[ ] is old law to be omitted.
LBD00875-03-0
S. 3923--A 2
"OPTIONAL" THAT IS NOT USED MAY BE OMITTED AND REPLACED BY THE WORDS
"INTENTIONALLY OMITTED". [A mistake in wording, such as in spelling,
punctuation or formatting, or the use of bold or italic type, shall not
prevent a] A GIVEN power of attorney [from being deemed a statutory
short form power of attorney, but the wording of the form] SUBSTANTIALLY
CONFORMS TO THE FORM REQUIRED PURSUANT TO SECTION 5-1513 OF THIS TITLE
NOTWITHSTANDING THAT THE FORM CONTAINS (I) AN INSIGNIFICANT MISTAKE IN
WORDING, SPELLING, PUNCTUATION OR FORMATTING, OR THE USE OF BOLD OR
ITALIC TYPE; OR (II) USES LANGUAGE THAT IS ESSENTIALLY THE SAME AS, BUT
IS NOT IDENTICAL TO, THE STATUTORY FORM, INCLUDING UTILIZING LANGUAGE
FROM A PREVIOUS STATUTE. THE DETERMINATION OF WHETHER THERE IS SUBSTAN-
TIAL CONFORMITY WITH THE FORM set forth in section 5-1513 of this title
[shall govern] SHALL NOT DEPEND ON THE PRESENCE OR ABSENCE OF A PARTIC-
ULAR CLAUSE. FAILING TO INCLUDE CLAUSES THAT ARE NOT RELEVANT TO A
GIVEN POWER OF ATTORNEY SHALL NOT IN ITSELF CAUSE SUCH POWER OF ATTORNEY
TO BE FOUND TO NOT SUBSTANTIALLY CONFORM WITH THE REQUIREMENTS OF SUCH
FORM. The use of the form set forth in section 5-1513 of this title is
lawful and when used, it shall be construed as a statutory short form
power of attorney. A statutory short form power of attorney may be used
to grant authority provided in sections 5-1502A through 5-1502N of this
title. A "statutory short form power of attorney" may contain modifica-
tions or additions as provided in section 5-1503 of this title[, but in
no event may it be modified to grant any authority provided in section
5-1514 of this title. If the authority (SGR) on the statutory short form
is initialed by the principal, the statutory short form power of attor-
ney must be executed in the manner provided in section 5-1501B of this
title, simultaneously with the statutory gifts rider. A statutory short
form power of attorney and a statutory gifts rider which supplements it
must be read together as a single instrument].
§ 4. Subdivisions 1 and 2 of section 5-1501B of the general obli-
gations law, as added by chapter 644 of the laws of 2008, the opening
paragraph and paragraphs (b) and (c) of subdivision 1, and the opening
paragraph and paragraph (a) of subdivision 2 as amended by chapter 340
of the laws of 2010, are amended to read as follows:
1. To be valid, except as otherwise provided in section 5-1512 of this
title, a statutory short form power of attorney, or a non-statutory
power of attorney, executed in this state by a principal, must:
(a) Be typed or printed using letters which are legible or of clear
type no less than twelve point in size, or, if in writing, a reasonable
equivalent thereof.
(b) Be signed, INITIALED and dated by a principal with capacity, OR IN
THE NAME OF SUCH PRINCIPAL BY ANOTHER PERSON, OTHER THAN A PERSON DESIG-
NATED AS THE PRINCIPAL'S AGENT OR SUCCESSOR AGENT, IN THE PRINCIPAL'S
PRESENCE AND AT THE PRINCIPAL'S DIRECTION, IN EITHER CASE with the
signature of the [principal] PERSON SIGNING duly acknowledged in the
manner prescribed for the acknowledgment of a conveyance of real proper-
ty IN THE PRESENCE OF THE PRINCIPAL. WHEN A PERSON SIGNS AT THE DIREC-
TION OF A PRINCIPAL HE OR SHE SHALL SIGN BY WRITING OR PRINTING THE
PRINCIPAL'S NAME, AND PRINTING AND SIGNING HIS OR HER OWN NAME.
(c) Be signed and dated by any agent acting on behalf of the principal
with the signature of the agent duly acknowledged in the manner
prescribed for the acknowledgment of a conveyance of real property. A
power of attorney executed pursuant to this section is not invalid sole-
ly because there has been a lapse of time between the date of acknowl-
edgment of the signature of the principal and the date or dates of
acknowledgment of the signature or signatures of any agent or agents or
S. 3923--A 3
successor agent or successor agents authorized to act on behalf of the
principal or because the principal became incapacitated during any such
lapse of time.
(d) [Contain the exact] SUBSTANTIALLY CONFORM TO THE wording of the:
(1) "Caution to the Principal" in paragraph (a) of subdivision one of
section 5-1513 of this title; and
(2) "Important Information for the Agent" in paragraph (n) of subdivi-
sion one of section 5-1513 of this title.
2. [In addition to the requirements of subdivision one of this
section, to be valid for the purpose of authorizing the agent to make
certain gift transactions described in section 5-1514 of this title:
(a) a statutory short form power of attorney must contain the authori-
ty (SGR) initialed by the principal and be accompanied by a valid statu-
tory gifts rider; and
(b) a non-statutory power of attorney must be executed pursuant to the
requirements of paragraph (b) of subdivision nine of section 5-1514 of
this title.] INSUBSTANTIAL VARIATION IN THE WORDING OF THE "CAUTION TO
THE PRINCIPAL" OF PARAGRAPH (A) OF SUBDIVISION ONE OF SECTION 5-1513 OF
THIS TITLE OR OF THE "IMPORTANT INFORMATION FOR THE AGENT" OF PARAGRAPH
(N) OF SUBDIVISION ONE OF SECTION 5-1513 OF THIS TITLE SHALL NOT PREVENT
A POWER OF ATTORNEY FROM BEING DEEMED A STATUTORY SHORT FORM POWER OF
ATTORNEY OR A NON-STATUTORY POWER OF ATTORNEY.
§ 5. Subdivisions 2 and 9 of section 5-1502A of the general obli-
gations law, as amended by chapter 340 of the laws of 2010, are amended
to read as follows:
2. To sell, to exchange, to convey either with or without covenants,
to quit-claim, to release, to surrender, to mortgage, to incumber, to
partition or to consent to the partitioning, to create, modify or revoke
a trust [unless such creation, modification or revocation is a gift
transaction governed by section 5-1514 of this title,] to grant options
concerning, to lease or to sublet, or otherwise to dispose of, any
estate or interest in land;
9. To execute, to acknowledge, to seal and to deliver any deed,
creation, modification or revocation of a trust [unless such creation,
modification or revocation is a gift transaction governed by section
5-1514 of this title], mortgage, lease, notice, check or other instru-
ment which the agent may think useful for the accomplishment of any of
the purposes enumerated in this section;
§ 6. Subdivisions 2 and 7 of section 5-1502B of the general obli-
gations law, as amended by chapter 340 of the laws of 2010, are amended
to read as follows:
2. To sell, to exchange, to convey either with or without covenants,
to release, to surrender, to mortgage, to incumber, to pledge, to
hypothecate, to pawn, to create, modify or revoke a trust [unless such
creation, modification or revocation is a gift transaction governed by
section 5-1514 of this title] to grant options concerning, to lease or
to sublet to others, or otherwise to dispose of any chattel or goods or
any interest in any chattel or goods;
7. To execute, to acknowledge, to seal and to deliver any conveyance,
mortgage, lease, creation, revocation or modification of a trust [unless
such creation, modification or revocation is a gift transaction governed
by section 5-1514 of this title], notice, check or other instrument
which the agent may think useful for the accomplishment of any of the
purposes enumerated in this section;
S. 3923--A 4
§ 7. Subdivisions 2 and 9 of section 5-1502C of the general obli-
gations law, as amended by chapter 340 of the laws of 2010, are amended
to read as follows:
2. To sell (including short sales), to exchange, to transfer either
with or without a guaranty, to release, to surrender, to hypothecate, to
pledge, to create, modify or revoke a trust [unless such creation,
modification or revocation is a gift transaction governed by section
5-1514 of this title,] to grant options concerning, to loan, to trade
in, or otherwise to dispose of any bond, share, instrument of similar
character, commodity interest or any instrument with respect thereto;
9. To execute, to acknowledge, to seal and to deliver any consent,
agreement, authorization, creation, modification or revocation of a
trust [unless such creation, declaration, modification or revocation is
a gift transaction governed by section 5-1514 of this title], assign-
ment, notice, waiver of notice, check, or other instrument which the
agent may think useful for the accomplishment of any of the purposes
enumerated in this section;
§ 8. Subdivision 1 of section 5-1502D of the general obligations law,
as amended by chapter 644 of the laws of 2008, paragraphs (a) and (b) as
amended by chapter 340 of the laws of 2010, is amended to read as
follows:
1. To continue, to modify, to terminate and to make deposits to and
withdrawals from any deposit account, including any joint account with
the agent or totten trust for the benefit of the agent, or other banking
arrangement made by or on behalf of the principal prior to the creation
of the agency, provided, however, that:
(a) with respect to joint accounts existing at the creation of the
agency, the authority granted hereby shall not include the power to
change the title of the account by the addition of a new joint tenant or
the deletion of an existing joint tenant, unless the authority to make
such changes is [conveyed in a statutory gifts rider to] EXPRESSLY STAT-
ED OTHERWISE IN THE "MODIFICATIONS" SECTION OF a statutory short form
power of attorney or in a non-statutory power of attorney signed and
dated by the principal with the signature of the principal duly acknowl-
edged in the manner prescribed for the acknowledgement of a conveyance
of real property, and which is executed pursuant to the requirements of
[paragraph (b) of subdivision nine of] section [5-1514] 5-1501B of this
title, and
(b) with respect to totten trust accounts existing at the creation of
the agency, the authority granted hereby shall not include the power to
add, delete, or otherwise change the designation of beneficiaries in
effect for any such accounts, unless the authority to make such addi-
tions, deletions or changes is [conveyed in a statutory gifts rider to]
EXPRESSLY STATED OTHERWISE IN THE "MODIFICATIONS" SECTION OF a statutory
short form power of attorney or in a non-statutory power of attorney
signed and dated by the principal with the signature of the principal
duly acknowledged in the manner prescribed for the acknowledgment of a
conveyance of real property, and which is executed pursuant to the
requirements of [paragraph (b) of subdivision nine of] section [5-1514]
5-1501B of this title.
§ 8-a. Section 5-1502D of the general obligations law is amended by
adding a new subdivision 18 to read as follows:
18. IF A POWER OF ATTORNEY REQUIRES THAT TWO OR MORE AGENTS ACT
TOGETHER AS CO-AGENTS, ONE OR MORE AGENTS MAY DELEGATE TO THE CO-AGENT
THE AUTHORITY TO CONDUCT BANKING TRANSACTIONS IF THE PRINCIPAL INITIALED
S. 3923--A 5
SUBJECT (O) IN THE GRANT OF AUTHORITY PROVISIONS OF PARAGRAPH (F) OF THE
STATUTORY SHORT FORM SET FORTH IN SECTION 15-1513 OF THIS TITLE.
§ 9. Subdivisions 1 and 3 of section 5-1502F of the general obli-
gations law, as amended by chapter 340 of the laws of 2010, are amended
to read as follows:
1. To continue, to pay the premium or assessment on, to modify, to
rescind, to release or to terminate any contract of life, accident,
health, disability or liability insurance or any combination of such
insurance procured by or on behalf of the principal prior to the
creation of the agency which insures either the principal or any other
person, without regard to whether the principal is or is not a benefici-
ary thereunder; provided, however, with respect to life insurance
contracts existing at the creation of the agency, the authority granted
hereby shall not include the power to add, delete or otherwise change
the designation of beneficiaries in effect for any such contract, unless
the authority to make such additions, deletions or changes is [conveyed
in a statutory gifts rider to] STATED OTHERWISE IN THE "MODIFICATIONS"
SECTION OF a statutory short form power of attorney or in a non-statuto-
ry power of attorney signed and dated by the principal with the signa-
ture of the principal duly acknowledged in the manner prescribed for the
acknowledgment of a conveyance of real property, and which is executed
pursuant to the requirements of [paragraph (b) of subdivision nine of]
section [5-1514] 5-1501B of this title;
3. To apply for and to receive any available loan on the security of
the contract of insurance, whether for the payment of a premium or for
the procuring of cash, to surrender and thereupon to receive the cash
surrender value, to exercise an election as to beneficiary or mode of
payment, to change the manner of paying premiums, and to change or to
convert the type of insurance contract, with respect to any contract of
life, accident, health, disability or liability insurance as to which
the principal has, or claims to have, any one or more of the powers
described in this section; provided, however, that the authority granted
hereby shall not include the power to add, delete or otherwise change
the designation of beneficiaries in effect for any such contract, unless
the authority to make such additions, deletions or changes is [conveyed
in a statutory gifts rider to] EXPRESSLY STATED OTHERWISE IN THE
"MODIFICATIONS" SECTION OF a statutory short form power of attorney or
in a non-statutory power of attorney signed and dated by the principal
with the signature of the principal duly acknowledged in the manner
prescribed for the acknowledgment of a conveyance of real property, and
which is executed pursuant to the requirements of [paragraph (b) of
subdivision nine of] section [5-1514] 5-1501B of this title;
§ 10. Subdivision 14 of section 5-1502I of the general obligations
law, as amended by chapter 340 of the laws of 2010, is amended to read
as follows:
14. To continue gifts that the principal customarily made to individ-
uals and charitable organizations prior to the creation of the agency,
provided that in any one calendar year all such gifts shall not exceed
five [hundred] THOUSAND dollars in the aggregate; and
§ 11. The section heading, opening paragraph and subdivision 1 of
section 5-1502K of the general obligations law, as amended by chapter
644 of the laws of 2008, are amended to read as follows:
Construction--MATTERS RELATED TO health care [billing and payment
matters; records, reports and statements]. In a statutory short form
power of attorney, the language conferring general authority with
respect to "MATTERS RELATED TO health care [billing and payment matters;
S. 3923--A 6
records, reports and statements]," or in a statutory short form power of
attorney properly executed in accordance with the laws in effect at the
time of its execution, the language conferring authority with respect to
"records, reports and statements," must be construed to mean that the
principal authorizes the agent:
1. [To access records relating to the provision of health care and to
make decisions relating to the past, present or future payment for the
provision of health care consented to by or on behalf of the principal
or the principal's health care agent authorized under state law. In so
doing the agent is acting as the principal's personal representative
pursuant to sections 1171 through 1179 of the Social Security Act, as
added by sections 262 and 264 of Public Law 104-191, and applicable
regulations. This authority shall not include authorization for the
agent to make other medical or health care decisions for the principal]
TO BE RESPONSIBLE FOR MATTERS RELATING TO THE PRINCIPAL'S HEALTH CARE,
INCLUDING, BUT NOT LIMITED TO, BENEFIT ENTITLEMENTS AND PAYMENT OBLI-
GATIONS, AND IN SO DOING, NOTWITHSTANDING ANY LAW TO THE CONTRARY, TO
RECEIVE FROM "HEALTH CARE PROVIDERS" AND "HEALTH PLANS," INFORMATION,
INCLUDING, BUT NOT LIMITED TO, "PROTECTED HEALTH INFORMATION" AS DEFINED
IN FEDERAL AND STATE LAW, RULES AND REGULATIONS, IN ORDER TO ASCERTAIN
THE BENEFITS TO WHICH THE PRINCIPAL IS ENTITLED AND TO DETERMINE THE
LEGITIMACY AND ACCURACY OF CHARGES FOR HEALTH CARE PROVIDED TO THE PRIN-
CIPAL; TO OBTAIN FOR THE PRINCIPAL THE HEALTH CARE BENEFITS TO WHICH THE
PRINCIPAL IS ENTITLED; TO MEET THE PRINCIPAL'S FINANCIAL OBLIGATIONS,
AND PAY BILLS DUE AND OWING, FOR HEALTH CARE PROVIDED TO THE PRINCIPAL;
AND TO REPRESENT THE PRINCIPAL, AND TO ACT AS THE PRINCIPAL'S PERSONAL
REPRESENTATIVE, WITH RESPECT TO MATTERS PERTAINING TO THE PRINCIPAL'S
HEALTH CARE. THE AUTHORITY GRANTED BY THIS SUBDIVISION IS LIMITED TO
HEALTH CARE FINANCIAL MATTERS AND SHALL NOT INCLUDE AUTHORIZATION FOR
THE AGENT TO MAKE HEALTH CARE DECISIONS FOR THE PRINCIPAL;
§ 12. Subdivisions 2 and 4 of section 5-1502L of the general obli-
gations law, as amended by chapter 340 of the laws of 2010, are amended
to read as follows:
2. To make investment directions, to select and change payment
options, and to exercise any other election for the principal with
regard to any retirement benefit or plan in which the principal has an
interest, provided, however, that the authority granted hereby shall not
include the authority to add, delete, or otherwise change the desig-
nation of beneficiaries in effect for any such retirement benefit or
plan, unless the authority to make such additions, deletions or changes
is [conveyed in a statutory gifts rider to] EXPRESSLY STATED OTHERWISE
IN THE "MODIFICATIONS" SECTION OF a statutory short form power of attor-
ney or in a non-statutory power of attorney signed and dated by the
principal with the signature of the principal duly acknowledged in the
manner prescribed for the acknowledgment of a conveyance of real proper-
ty, and which is executed pursuant to the requirements of [paragraph (b)
of subdivision nine of] section [5-1514] 5-1501B of this title;
4. To prepare, execute and deliver any application, agreement, trust
agreement [unless such trust agreement is a gift transaction governed by
section 5-1514 of this title], authorization, check or other instrument
or document which may be required under the terms of any retirement
benefit or plan in which the principal has an interest or by the admin-
istrator thereof, or which the agent deems useful for the accomplishment
of any of the purposes enumerated in this section;
§ 13. Section 5-1503 of the general obligations law, as amended by
chapter 340 of the laws of 2010, is amended to read as follows:
S. 3923--A 7
§ 5-1503. Modifications of the statutory short form power of attorney
[and of the statutory gifts rider]. A power of attorney which satisfies
the requirements of paragraphs (a), (b) and (c) of subdivision one of
section 5-1501B and section 5-1513 of this title is not prevented from
being a "statutory short form power of attorney", [and a document which
satisfies the requirements of section 5-1514 of this title is not
prevented from being a "statutory gifts rider" as either of these terms
is used in the sections of this title,] by the fact that it also
contains additional language at the section labeled "modifications"
which:
1. Eliminates from the statutory short form power of attorney [or from
the statutory gifts rider] one or more of the powers enumerated in one
or more of the constructional sections of this title with respect to a
subdivision of the statutory short form power of attorney [or of the
statutory gifts rider], affirmatively chosen by the principal; or
2. Supplements one or more of the powers enumerated in one or more of
the constructional sections in this title with respect to a subdivision
of the statutory short form power of attorney [or of the statutory gifts
rider], affirmatively chosen by the principal, by specifically listing
additional powers of the agent; or
3. Makes some additional provision which is not inconsistent with the
other provisions of the statutory short form power of attorney [or of
the statutory gifts rider], including a provision revoking one or more
powers of attorney previously executed by the principal.
§ 14. Section 5-1504 of the general obligations law, as amended by
chapter 644 of the laws of 2008, the opening paragraph, subparagraphs 1
and 9 of paragraph (a) and paragraph (b) of subdivision 1, subdivisions
2, 3 and 5 as amended and subdivision 7 as added by chapter 340 of the
laws of 2010, is amended to read as follows:
§ 5-1504. Acceptance of AND RELIANCE UPON ACKNOWLEDGED statutory short
form power of attorney. 1. (A) FOR PURPOSES OF THIS SECTION, "ACKNOWL-
EDGED" MEANS PURPORTEDLY VERIFIED BEFORE A NOTARY PUBLIC OR OTHER INDI-
VIDUAL AUTHORIZED TO TAKE ACKNOWLEDGEMENTS.
(B) A PERSON THAT IN GOOD FAITH ACCEPTS AN ACKNOWLEDGED POWER OF
ATTORNEY WITHOUT ACTUAL KNOWLEDGE THAT THE SIGNATURE IS NOT GENUINE MAY
RELY UPON THE PRESUMPTION THAT THE SIGNATURE IS GENUINE.
(C) A PERSON THAT IN GOOD FAITH ACCEPTS AN ACKNOWLEDGED POWER OF
ATTORNEY WITHOUT ACTUAL KNOWLEDGE THAT THE POWER OF ATTORNEY IS VOID,
INVALID, OR TERMINATED, THAT THE PURPORTED AGENT'S AUTHORITY IS VOID,
INVALID, OR TERMINATED, OR THAT THE AGENT IS EXCEEDING OR IMPROPERLY
EXERCISING THE AGENT'S AUTHORITY MAY RELY UPON THE POWER OF ATTORNEY AS
IF THE POWER OF ATTORNEY WERE GENUINE, VALID AND STILL IN EFFECT, THE
AGENT'S AUTHORITY WERE GENUINE, VALID AND STILL IN EFFECT, AND THE AGENT
HAD NOT EXCEEDED AND HAD PROPERLY EXERCISED THE AUTHORITY.
(D) A PERSON THAT IS ASKED TO ACCEPT AN ACKNOWLEDGED POWER OF ATTORNEY
MAY REQUEST, AND RELY UPON, WITHOUT FURTHER INVESTIGATION:
(1) AN AGENT'S CERTIFICATION UNDER PENALTY OF PERJURY OF ANY FACTUAL
MATTER CONCERNING THE PRINCIPAL, AGENT OR POWER OF ATTORNEY; AND
(2) AN OPINION OF COUNSEL AS TO ANY MATTER OF LAW CONCERNING THE POWER
OF ATTORNEY IF THE PERSON MAKING THE REQUEST PROVIDES IN A WRITING OR
OTHER RECORD THE REASON FOR THE REQUEST.
(E) AN OPINION OF COUNSEL REQUESTED UNDER THIS SECTION MUST BE
PROVIDED AT THE PRINCIPAL'S EXPENSE UNLESS THE REQUEST IS MADE MORE THAN
TEN BUSINESS DAYS AFTER THE POWER OF ATTORNEY IS PRESENTED FOR ACCEPT-
ANCE.
S. 3923--A 8
(F) FOR PURPOSES OF THIS SECTION, A PERSON THAT CONDUCTS ACTIVITIES
THROUGH EMPLOYEES IS WITHOUT ACTUAL KNOWLEDGE OF A FACT RELATING TO A
POWER OF ATTORNEY, A PRINCIPAL, OR AN AGENT IF THE EMPLOYEE CONDUCTING
THE TRANSACTION INVOLVING THE POWER OF ATTORNEY IS WITHOUT ACTUAL KNOW-
LEDGE OF THE FACT AFTER MAKING REASONABLE INQUIRY WITH RESPECT THERETO.
2. No third party located or doing business in this state shall
refuse, without reasonable cause, to honor a statutory short form power
of attorney properly executed in accordance with section 5-1501B of this
title, [including a statutory short form power of attorney which is
supplemented by a statutory gifts rider,] or a statutory short form
power of attorney properly executed in accordance with the laws in
effect at the time of its execution.
(a) Reasonable cause under this subdivision shall include, but not be
limited to:
(1) the refusal by the agent to provide an original power of attorney
or a copy certified by an attorney pursuant to section twenty-one
hundred five of the civil practice law and rules, or by a court or other
government entity;
(2) the third party's good faith referral of the principal and the
agent OR A PERSON ACTING FOR OR WITH THE AGENT to the local adult
protective services unit;
(3) actual knowledge of a report having been made by any person to the
local adult protective services unit alleging physical or financial
abuse, neglect, exploitation or abandonment of the principal by the
agent OR A PERSON ACTING FOR OR WITH THE AGENT;
(4) actual knowledge of the principal's death or a reasonable basis
for believing the principal has died;
(5) actual knowledge of the incapacity of the principal or a reason-
able basis for believing that the principal is incapacitated where the
power of attorney tendered is a nondurable power of attorney;
(6) actual knowledge or a reasonable basis for believing that the
principal was incapacitated at the time the power of attorney was
executed;
(7) actual knowledge or a reasonable basis for believing that the
power of attorney was procured through fraud, duress or undue influence;
(8) actual notice, pursuant to subdivision [three] FIVE of this
section, of the termination or revocation of the power of attorney; [or]
(9) the refusal by a title insurance company to underwrite title
insurance for a gift of real property made pursuant to a statutory
[gifts rider] SHORT FORM POWER OF ATTORNEY or non-statutory power of
attorney that does not contain express instructions or purposes of the
principal WITH RESPECT TO GIFTS IN THE MODIFICATIONS SECTION OF THE
STATUTORY SHORT FORM POWER OF ATTORNEY OR IN THE NON-STATUTORY POWER OF
ATTORNEY; OR
(10) THE REFUSAL OF A REQUEST FOR A CERTIFICATION OR AN OPINION OF
COUNSEL UNDER PARAGRAPH (D) OF SUBDIVISION ONE OF THIS SECTION.
(b) It shall be deemed unreasonable for a third party to refuse to
honor a statutory short form power of attorney[, including a statutory
short form power of attorney which is supplemented by a statutory gifts
rider,] PROPERLY EXECUTED IN ACCORDANCE WITH SECTION 5-1501B OF THIS
TITLE or a statutory short form power of attorney properly executed in
accordance with the laws in effect at the time of its execution, if the
only reason for the refusal is any of the following:
(1) the power of attorney is not on a form prescribed by the third
party to whom the power of attorney is presented.
S. 3923--A 9
(2) there has been a lapse of time since the execution of the power of
attorney.
(3) on the face of the statutory short form power of attorney, there
is a lapse of time between the date of acknowledgment of the signature
of the principal and the date of acknowledgment of the signature of any
agent.
[2.] 3. (A) NOT LATER THAN THE TENTH BUSINESS DAY AFTER PRESENTATION
OF AN ORIGINAL OR ATTORNEY CERTIFIED COPY OF A STATUTORY SHORT FORM
POWER OF ATTORNEY PROPERLY EXECUTED IN ACCORDANCE WITH SECTION 5-1501B
OF THIS TITLE OR IN ACCORDANCE WITH THE LAWS IN EFFECT AT THE TIME OF
ITS EXECUTION TO A THIRD PARTY FOR ACCEPTANCE, SUCH THIRD PARTY SHALL
EITHER (A) HONOR THE STATUTORY SHORT FORM POWER OF ATTORNEY, OR (B)
REJECT THE STATUTORY SHORT FORM POWER OF ATTORNEY IN A WRITING THAT SETS
FORTH THE REASONS FOR SUCH REJECTION, WHICH WRITING SHALL BE SENT TO THE
PRINCIPAL AND THE AGENT AT THE ADDRESSES ON THE POWER OF ATTORNEY AND
SUCH OTHER ADDRESSES AS PROVIDED BY THE PRINCIPAL OR THE AGENT, OR (C)
REQUEST THE AGENT TO EXECUTE AN ACKNOWLEDGED AFFIDAVIT PURSUANT TO
SUBDIVISION SEVEN OF THIS SECTION STATING THAT THE POWER OF ATTORNEY IS
IN FULL FORCE AND EFFECT IF THE STATUTORY SHORT FORM POWER OF ATTORNEY
WAS NOT SUBMITTED FOR ACCEPTANCE TOGETHER WITH SUCH AN ACKNOWLEDGED
AFFIDAVIT. SUCH REASONS FOR REJECTION MAY INCLUDE, BUT NOT BE LIMITED TO
NON-CONFORMING FORM, MISSING OR WRONG SIGNATURE, INVALID NOTARIZATION,
OR UNACCEPTABLE IDENTIFICATION. IN THE EVENT THAT THE STATUTORY SHORT
FORM POWER OF ATTORNEY PRESENTED IS NOT AN ORIGINAL OR ATTORNEY CERTI-
FIED COPY, AS PART OF THE INITIAL REJECTION, SUCH SHORT FORM POWER OF
ATTORNEY MAY BE REJECTED FOR SUCH REASON, PROVIDED, HOWEVER, IN EXPLAIN-
ING THE REASON FOR REJECTING THE SHORT FORM POWER OF ATTORNEY, THE THIRD
PARTY SHALL ALSO IDENTIFY SUCH OTHER PROVISIONS OF THE SHORT FORM POWER
OF ATTORNEY, IF ANY, THAT WOULD OTHERWISE CONSTITUTE CAUSE FOR REJECTION
OF THE STATUTORY SHORT FORM POWER OF ATTORNEY. IF THE THIRD PARTY
INITIALLY REJECTS THE STATUTORY SHORT FORM POWER OF ATTORNEY IN A WRIT-
ING THAT SETS FORTH THE REASONS FOR SUCH REJECTION, THE THIRD PARTY
SHALL WITHIN SEVEN BUSINESS DAYS AFTER RECEIPT OF A WRITING IN RESPONSE
TO THE REASONS FOR SUCH REJECTION (I) HONOR THE STATUTORY SHORT FORM
POWER OF ATTORNEY, OR (II) FINALLY REJECT THE STATUTORY SHORT FORM POWER
OF ATTORNEY IN A WRITING THAT SETS FORTH THE REASONS FOR SUCH REJECTION.
SUCH WRITING SHALL BE SENT TO THE ADDRESS PROVIDED ON THE POWER OF
ATTORNEY, TO THE ADDRESS OF THE AGENT, IF ANY, AND MAY ALSO BE SENT TO
SUCH OTHER ADDRESS AS SHALL BE PROVIDED ON THE ACCOUNT DOCUMENTS, OR TO
THE ADDRESS OF THE ATTORNEY AS PROVIDED IN AN OPINION OF COUNSEL PURSU-
ANT TO THIS SECTION. IF THE THIRD PARTY REQUESTS THE AGENT TO EXECUTE
SUCH AN ACKNOWLEDGED AFFIDAVIT, THE THIRD PARTY SHALL HONOR SUCH STATU-
TORY SHORT FORM POWER OF ATTORNEY WITHIN SEVEN BUSINESS DAYS AFTER
RECEIPT BY THE THIRD PARTY OF AN ACKNOWLEDGED AFFIDAVIT WHICH COMPLIES
WITH THE PROVISIONS OF SUBDIVISION SEVEN OF THIS SECTION, STATING THAT
THE POWER OF ATTORNEY IS IN FULL FORCE AND EFFECT UNLESS REASONABLE
CAUSE EXISTS AS DESCRIBED IN PARAGRAPH (A) OF SUBDIVISION TWO OF THIS
SECTION. FOR THE PURPOSES OF THIS SUBDIVISION, NOTICE SHALL BE CONSID-
ERED DELIVERED AT THE TIME SUCH NOTICE IS MAILED AND THE TIME REQUIRE-
MENTS IN WHICH TO HONOR OR REJECT THE STATUTORY SHORT FORM POWER OF
ATTORNEY OR REQUEST THE AGENT TO EXECUTE AN ACKNOWLEDGED AFFIDAVIT SHALL
NOT APPLY TO THE DEPARTMENT OF AUDIT AND CONTROL OR A PUBLIC RETIREMENT
SYSTEM OF THE STATE AS DEFINED IN SUBDIVISION SIX OF SECTION ONE HUNDRED
FIFTY-TWO OF THE RETIREMENT AND SOCIAL SECURITY LAW.
(B) NOTICE TO THE AGENT AS REQUIRED BY PARAGRAPH (A) OF THIS SUBDIVI-
SION SHALL NOT BE SENT UNTIL AFTER A DETERMINATION IS MADE BY ADULT
S. 3923--A 10
PROTECTIVE SERVICES IF THE REASON FOR REJECTION IS A REASON SET FORTH IN
SUBDIVISION TWO OF THIS SECTION AND IS OTHERWISE PROHIBITED BY LAW OR
REGULATION.
4. (A) ONCE REASONABLY ACCEPTED, IF A THIRD PARTY CONDUCTS A TRANS-
ACTION IN RELIANCE ON A PROPERLY EXECUTED STATUTORY SHORT FORM POWER OF
ATTORNEY, THE THIRD PARTY SHALL BE HELD HARMLESS FROM LIABILITY FOR THE
TRANSACTION.
(B) Except as provided in subdivision [three] FIVE of this section, it
shall be deemed unlawful for a third party to unreasonably refuse to
honor a properly executed statutory short form power of attorney[,
including a statutory short form power of attorney which is supplemented
by a statutory gifts rider,] EXECUTED IN ACCORDANCE WITH SECTION 5-1501B
OF THIS TITLE or a statutory short form power of attorney properly
executed in accordance with the laws in effect at the time of its
execution. [A] IF A special proceeding as authorized by section 5-1510
of this title IS BROUGHT TO COMPEL THE THIRD PARTY TO HONOR THE STATUTO-
RY SHORT FORM POWER OF ATTORNEY, THE COURT MAY AWARD DAMAGES, INCLUDING
REASONABLE ATTORNEY'S FEES AND COSTS, IF THE COURT FINDS THAT THE THIRD
PARTY ACTED UNREASONABLY IN REFUSING TO HONOR THE AGENT'S AUTHORITY
UNDER THE STATUTORY SHORT FORM POWER OF ATTORNEY. SUCH SPECIAL PROCEED-
ING shall be the exclusive remedy for a violation of this section.
[3.] 5. In the absence of actual knowledge that the principal lacked
capacity to execute a statutory short form power of attorney or that the
statutory short form power of attorney was procured through fraud,
duress or undue influence, no third party receiving and retaining a
[properly executed] statutory short form power of attorney PROPERLY
EXECUTED IN ACCORDANCE WITH SECTION 5-1501B OF THIS TITLE, [including a
statutory short form power of attorney which is supplemented by a statu-
tory gifts rider] or a statutory short form power of attorney properly
executed in accordance with the laws in effect at the time of its
execution, or a complete photostatic copy of the properly executed
original thereof, nor any officer, agent, attorney-in-fact or employee
of such third party shall incur any liability by reason of acting upon
the authority thereof unless the third party shall have received actual
notice of the revocation or termination of such power of attorney.
If a principal maintains an account at a financial institution, the
financial institution is deemed to have actual notice after it has had a
reasonable opportunity to act on a written notice of the revocation or
termination following its receipt of the same at its office where such
account is located.
[4.] 6. If the application of the provisions of subdivision [one or]
two OR FOUR of this section shall be held invalid to any third party the
application of such provisions to any third party other than those to
which it is held invalid, shall not be affected thereby.
[5.] 7. When the power of attorney is presented to a third party, it
shall not be deemed unreasonable for a third party to require the agent
to execute an acknowledged affidavit pursuant to this subdivision stat-
ing that the power of attorney is in full force and effect. Such an
affidavit is conclusive proof to the third party relying on the power of
attorney that the power of attorney is valid and effective, and has not
been terminated, revoked or modified, except as to any third party who
had actual notice that the power of attorney had terminated, been
revoked or been modified prior to the execution of the affidavit. Such
affidavit shall state that:
(a) the agent does not have, at the time of the transaction, actual
notice of the termination or revocation of the power of attorney, or
S. 3923--A 11
notice of any facts indicating that the power of attorney has been
terminated or revoked;
(b) the agent does not have, at the time of the transaction, actual
notice that the power of attorney has been modified in any way that
would affect the ability of the agent to authorize or engage in the
transaction, or notice of any facts indicating that the power of attor-
ney has been so modified;
(c) if the agent was named as a successor agent, the prior agent is no
longer able or willing to serve; and
(d) if the agent has been the principal's spouse, the power of attor-
ney expressly provides that divorce or annulment as defined in subpara-
graph two of paragraph (f) of section 5-1.4 of the estates, powers and
trusts law does not terminate the agent's authority thereunder, or the
agent does not have actual notice that the marriage has been terminated
by divorce or annulment as defined in subparagraph two of paragraph (f)
of section 5-1.4 of the estates, powers and trusts law at the time of
the transaction.
[6.] 8. Nothing in this section shall require the acceptance of a form
that is not a statutory short form power of attorney.
[7.] 9. A statutory short form power of attorney or a non-statutory
power of attorney that meets the requirements of subdivision one of
section 5-1501B of this title shall be accepted for recording so long as
it has been signed by one agent named therein whose signature has been
acknowledged. If two or more agents acting on behalf of the principal
are required to act together, the power of attorney shall be accepted
for recording as long as their signatures have been acknowledged. When a
successor or co-agent authorized to act separately from any other agents
presents a certified copy of a recorded statutory short form power of
attorney or non-statutory power of attorney with the agent's signature
acknowledged, the instrument shall be accepted for recording.
§ 15. Subparagraph 2 of paragraph (a) of subdivision 2 of section
5-1505 of the general obligations law, as amended by chapter 340 of the
laws of 2010, is amended to read as follows:
(2) To keep the principal's property separate and distinct from any
other property owned or controlled by the agent, except for property
that is jointly owned by the principal and agent at the time of the
execution of the power of attorney, and property that becomes jointly
owned after the execution of the power of attorney as the result of the
agent's acquisition of an interest in the principal's property by reason
of the agent's exercise of authority granted in THE MODIFICATIONS
SECTION OF a statutory [gifts rider] SHORT FORM POWER OF ATTORNEY or in
a non-statutory power of attorney [signed and dated by the principal
with the signature of the principal duly acknowledged in the manner
prescribed for the acknowledgment of a conveyance of real property, and
which is executed pursuant to the requirements of paragraph (b) of
subdivision nine of section 5-1514 of this title]. The agent may not
make gifts [to] OF the principal's property to himself or herself with-
out specific authorization in a power of attorney.
§ 16. Paragraphs (h) and (i) of subdivision 2 of section 5-1510 of the
general obligations law, as added by chapter 644 of the laws of 2008,
are amended to read as follows:
(h) to construe any provision of a power of attorney; OR
(i) to compel acceptance of the power of attorney [in which event the
relief to be granted is limited to an order compelling acceptance].
§ 17. Section 5-1513 of the general obligations law, as amended by
chapter 340 of the laws of 2010, is amended to read as follows:
S. 3923--A 12
§ 5-1513. Statutory short form power of attorney. [1.] The use of the
following form, OR ONE WHICH SUBSTANTIALLY CONFORMS TO THE FOLLOWING
FORM, in the creation of a power of attorney is lawful, and, when used,
and executed in accordance with subdivision one of section 5-1501B of
this title, it shall be construed as a statutory short form power of
attorney in accordance with the provisions of this title; PROVIDED
HOWEVER, THAT ANY SECTION INDICATED AS "OPTIONAL" WHICH IS NOT USED MAY
BE OMITTED AND REPLACED BY THE WORDS "INTENTIONALLY OMITTED":
"POWER OF ATTORNEY
NEW YORK STATUTORY SHORT FORM
(a) CAUTION TO THE PRINCIPAL: Your Power of Attorney is an important
document. As the "principal," you give the person whom you choose (your
"agent") authority to spend your money and sell or dispose of your prop-
erty during your lifetime without telling you. You do not lose your
authority to act even though you have given your agent similar authori-
ty.
When your agent exercises this authority, he or she must act according
to any instructions you have provided or, where there are no specific
instructions, in your best interest. "Important Information for the
Agent" at the end of this document describes your agent's responsibil-
ities.
Your agent can act on your behalf only after signing the Power of
Attorney before a notary public.
You can request information from your agent at any time. If you are
revoking a prior Power of Attorney, you should provide written notice of
the revocation to your prior agent(s) and to any third parties who may
have acted upon it, including the financial institutions where your
accounts are located.
You can revoke or terminate your Power of Attorney at any time for any
reason as long as you are of sound mind. If you are no longer of sound
mind, a court can remove an agent for acting improperly.
Your agent cannot make health care decisions for you. You may execute
a "Health Care Proxy" to do this.
The law governing Powers of Attorney is contained in the New York
General Obligations Law, Article 5, Title 15. This law is available at a
law library, or online through the New York State Senate or Assembly
websites, [www.senate.state.ny.us] WWW.NYSENATE.GOV or
[www.assembly.state.ny.us] WWW.NYASSEMBLY.GOV.
If there is anything about this document that you do not understand,
you should ask a lawyer of your own choosing to explain it to you.
(b) DESIGNATION OF AGENT(S):
I, _______________________________________________, hereby appoint:
name and address of principal
_____________________________________________________as my agent(s)
name(s) and address(es) of agent(s)
If you designate more than one agent above AND YOU DO NOT INITIAL A
STATEMENT BELOW, they must act together [unless you initial the state-
ment below].
( ) MY AGENTS MUST ACT TOGETHER.
S. 3923--A 13
( ) My successor agents may act SEPARATELY.
(c) DESIGNATION OF SUCCESSOR AGENT(S): (OPTIONAL)
If any agent designated above is unable or unwilling to serve, I
appoint as my successor agent(s):
_______________________________________________________________
name(s) and address(es) of successor agent(s)
[Successor] IF YOU DO NOT INITIAL A STATEMENT BELOW, SUCCESSOR agents
designated above must act together [unless you initial the statement
below].
( ) MY AGENTS MUST ACT TOGETHER.
( ) My successor agents may act SEPARATELY.
You may provide for specific succession rules in this section. Insert
specific succession provisions here:
(d) This POWER OF ATTORNEY shall not be affected by my subsequent inca-
pacity unless I have stated otherwise below, under "Modifications".
(e) This POWER OF ATTORNEY DOES NOT REVOKE any Powers of Attorney previ-
ously executed by me unless I have stated otherwise below, under
"Modifications."
[If you do NOT intend to revoke your prior Powers of Attorney, and if
you have granted the same authority in this Power of Attorney as you
granted to another agent in a prior Power of Attorney, each agent can
act separately unless you indicate under "Modifications" that the agents
with the same authority are to act together.]
(f) GRANT OF AUTHORITY:
To grant your agent some or all of the authority below, either
(1) Initial the bracket at each authority you grant, or
(2) Write or type the letters for each authority you grant on the
blank line at (P), and initial the bracket at (P). If you initial
(P), you do not need to initial the other lines.
I grant authority to my agent(s) with respect to the following
subjects as defined in sections 5-1502A through 5-1502N of the New York
General Obligations Law:
( ) (A) real estate transactions;
( ) (B) chattel and goods transactions;
( ) (C) bond, share, and commodity transactions;
( ) (D) banking transactions;
( ) (E) business operating transactions;
( ) (F) insurance transactions;
( ) (G) estate transactions;
( ) (H) claims and litigation;
( ) (I) personal and family maintenance. If you grant your agent
this authority, it will allow the agent to make gifts
that you customarily have made to individuals, including
the agent, and charitable organizations. The total
amount of all such gifts in any one calendar year cannot
exceed five [hundred] THOUSAND dollars;
( ) (J) benefits from governmental programs or civil or military
service;
( ) (K) FINANCIAL MATTERS RELATED TO health care [billing and
payment matters]; records, reports, and statements;
( ) (L) retirement benefit transactions;
( ) (M) tax matters;
S. 3923--A 14
( ) (N) all other matters;
( ) (O) full and unqualified authority to my agent(s) to dele-
gate any or all of the foregoing powers to any person or
persons whom my agent(s) select;
( ) (P) EACH of the matters identified by the following
letters______.
You need not initial the other lines if you initial line (P).
(g) [MODIFICATIONS: (OPTIONAL)
In this section, you may make additional provisions, including
language to limit or supplement authority granted to your agent.
However, you cannot use this Modifications section to grant your agent
authority to make gifts or changes to interests in your property. If
you wish to grant your agent such authority, you MUST complete the Stat-
utory Gifts Rider.
(h)] CERTAIN GIFT TRANSACTIONS: [STATUTORY GIFTS RIDER] (OPTIONAL)
In order to authorize your agent to make gifts in excess of an annual
total of [$500] $5,000 for all gifts described in (I) of the grant of
authority section of this document (under personal and family mainte-
nance), AND/OR TO MAKE CHANGES TO INTEREST IN YOUR PROPERTY, you must
[initial the statement below and execute a Statutory Gifts Rider at the
same time as this instrument. Initialing the statement below by itself
does not authorize your agent to make gifts. The preparation of the
Statutory Gifts Rider] EXPRESSLY GRANT THAT AUTHORIZATION IN THE MODIFI-
CATIONS SECTION BELOW. IF YOU WISH TO AUTHORIZE YOUR AGENT TO MAKE GIFTS
TO HIMSELF OR HERSELF, YOU MUST EXPRESSLY GRANT SUCH AUTHORIZATION IN
THE MODIFICATIONS SECTION BELOW. GRANTING SUCH AUTHORITY TO YOUR AGENT
GIVES YOUR AGENT THE AUTHORITY TO TAKE ACTIONS WHICH COULD SIGNIFICANTLY
REDUCE YOUR PROPERTY AND/OR CHANGE HOW YOUR PROPERTY IS DISTRIBUTED AT
YOUR DEATH. YOUR CHOICE TO GRANT SUCH AUTHORITY should be [supervised
by] DISCUSSED WITH a lawyer.
( ) [(SGR)] I grant my agent authority to make gifts in accord-
ance with the terms and conditions of the [Statutory Gifts Rider]
MODIFICATIONS that [supplements] SUPPLEMENT this Statutory Power of
Attorney.
(H) MODIFICATIONS: (OPTIONAL)
IN THIS SECTION, YOU MAY MAKE ADDITIONAL PROVISIONS, INCLUDING, BUT
NOT LIMITED TO, LANGUAGE TO LIMIT OR SUPPLEMENT AUTHORITY GRANTED TO
YOUR AGENT, LANGUAGE TO GRANT YOUR AGENT THE SPECIFIC AUTHORITY TO MAKE
GIFTS TO HIMSELF OR HERSELF, AND/OR LANGUAGE TO GRANT YOUR AGENT THE
SPECIFIC AUTHORITY TO MAKE OTHER GIFT TRANSACTIONS AND/OR CHANGES TO
INTERESTS IN YOUR PROPERTY. YOUR AGENT IS ENTITLED TO BE REIMBURSED FROM
YOUR ASSETS FOR REASONABLE EXPENSES INCURRED ON YOUR BEHALF. IN THIS
SECTION, YOU MAY MAKE ADDITIONAL PROVISIONS IF YOU ALSO WISH YOUR
AGENT(S) TO BE COMPENSATED FROM YOUR ASSETS FOR SERVICES RENDERED ON
YOUR BEHALF, AND YOU MAY DEFINE "REASONABLE COMPENSATION."
(i) DESIGNATION OF MONITOR(S): (OPTIONAL)
If you wish to appoint monitor(s), initial and fill in the section
below:
( ) I wish to designate ______________________, whose address(es)
is (are) ____________________________________________________________,
as monitor(s). Upon the request of the monitor(s), my agent(s) must
provide the monitor(s) with a copy of the power of attorney and a record
of all transactions done or made on my behalf. Third parties holding
S. 3923--A 15
records of such transactions shall provide the records to the monitor(s)
upon request.
(j) COMPENSATION OF AGENT(S): [(OPTIONAL)]
Your agent is entitled to be reimbursed from your assets for reason-
able expenses incurred on your behalf. If you ALSO wish your agent(s) to
be compensated from your assets for services rendered on your behalf,
[initial the statement below. If you] AND/OR YOU wish to define "reason-
able compensation", you may do so above, under "Modifications"[.
( ) My agent(s) shall be entitled to reasonable compensation for
services rendered.]
(k) ACCEPTANCE BY THIRD PARTIES: I agree to indemnify the third party
for any claims that may arise against the third party because of reli-
ance on this Power of Attorney. I understand that any termination of
this Power of Attorney, whether the result of my revocation of the Power
of Attorney or otherwise, is not effective as to a third party until the
third party has actual notice or knowledge of the termination.
(l) TERMINATION: This Power of Attorney continues until I revoke it or
it is terminated by my death or other event described in section 5-1511
of the General Obligations Law.
Section 5-1511 of the General Obligations Law describes the manner in
which you may revoke your Power of Attorney, and the events which termi-
nate the Power of Attorney.
(m) SIGNATURE AND ACKNOWLEDGMENT:
In Witness Whereof I have hereunto signed my name on ___________,20___.
PRINCIPAL signs here: ==>__________________________________________
(acknowledgment)
(n) IMPORTANT INFORMATION FOR THE AGENT:
When you accept the authority granted under this Power of Attorney, a
special legal relationship is created between you and the principal.
This relationship imposes on you legal responsibilities that continue
until you resign or the Power of Attorney is terminated or revoked. You
must:
(1) act according to any instructions from the principal, or, where
there are no instructions, in the principal's best interest;
(2) avoid conflicts that would impair your ability to act in the prin-
cipal's best interest;
(3) keep the principal's property separate and distinct from any
assets you own or control, unless otherwise permitted by law;
(4) keep a record [or] OF all [receipts, payments, and] transactions
conducted for the principal OR KEEP ALL RECEIPTS OF PAYMENTS AND TRANS-
ACTIONS CONDUCTED FOR THE PRINCIPAL; and
(5) disclose your identity as an agent whenever you act for the prin-
cipal by writing or printing the principal's name and signing your own
name as "agent" in either of the following manners: (Principal's Name)
by (Your Signature) as Agent, or (your signature) as Agent for (Princi-
pal's Name).
You may not use the principal's assets to benefit yourself or anyone
else or make gifts to yourself or anyone else unless the principal has
specifically granted you that authority in THE MODIFICATIONS SECTION OF
S. 3923--A 16
this document[, which is either a Statutory Gifts Rider attached to a
Statutory Short Form Power of Attorney] or a Non-Statutory Power of
Attorney. If you have that authority, you must act according to any
instructions of the principal or, where there are no such instructions,
in the principal's best interest. You may resign by giving written
notice to the principal and to any co-agent, successor agent, monitor if
one has been named in this document, or the principal's guardian if one
has been appointed. If there is anything about this document or your
responsibilities that you do not understand, you should seek legal
advice.
Liability of agent:
The meaning of the authority given to you is defined in New York's
General Obligations Law, Article 5, Title 15. If it is found that you
have violated the law or acted outside the authority granted to you in
the Power of Attorney, you may be liable under the law for your
violation.
(o) AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:
It is not required that the principal and the agent(s) sign at the
same time, nor that multiple agents sign at the same time.
I/we, ___________________________________________, have read the forego-
ing Power of Attorney. I am/we are the person(s) identified therein as
agent(s) for the principal named therein.
I/we acknowledge my/our legal responsibilities.
IN WITNESS WHEREOF I HAVE HEREUNTO SIGNED MY NAME ON ________________
20_____.
Agent(s) sign(s) here:==>__________________________________________
(acknowledgment(s))
(p) SUCCESSOR AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:
It is not required that the principal and the SUCCESSOR agent(s), if
any, sign at the same time, nor that multiple SUCCESSOR agents sign at
the same time. Furthermore, successor agents can not use this power of
attorney unless the agent(s) designated above is/are unable or unwilling
to serve.
I/we, ___________________________________________, have read the forego-
ing Power of Attorney. I am/we are the person(s) identified therein as
SUCCESSOR agent(s) for the principal named therein.
IN WITNESS WHEREOF I HAVE HEREUNTO SIGNED MY NAME ON ________________
20_____.
Successor Agent(s) sign(s) here:==>______________________________________
(acknowledgment(s))"
§ 18. Section 5-1514 of the general obligations law is REPEALED.
§ 19. This act shall take effect on the one hundred eightieth day
after it shall have become a law, provided, that any statutory short
form power of attorney and any statutory gifts rider executed by a prin-
cipal and valid at the time executed by such principal shall remain
valid, as will any revocation of a prior power of attorney that was
delivered to an agent prior to the effective date of this act.
