N.Y. EPT Law § 2-1.9

§ 2-1.9 Distributions in kind by executors and trustees\n (a) (1) As used in this section, the terms "pecuniary disposition"\nand "transfer in trust of a pecuniary amount" mean, respectively, a\ndisposition by will or a transfer under a trust agreement of a specific\namount of money, which amount is either expressly stated in the\ninstrument or determinable by means of a formula which is stated in the\ninstrument.\n (2) Whether a testamentary disposition or transfer in trust is\npecuniary or fractional in character depends upon the intention of the\ncreator.\n (b) Unless the instrument expressly provides otherwise:\n (1) Where a will or a trust agreement authorizes the executor or\ntrustee (hereinafter called the "fiduciary") to satisfy wholly or partly\nin kind a pecuniary disposition or transfer in trust of a pecuniary\namount, the assets selected by the fiduciary for that purpose shall be\nvalued at their respective values on the dates of their distribution.\n (2) Where a will or a trust agreement authorizes the fiduciary to\nsatisfy wholly or partly in kind a pecuniary disposition or transfer in\ntrust of a pecuniary amount and the instrument requires the fiduciary to\nvalue the assets selected by the fiduciary for such distribution as of a\ndate other than the dates of their distribution, the assets selected by\nthe fiduciary for that purpose, together with any cash distributed,\nshall have an aggregate value on the dates of their distribution\namounting to no less than, and to the extent practicable no more than,\nthe amount of such testamentary disposition or transfer in trust as\nstated in, or determined by the formula stated in, the instrument.\n (c) This section applies to wills of decedents dying before, on or\nafter its effective date and to trust agreements executed before, on or\nafter such date, provided, however, that it shall not be applied so as\nto require repayment to the fiduciary of any distributions actually made\nprior to such date.\n