N.Y. EPT Law § 7-2.1

§ 7-2.1 Extent of trustee's estate\n (a) Except as otherwise provided in this article, an express trust\nvests in the trustee the legal estate, subject only to the execution of\nthe trust, and the beneficiary does not take any legal estate in the\nproperty but may enforce the trust.\n (b) This section does not prevent the creator of a trust from\nproviding to whom the property shall belong in the event of the failure\nor termination of the trust or from disposing of the property subject to\nthe execution of the trust. Such a transferee shall have a legal estate\nin the property as against all persons except the trustee and those\nlawfully claiming under him.\n (c) A trust as described in sections 9-1.5, 9-1.6 and 9-1.7 of the\nestates, powers and trusts law, including a business trust as defined in\nsubdivision two of section two of the general associations law, may\nacquire property in the name of the trust as such name is designated in\nthe instrument creating said trust. Any property, so acquired can be\nconveyed, encumbered or otherwise disposed of only in such name by a\nconveyance, encumbrance or other instrument executed by:\n (1) the person or persons authorized by the instrument creating said\ntrust; or\n (2) the person or persons authorized by a resolution duly adopted by\nthe trustees; or\n (3) a majority of the trustees unless the instrument creating said\ntrust otherwise provides.\n Any instrument of conveyance, encumbrance or disposition delivered\nprior to the effective date of this section to or by a trust to which\nthis section applies, in its trust name is hereby validated provided\nthat no action or proceeding to cancel or disaffirm it shall be\ninstituted within one year from the effective date hereof, but nothing\nherein contained shall affect any such pending action or proceeding.\n