§ 10-10.1 Power to distribute principal or allocate income; restriction\n on exercise\n A power held by a person as trustee of an express trust to make a\ndiscretionary distribution of either principal or income to such person\nas a beneficiary, or to make discretionary allocations in such person's\nfavor of receipts or expenses as between principal and income, cannot be\nexercised by such person unless (1) such person is the grantor of the\ntrust and the trust is revocable by such person during such person's\nlifetime, or (2) the power is a power to provide for such person's\nhealth, education, maintenance or support within the meaning of sections\n2041 and 2514 of the Internal Revenue Code, or (3) the trust instrument,\nby express reference to this section, provides otherwise. If the power\nis conferred on two or more trustees, it may be exercised by the trustee\nor trustees who are not so disqualified. If there is no trustee\nqualified to exercise the power, its exercise devolves on the supreme\ncourt or the surrogate's court, except that if the power is created by\nwill, its exercise devolves on the surrogate's court having jurisdiction\nof the estate of the donor of the power.\n
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