(a) The power of a tenant for life to make leases is neither
extinguished nor suspended when such tenant executes a mortgage. The
power is bound by the mortgage in the same manner as the real property
embraced therein, and the lien of the mortgagee on such power:
(1) Entitles the mortgagee to an exercise of the power so far as the
satisfaction of the debt requires; and
(2) Causes any subsequent interest, created by the tenant for life by
an exercise of such power, to become subject to the mortgage as if in
terms embraced therein.
Structure New York Laws
EPT - Estates, Powers and Trusts
Part 10 - Provisions Affecting Powers Other Than Powers of Appointment
10-10.1 - Power to Distribute Principal or Allocate Income; Restriction on Exercise.
10-10.2 - Power to Lease in Tenant for Life; Scope
10-10.3 - Power to Lease in Tenant for Life; Transfer and Extinguishment
10-10.4 - Power to Lease in Tenant for Life; Effect of Mortgage
10-10.5 - Power to Sell in a Mortgage
10-10.6 - Effect of Reserved Unqualified Power to Revoke
10-10.7 - Exercise of Powers by Multiple Fiduciaries; Joint and Several Powers
10-10.8 - Irrevocability of Powers Other Than Powers of Appointment