10-3.4 - Classification of powers of appointment as to duty to exercise; imperative and discretionary - New York Statutes

§ 10-3.4 Classification of powers of appointment as to duty to exercise; imperative and discretionary (a) A power of appointment is either imperative or discretionary. (b) A power of appointment is imperative if the instrument creating it imposes on the donee a duty to exercise it, and it may be imperative even though it is exclusive. (c) A power of appointment is discretionary if the donee is authorized to exercise or not to exercise it.