Statute · New York Estates, Powers & Trusts Law
N.Y. Est. Powers & Trusts Law § 9-1.5 — Trust with transferable certificates
N.Y. Est. Powers & Trusts Law § 9-1.5
- Type
- Statute
- Source
- New York Estates, Powers & Trusts Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 9-1.5 Trust with transferable certificates
Citator
N.Y. Est. Powers & Trusts Law § 9-1.5 — Trust with transferable certificates is in force in the current edition of the Code, and nothing recorded condemns it.
§ 9-1.5 Trust with transferable certificates
A trust with transferable certificates, heretofore or hereafter created, is not invalid as violating the rule against perpetuities; but such trust may continue for such time as may be necessary to accomplish the purposes for which it is created if the instrument creating such trust provides that it may be terminated at any time by action of the trustees or by affirmative vote of the beneficiaries having a specified percentage of interest therein. This section applies to an investment trust, which is an unincorporated trust or association managed by trustees not holding any property for sale to customers in the ordinary course of its trade or business, the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest offered for sale to the public.