New York Laws
Part 10 - Provisions Affecting Powers Other Than Powers of Appointment
10-10.7 - Exercise of Powers by Multiple Fiduciaries; Joint and Several Powers

powers

Unless contrary to the express provisions of an instrument affecting
the disposition of property, a joint power other than a power of
appointment but including a power in a trustee to invade trust principal
under section 10-6.6 of this article or under the terms of the
dispositive instrument, conferred upon three or more fiduciaries, as
that term is defined in 11-1.1, by the terms of such instrument, or by
statute, or arising by operation of law, may be exercised by a majority
of such fiduciaries, or by a majority of survivor fiduciaries, or by the
survivor fiduciary. Such a power conferred upon or surviving to two such
fiduciaries may be exercised jointly by both such fiduciaries or by the
survivor fiduciary, unless contrary to the express terms of the
instrument creating the power. A fiduciary who fails to act through
absence or disability, or a dissenting fiduciary who joins in carrying
out the decision of a majority of the fiduciaries if his or her dissent
is expressed promptly in writing to his or her co-fiduciaries, shall not
be liable for the consequences of any majority decision, provided that
liability for failure to join in administering the estate or trust or to
prevent a breach of the trust may not thus be avoided. A power vested in
one or more persons under a trust of real property created in connection
with the salvaging of mortgage participation certificates may be
executed by one or more of such persons as provided in such trust. This
section shall not affect the right of any one of two or more personal
representatives of a decedent to exercise a several power.