N.Y. Est. Powers & Trusts Law § 10-10.4

§ 10-10.4 Power to lease in tenant for life; effect of mortgage\n (a) The power of a tenant for life to make leases is neither\nextinguished nor suspended when such tenant executes a mortgage. The\npower is bound by the mortgage in the same manner as the real property\nembraced therein, and the lien of the mortgagee on such power:\n (1) Entitles the mortgagee to an exercise of the power so far as the\nsatisfaction of the debt requires; and\n (2) Causes any subsequent interest, created by the tenant for life by\nan exercise of such power, to become subject to the mortgage as if in\nterms embraced therein.\n