N.Y. Est. Powers & Trusts Law § 10-5.2

§ 10-5.2 Contract to appoint; power presently exercisable\n The donee of a power of appointment which is presently exercisable, or\nof a postponed power which has become exercisable, can contract to make\nan appointment to the extent that the contract or the promised\nappointment does not confer a benefit upon a person who is not a\npermissible appointee under the power.\n