetime trust by will A lifetime trust shall be irrevocable unless it expressly provides that it is revocable. In addition to the...
• 7-1.17 - Execution, Amendment and Revocation of Lifetime Trusts
  7-1.17 Execution, amendment and revocation of lifetime trusts (a) Every lifetime trust shall be in writing and shall be executed and acknowledged by the person...
• 7-1.18 - Funding of Lifetime Trust
  7-1.18 Funding of lifetime trust A lifetime trust shall be valid as to any assets therein to the extent the assets have been transferred to...
• 7-1.19 - Application for Termination of Uneconomical Trust.
  7-1.19 Application for termination of uneconomical trust (a) Notwithstanding sections 7-1.5 and 7-2.4 of this article or any other contrary provision of law: (1) Any...

Last modified: February 3, 2019