11-1.7 - Limitations on powers and immunities of executors and testamentary trustees - New York Statutes

§ 11-1.7 Limitations on powers and immunities of executors and testamentary trustees (a) The attempted grant to an executor or testamentary trustee, or the successor of either, of any of the following enumerated powers or immunities is contrary to public policy: (1) The exoneration of such fiduciary from liability for failure to exercise reasonable care, diligence and prudence. (2) The power to make a binding and conclusive fixation of the value of any asset for purposes of distribution, allocation or otherwise. (b) The attempted grant in any will of any power or immunity in contravention of the terms of this section shall be void but shall not be deemed to render such will invalid as a whole, and the remaining terms of the will shall, so far as possible, remain effective. (c) Any person interested in an estate or testamentary trust may contest the validity of any purported grant of any power of immunity within the purview of this section without diminishing or affecting adversely his interest in the estate or trust, any provision in any will to the contrary notwithstanding.