4 Priority The interest of the donee of a power of appointment, and of any appointee thereunder, has priority with respect to real property subject thereto, as against creditors, purchasers or incumbrancers, in good faith and without notice, of or from a person having an estate in such property, only from the time at which the instrument creating the power is duly recorded. As against all other persons, such interest has priority from the time at which the instrument creating the power takes effect.
New York Legal Code