Bill Text: NY A05630 | 2019-2020 | General Assembly | Amended


Bill Title: Reforms the statutory short form and other powers of attorney for purposes of financial and estate planning.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Passed) 2020-12-15 - approval memo.32 [A05630 Detail]

Download: New_York-2019-A05630-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                         5630--A
                                                                Cal. No. 216

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                    February 14, 2019
                                       ___________

        Introduced by M. of A. WEINSTEIN, LUPARDO, ZEBROWSKI, TAYLOR, BRONSON --
          read  once  and referred to the Committee on Judiciary -- ordered to a
          third reading, amended and ordered reprinted, retaining its  place  on
          the order of third reading

        AN  ACT  to  amend the general obligations law, in relation to reforming
          the statutory short form and other powers of attorney for purposes  of
          financial  and  estate  planning;  and to repeal certain provisions of
          such law relating to statutory gift riders

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Paragraph  (j)  of subdivision 2 of section 5-1501 of the
     2  general obligations law, as amended by chapter 340 of the laws of  2010,
     3  is amended to read as follows:
     4    (j)  "Power  of attorney" means a written document, other than a docu-
     5  ment referred to in section 5-1501C of this title, by which a  principal
     6  with  capacity  designates  an  agent  to  act  on his or her behalf and
     7  includes both a statutory short form power of attorney and a  non-statu-
     8  tory power of attorney.
     9    §  2.  Paragraph (n) of subdivision 2 of section 5-1501 of the general
    10  obligations law is REPEALED, and paragraphs (o), (p) and (q) are  relet-
    11  tered paragraphs (n), (o) and (p).
    12    §  3.  Paragraph (n) of subdivision 2 of section 5-1501 of the general
    13  obligations law, as amended by chapter 340 of the laws of  2010  and  as
    14  relettered by section two of this act, is amended to read as follows:
    15    (n) "Statutory short form power of attorney" means a power of attorney
    16  that  meets  the requirements of paragraphs (a), (b) and (c) of subdivi-
    17  sion one of section 5-1501B of this title, and that [contains the exact]
    18  substantially conforms to the wording of the form set forth  in  section
    19  5-1513  of  this  title; provided however, that any section indicated as
    20  "Optional" that is not used may be omitted and  replaced  by  the  words
    21  "Intentionally  Omitted".  [A  mistake  in wording, such as in spelling,

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00875-02-0

        A. 5630--A                          2

     1  punctuation or formatting, or the use of bold or italic type, shall  not
     2  prevent  a]  A  given  power  of attorney [from being deemed a statutory
     3  short form power of attorney, but the wording of the form] substantially
     4  conforms  to  the form required pursuant to section 5-1513 of this title
     5  notwithstanding that the form contains (i) an insignificant  mistake  in
     6  wording,  spelling,  punctuation  or  formatting,  or the use of bold or
     7  italic type; or (ii) uses language that is essentially the same as,  but
     8  is  not  identical  to, the statutory form, including utilizing language
     9  from a previous statute. The determination of whether there is  substan-
    10  tial  conformity with the form set forth in section 5-1513 of this title
    11  [shall govern] shall not depend on the presence or absence of a  partic-
    12  ular  clause.    Failing  to  include clauses that are not relevant to a
    13  given power of attorney shall not in itself cause such power of attorney
    14  to be found to not substantially conform with the requirements  of  such
    15  form.  The  use of the form set forth in section 5-1513 of this title is
    16  lawful and when used, it shall be construed as a  statutory  short  form
    17  power  of attorney. A statutory short form power of attorney may be used
    18  to grant authority provided in sections 5-1502A through 5-1502N of  this
    19  title.  A "statutory short form power of attorney" may contain modifica-
    20  tions or additions as provided in section 5-1503 of this title[, but  in
    21  no  event  may it be modified to grant any authority provided in section
    22  5-1514 of this title. If the authority (SGR) on the statutory short form
    23  is initialed by the principal, the statutory short form power of  attor-
    24  ney  must  be executed in the manner provided in section 5-1501B of this
    25  title, simultaneously with the statutory gifts rider. A statutory  short
    26  form  power of attorney and a statutory gifts rider which supplements it
    27  must be read together as a single instrument].
    28    § 4. Subdivisions 1 and 2 of section  5-1501B  of  the  general  obli-
    29  gations  law,  as  added by chapter 644 of the laws of 2008, the opening
    30  paragraph and paragraphs (b) and (c) of subdivision 1, and  the  opening
    31  paragraph  and  paragraph (a) of subdivision 2 as amended by chapter 340
    32  of the laws of 2010, are amended to read as follows:
    33    1. To be valid, except as otherwise provided in section 5-1512 of this
    34  title, a statutory short form power  of  attorney,  or  a  non-statutory
    35  power of attorney, executed in this state by a principal, must:
    36    (a)  Be  typed  or printed using letters which are legible or of clear
    37  type no less than twelve point in size, or, if in writing, a  reasonable
    38  equivalent thereof.
    39    (b) Be signed, initialed and dated by a principal with capacity, or in
    40  the name of such principal by another person, other than a person desig-
    41  nated  as  the  principal's agent or successor agent, in the principal's
    42  presence and at the principal's  direction,  in  either  case  with  the
    43  signature  of  the  [principal]  person signing duly acknowledged in the
    44  manner prescribed for the acknowledgment of a conveyance of real proper-
    45  ty in the presence of the principal.  When a person signs at the  direc-
    46  tion  of  a  principal  he  or she shall sign by writing or printing the
    47  principal's name, and printing and signing his or her own name.
    48    (c) Be signed and dated by any agent acting on behalf of the principal
    49  with the  signature  of  the  agent  duly  acknowledged  in  the  manner
    50  prescribed  for  the  acknowledgment of a conveyance of real property. A
    51  power of attorney executed pursuant to this section is not invalid sole-
    52  ly because there has been a lapse of time between the date  of  acknowl-
    53  edgment  of  the  signature  of  the  principal and the date or dates of
    54  acknowledgment of the signature or signatures of any agent or agents  or
    55  successor  agent  or successor agents authorized to act on behalf of the

        A. 5630--A                          3

     1  principal or because the principal became incapacitated during any  such
     2  lapse of time.
     3    (d) [Contain the exact] Substantially conform to the wording of the:
     4    (1)  "Caution to the Principal" in paragraph (a) of subdivision one of
     5  section 5-1513 of this title; and
     6    (2) "Important Information for the Agent" in paragraph (n) of subdivi-
     7  sion one of section 5-1513 of this title.
     8    2. [In addition  to  the  requirements  of  subdivision  one  of  this
     9  section,  to  be  valid for the purpose of authorizing the agent to make
    10  certain gift transactions described in section 5-1514 of this title:
    11    (a) a statutory short form power of attorney must contain the authori-
    12  ty (SGR) initialed by the principal and be accompanied by a valid statu-
    13  tory gifts rider; and
    14    (b) a non-statutory power of attorney must be executed pursuant to the
    15  requirements of paragraph (b) of subdivision nine of section  5-1514  of
    16  this  title.]  Insubstantial variation in the wording of the "Caution to
    17  the Principal" of paragraph (a) of subdivision one of section 5-1513  of
    18  this  title or of the "Important Information for the Agent" of paragraph
    19  (n) of subdivision one of section 5-1513 of this title shall not prevent
    20  a power of attorney from being deemed a statutory short  form  power  of
    21  attorney or a non-statutory power of attorney.
    22    §  5.  Subdivisions  2  and  9 of section 5-1502A of the general obli-
    23  gations law, as amended by chapter 340 of the laws of 2010, are  amended
    24  to read as follows:
    25    2.  To  sell, to exchange, to convey either with or without covenants,
    26  to quit-claim, to release, to surrender, to mortgage,  to  incumber,  to
    27  partition or to consent to the partitioning, to create, modify or revoke
    28  a  trust  [unless  such  creation,  modification or revocation is a gift
    29  transaction governed by section 5-1514 of this title,] to grant  options
    30  concerning,  to  lease  or  to  sublet,  or otherwise to dispose of, any
    31  estate or interest in land;
    32    9. To execute, to acknowledge,  to  seal  and  to  deliver  any  deed,
    33  creation,  modification  or revocation of a trust [unless such creation,
    34  modification or revocation is a gift  transaction  governed  by  section
    35  5-1514  of  this title], mortgage, lease, notice, check or other instru-
    36  ment which the agent may think useful for the accomplishment of  any  of
    37  the purposes enumerated in this section;
    38    §  6.  Subdivisions  2  and  7 of section 5-1502B of the general obli-
    39  gations law, as amended by chapter 340 of the laws of 2010, are  amended
    40  to read as follows:
    41    2.  To  sell, to exchange, to convey either with or without covenants,
    42  to release, to surrender,  to  mortgage,  to  incumber,  to  pledge,  to
    43  hypothecate,  to  pawn, to create, modify or revoke a trust [unless such
    44  creation, modification or revocation is a gift transaction  governed  by
    45  section  5-1514  of this title] to grant options concerning, to lease or
    46  to sublet to others, or otherwise to dispose of any chattel or goods  or
    47  any interest in any chattel or goods;
    48    7.  To execute, to acknowledge, to seal and to deliver any conveyance,
    49  mortgage, lease, creation, revocation or modification of a trust [unless
    50  such creation, modification or revocation is a gift transaction governed
    51  by section 5-1514 of this title],  notice,  check  or  other  instrument
    52  which  the  agent  may think useful for the accomplishment of any of the
    53  purposes enumerated in this section;
    54    § 7. Subdivisions 2 and 9 of section  5-1502C  of  the  general  obli-
    55  gations  law, as amended by chapter 340 of the laws of 2010, are amended
    56  to read as follows:

        A. 5630--A                          4

     1    2. To sell (including short sales), to exchange,  to  transfer  either
     2  with or without a guaranty, to release, to surrender, to hypothecate, to
     3  pledge,  to  create,  modify  or  revoke  a trust [unless such creation,
     4  modification or revocation is a gift  transaction  governed  by  section
     5  5-1514  of  this  title,] to grant options concerning, to loan, to trade
     6  in, or otherwise to dispose of any bond, share,  instrument  of  similar
     7  character, commodity interest or any instrument with respect thereto;
     8    9.  To  execute,  to  acknowledge, to seal and to deliver any consent,
     9  agreement, authorization, creation,  modification  or  revocation  of  a
    10  trust  [unless such creation, declaration, modification or revocation is
    11  a gift transaction governed by section 5-1514 of  this  title],  assign-
    12  ment,  notice,  waiver  of  notice, check, or other instrument which the
    13  agent may think useful for the accomplishment of  any  of  the  purposes
    14  enumerated in this section;
    15    §  8. Subdivision 1 of section 5-1502D of the general obligations law,
    16  as amended by chapter 644 of the laws of 2008, paragraphs (a) and (b) as
    17  amended by chapter 340 of the laws  of  2010,  is  amended  to  read  as
    18  follows:
    19    1.  To  continue,  to modify, to terminate and to make deposits to and
    20  withdrawals from any deposit account, including any joint  account  with
    21  the agent or totten trust for the benefit of the agent, or other banking
    22  arrangement  made by or on behalf of the principal prior to the creation
    23  of the agency, provided, however, that:
    24    (a) with respect to joint accounts existing at  the  creation  of  the
    25  agency,  the  authority  granted  hereby  shall not include the power to
    26  change the title of the account by the addition of a new joint tenant or
    27  the deletion of an existing joint tenant, unless the authority  to  make
    28  such changes is [conveyed in a statutory gifts rider to] expressly stat-
    29  ed  otherwise  in  the "Modifications" section of a statutory short form
    30  power of attorney or in a non-statutory power  of  attorney  signed  and
    31  dated by the principal with the signature of the principal duly acknowl-
    32  edged  in  the manner prescribed for the acknowledgement of a conveyance
    33  of real property, and which is executed pursuant to the requirements  of
    34  [paragraph  (b) of subdivision nine of] section [5-1514] 5-1501B of this
    35  title, and
    36    (b) with respect to totten trust accounts existing at the creation  of
    37  the  agency, the authority granted hereby shall not include the power to
    38  add, delete, or otherwise change the  designation  of  beneficiaries  in
    39  effect  for  any  such accounts, unless the authority to make such addi-
    40  tions, deletions or changes is [conveyed in a statutory gifts rider  to]
    41  expressly stated otherwise in the "Modifications" section of a statutory
    42  short  form  power  of  attorney or in a non-statutory power of attorney
    43  signed and dated by the principal with the signature  of  the  principal
    44  duly  acknowledged  in the manner prescribed for the acknowledgment of a
    45  conveyance of real property, and  which  is  executed  pursuant  to  the
    46  requirements  of [paragraph (b) of subdivision nine of] section [5-1514]
    47  5-1501B of this title.
    48    § 8-a. Section 5-1502D of the general obligations law  is  amended  by
    49  adding a new subdivision 18 to read as follows:
    50    18.  If  a  power  of  attorney  requires  that two or more agents act
    51  together as co-agents, one or more agents may delegate to  the  co-agent
    52  the authority to conduct banking transactions if the principal initialed
    53  subject (o) in the grant of authority provisions of paragraph (f) of the
    54  statutory short form set forth in section 15-1513 of this title.

        A. 5630--A                          5

     1    §  9.  Subdivisions  1  and  3 of section 5-1502F of the general obli-
     2  gations law, as amended by chapter 340 of the laws of 2010, are  amended
     3  to read as follows:
     4    1.  To  continue,  to  pay the premium or assessment on, to modify, to
     5  rescind, to release or to terminate  any  contract  of  life,  accident,
     6  health,  disability  or  liability  insurance or any combination of such
     7  insurance procured by or  on  behalf  of  the  principal  prior  to  the
     8  creation  of  the agency which insures either the principal or any other
     9  person, without regard to whether the principal is or is not a benefici-
    10  ary thereunder;  provided,  however,  with  respect  to  life  insurance
    11  contracts  existing at the creation of the agency, the authority granted
    12  hereby shall not include the power to add, delete  or  otherwise  change
    13  the designation of beneficiaries in effect for any such contract, unless
    14  the  authority to make such additions, deletions or changes is [conveyed
    15  in a statutory gifts rider to] stated otherwise in  the  "Modifications"
    16  section of a statutory short form power of attorney or in a non-statuto-
    17  ry  power  of attorney signed and dated by the principal with the signa-
    18  ture of the principal duly acknowledged in the manner prescribed for the
    19  acknowledgment of a conveyance of real property, and which  is  executed
    20  pursuant  to  the requirements of [paragraph (b) of subdivision nine of]
    21  section [5-1514] 5-1501B of this title;
    22    3. To apply for and to receive any available loan on the  security  of
    23  the  contract  of insurance, whether for the payment of a premium or for
    24  the procuring of cash, to surrender and thereupon to  receive  the  cash
    25  surrender  value,  to  exercise an election as to beneficiary or mode of
    26  payment, to change the manner of paying premiums, and to  change  or  to
    27  convert  the type of insurance contract, with respect to any contract of
    28  life, accident, health, disability or liability insurance  as  to  which
    29  the  principal  has,  or  claims  to have, any one or more of the powers
    30  described in this section; provided, however, that the authority granted
    31  hereby shall not include the power to add, delete  or  otherwise  change
    32  the designation of beneficiaries in effect for any such contract, unless
    33  the  authority to make such additions, deletions or changes is [conveyed
    34  in a statutory  gifts  rider  to]  expressly  stated  otherwise  in  the
    35  "Modifications"  section  of a statutory short form power of attorney or
    36  in a non-statutory power of attorney signed and dated by  the  principal
    37  with  the  signature  of  the  principal duly acknowledged in the manner
    38  prescribed for the acknowledgment of a conveyance of real property,  and
    39  which  is  executed  pursuant  to  the requirements of [paragraph (b) of
    40  subdivision nine of] section [5-1514] 5-1501B of this title;
    41    § 10. Subdivision 14 of section 5-1502I  of  the  general  obligations
    42  law,  as  amended by chapter 340 of the laws of 2010, is amended to read
    43  as follows:
    44    14. To continue gifts that the principal customarily made to  individ-
    45  uals  and  charitable organizations prior to the creation of the agency,
    46  provided that in any one calendar year all such gifts shall  not  exceed
    47  five [hundred] thousand dollars in the aggregate; and
    48    §  11.  The  section  heading,  opening paragraph and subdivision 1 of
    49  section 5-1502K of the general obligations law, as  amended  by  chapter
    50  644 of the laws of 2008, are amended to read as follows:
    51    Construction--matters  related  to  health  care  [billing and payment
    52  matters; records, reports and statements]. In  a  statutory  short  form
    53  power  of  attorney,  the  language  conferring  general  authority with
    54  respect to "matters related to health care [billing and payment matters;
    55  records, reports and statements]," or in a statutory short form power of
    56  attorney properly executed in accordance with the laws in effect at  the

        A. 5630--A                          6

     1  time of its execution, the language conferring authority with respect to
     2  "records,  reports  and  statements," must be construed to mean that the
     3  principal authorizes the agent:
     4    1.  [To access records relating to the provision of health care and to
     5  make decisions relating to the past, present or future payment  for  the
     6  provision  of  health care consented to by or on behalf of the principal
     7  or the principal's health care agent authorized under state law.  In  so
     8  doing  the  agent  is  acting as the principal's personal representative
     9  pursuant to sections 1171 through 1179 of the Social  Security  Act,  as
    10  added  by  sections  262  and  264 of Public Law 104-191, and applicable
    11  regulations. This authority shall  not  include  authorization  for  the
    12  agent  to make other medical or health care decisions for the principal]
    13  To be responsible for matters relating to the principal's  health  care,
    14  including,  but  not  limited to, benefit entitlements and payment obli-
    15  gations, and in so doing, notwithstanding any law to  the  contrary,  to
    16  receive  from  "health  care providers" and "health plans," information,
    17  including, but not limited to, "protected health information" as defined
    18  in federal and state law, rules and regulations, in order  to  ascertain
    19  the  benefits  to  which  the principal is entitled and to determine the
    20  legitimacy and accuracy of charges for health care provided to the prin-
    21  cipal; to obtain for the principal the health care benefits to which the
    22  principal is entitled; to meet the  principal's  financial  obligations,
    23  and  pay bills due and owing, for health care provided to the principal;
    24  and to represent the principal, and to act as the  principal's  personal
    25  representative,  with  respect  to matters pertaining to the principal's
    26  health care. The authority granted by this  subdivision  is  limited  to
    27  health  care  financial  matters and shall not include authorization for
    28  the agent to make health care decisions for the principal;
    29    § 12. Subdivisions 2 and 4 of section 5-1502L  of  the  general  obli-
    30  gations  law, as amended by chapter 340 of the laws of 2010, are amended
    31  to read as follows:
    32    2. To  make  investment  directions,  to  select  and  change  payment
    33  options,  and  to  exercise  any  other  election for the principal with
    34  regard to any retirement benefit or plan in which the principal  has  an
    35  interest, provided, however, that the authority granted hereby shall not
    36  include  the  authority  to  add, delete, or otherwise change the desig-
    37  nation of beneficiaries in effect for any  such  retirement  benefit  or
    38  plan,  unless the authority to make such additions, deletions or changes
    39  is [conveyed in a statutory gifts rider to] expressly  stated  otherwise
    40  in the "Modifications" section of a statutory short form power of attor-
    41  ney  or  in  a  non-statutory  power of attorney signed and dated by the
    42  principal with the signature of the principal duly acknowledged  in  the
    43  manner prescribed for the acknowledgment of a conveyance of real proper-
    44  ty, and which is executed pursuant to the requirements of [paragraph (b)
    45  of subdivision nine of] section [5-1514] 5-1501B of this title;
    46    4.  To  prepare, execute and deliver any application, agreement, trust
    47  agreement [unless such trust agreement is a gift transaction governed by
    48  section 5-1514 of this title], authorization, check or other  instrument
    49  or  document  which  may  be  required under the terms of any retirement
    50  benefit or plan in which the principal has an interest or by the  admin-
    51  istrator thereof, or which the agent deems useful for the accomplishment
    52  of any of the purposes enumerated in this section;
    53    §  13.  Section  5-1503  of the general obligations law, as amended by
    54  chapter 340 of the laws of 2010, is amended to read as follows:
    55    § 5-1503. Modifications of the statutory short form power of  attorney
    56  [and  of the statutory gifts rider]. A power of attorney which satisfies

        A. 5630--A                          7

     1  the requirements of paragraphs (a), (b) and (c) of  subdivision  one  of
     2  section  5-1501B  and section 5-1513 of this title is not prevented from
     3  being a "statutory short form power of attorney", [and a document  which
     4  satisfies  the  requirements  of  section  5-1514  of  this title is not
     5  prevented from being a "statutory gifts rider" as either of these  terms
     6  is  used  in  the  sections  of  this  title,]  by the fact that it also
     7  contains additional language  at  the  section  labeled  "modifications"
     8  which:
     9    1. Eliminates from the statutory short form power of attorney [or from
    10  the  statutory  gifts rider] one or more of the powers enumerated in one
    11  or more of the constructional sections of this title with respect  to  a
    12  subdivision  of  the  statutory  short form power of attorney [or of the
    13  statutory gifts rider], affirmatively chosen by the principal; or
    14    2. Supplements one or more of the powers enumerated in one or more  of
    15  the  constructional sections in this title with respect to a subdivision
    16  of the statutory short form power of attorney [or of the statutory gifts
    17  rider], affirmatively chosen by the principal, by  specifically  listing
    18  additional powers of the agent; or
    19    3.  Makes some additional provision which is not inconsistent with the
    20  other provisions of the statutory short form power of  attorney  [or  of
    21  the  statutory  gifts rider], including a provision revoking one or more
    22  powers of attorney previously executed by the principal.
    23    § 14. Section 5-1504 of the general obligations  law,  as  amended  by
    24  chapter  644 of the laws of 2008, the opening paragraph, subparagraphs 1
    25  and 9 of paragraph (a) and paragraph (b) of subdivision 1,  subdivisions
    26  2,  3  and 5 as amended and subdivision 7 as added by chapter 340 of the
    27  laws of 2010, is amended to read as follows:
    28    § 5-1504. Acceptance of and reliance upon acknowledged statutory short
    29  form power of attorney. 1.  (a) For purposes of this section,  "acknowl-
    30  edged"  means purportedly verified before a notary public or other indi-
    31  vidual authorized to take acknowledgements.
    32    (b) A person that in good  faith  accepts  an  acknowledged  power  of
    33  attorney  without actual knowledge that the signature is not genuine may
    34  rely upon the presumption that the signature is genuine.
    35    (c) A person that in good  faith  accepts  an  acknowledged  power  of
    36  attorney  without  actual  knowledge that the power of attorney is void,
    37  invalid, or terminated, that the purported agent's  authority  is  void,
    38  invalid,  or  terminated,  or  that the agent is exceeding or improperly
    39  exercising the agent's authority may rely upon the power of attorney  as
    40  if  the  power  of attorney were genuine, valid and still in effect, the
    41  agent's authority were genuine, valid and still in effect, and the agent
    42  had not exceeded and had properly exercised the authority.
    43    (d) A person that is asked to accept an acknowledged power of attorney
    44  may request, and rely upon, without further investigation:
    45    (1) an agent's certification under penalty of perjury of  any  factual
    46  matter concerning the principal, agent or power of attorney; and
    47    (2) an opinion of counsel as to any matter of law concerning the power
    48  of  attorney  if  the person making the request provides in a writing or
    49  other record the reason for the request.
    50    (e) An opinion  of  counsel  requested  under  this  section  must  be
    51  provided at the principal's expense unless the request is made more than
    52  ten  business  days after the power of attorney is presented for accept-
    53  ance.
    54    (f) For purposes of this section, a person  that  conducts  activities
    55  through  employees  is  without actual knowledge of a fact relating to a
    56  power of attorney, a principal, or an agent if the  employee  conducting

        A. 5630--A                          8

     1  the  transaction involving the power of attorney is without actual know-
     2  ledge of the fact after making reasonable inquiry with respect thereto.
     3    2.  No  third  party  located  or  doing  business in this state shall
     4  refuse, without reasonable cause, to honor a statutory short form  power
     5  of attorney properly executed in accordance with section 5-1501B of this
     6  title,  [including  a  statutory  short  form power of attorney which is
     7  supplemented by a statutory gifts rider,]  or  a  statutory  short  form
     8  power  of  attorney  properly  executed  in  accordance with the laws in
     9  effect at the time of its execution.
    10    (a) Reasonable cause under this subdivision shall include, but not  be
    11  limited to:
    12    (1)  the refusal by the agent to provide an original power of attorney
    13  or a copy certified  by  an  attorney  pursuant  to  section  twenty-one
    14  hundred five of the civil practice law and rules, or by a court or other
    15  government entity;
    16    (2)  the  third  party's  good faith referral of the principal and the
    17  agent or a person acting for or  with  the  agent  to  the  local  adult
    18  protective services unit;
    19    (3) actual knowledge of a report having been made by any person to the
    20  local  adult  protective  services  unit  alleging physical or financial
    21  abuse, neglect, exploitation or abandonment  of  the  principal  by  the
    22  agent or a person acting for or with the agent;
    23    (4)  actual  knowledge  of the principal's death or a reasonable basis
    24  for believing the principal has died;
    25    (5) actual knowledge of the incapacity of the principal or  a  reason-
    26  able  basis  for believing that the principal is incapacitated where the
    27  power of attorney tendered is a nondurable power of attorney;
    28    (6) actual knowledge or a reasonable  basis  for  believing  that  the
    29  principal  was  incapacitated  at  the  time  the  power of attorney was
    30  executed;
    31    (7) actual knowledge or a reasonable  basis  for  believing  that  the
    32  power of attorney was procured through fraud, duress or undue influence;
    33    (8)  actual  notice,  pursuant  to  subdivision  [three]  five of this
    34  section, of the termination or revocation of the power of attorney; [or]
    35    (9) the refusal by a  title  insurance  company  to  underwrite  title
    36  insurance  for  a  gift  of  real  property made pursuant to a statutory
    37  [gifts rider] short form power of attorney  or  non-statutory  power  of
    38  attorney  that  does not contain express instructions or purposes of the
    39  principal with respect to gifts in  the  modifications  section  of  the
    40  statutory  short form power of attorney or in the non-statutory power of
    41  attorney; or
    42    (10) the refusal of a request for a certification  or  an  opinion  of
    43  counsel under paragraph (d) of subdivision one of this section.
    44    (b)  It  shall  be  deemed unreasonable for a third party to refuse to
    45  honor a statutory short form power of attorney[, including  a  statutory
    46  short  form power of attorney which is supplemented by a statutory gifts
    47  rider,] properly executed in accordance with  section  5-1501B  of  this
    48  title  or  a statutory short form power of attorney properly executed in
    49  accordance with the laws in effect at the time of its execution, if  the
    50  only reason for the refusal is any of the following:
    51    (1)  the  power  of  attorney is not on a form prescribed by the third
    52  party to whom the power of attorney is presented.
    53    (2) there has been a lapse of time since the execution of the power of
    54  attorney.
    55    (3) on the face of the statutory short form power of  attorney,  there
    56  is  a  lapse of time between the date of acknowledgment of the signature

        A. 5630--A                          9

     1  of the principal and the date of acknowledgment of the signature of  any
     2  agent.
     3    [2.]  3.  (a) Not later than the tenth business day after presentation
     4  of an original or attorney certified copy  of  a  statutory  short  form
     5  power  of  attorney properly executed in accordance with section 5-1501B
     6  of this title or in accordance with the laws in effect at  the  time  of
     7  its  execution  to  a third party for acceptance, such third party shall
     8  either (a) honor the statutory short form  power  of  attorney,  or  (b)
     9  reject the statutory short form power of attorney in a writing that sets
    10  forth the reasons for such rejection, which writing shall be sent to the
    11  principal  and  the  agent at the addresses on the power of attorney and
    12  such other addresses as provided by the principal or the agent,  or  (c)
    13  request  the  agent  to  execute  an  acknowledged affidavit pursuant to
    14  subdivision seven of this section stating that the power of attorney  is
    15  in  full  force and effect if the statutory short form power of attorney
    16  was not submitted for acceptance  together  with  such  an  acknowledged
    17  affidavit. Such reasons for rejection may include, but not be limited to
    18  non-conforming  form,  missing or wrong signature, invalid notarization,
    19  or unacceptable identification. In the event that  the  statutory  short
    20  form  power  of attorney presented is not an original or attorney certi-
    21  fied copy, as part of the initial rejection, such short  form  power  of
    22  attorney may be rejected for such reason, provided, however, in explain-
    23  ing the reason for rejecting the short form power of attorney, the third
    24  party  shall also identify such other provisions of the short form power
    25  of attorney, if any, that would otherwise constitute cause for rejection
    26  of the statutory short form  power  of  attorney.  If  the  third  party
    27  initially  rejects the statutory short form power of attorney in a writ-
    28  ing that sets forth the reasons for  such  rejection,  the  third  party
    29  shall  within seven business days after receipt of a writing in response
    30  to the reasons for such rejection (i) honor  the  statutory  short  form
    31  power of attorney, or (ii) finally reject the statutory short form power
    32  of attorney in a writing that sets forth the reasons for such rejection.
    33  Such  writing  shall  be  sent  to  the address provided on the power of
    34  attorney, to the address of the agent, if any, and may also be  sent  to
    35  such  other address as shall be provided on the account documents, or to
    36  the address of the attorney as provided in an opinion of counsel  pursu-
    37  ant  to  this  section. If the third party requests the agent to execute
    38  such an acknowledged affidavit, the third party shall honor such  statu-
    39  tory  short  form  power  of  attorney  within seven business days after
    40  receipt by the third party of an acknowledged affidavit  which  complies
    41  with  the  provisions of subdivision seven of this section, stating that
    42  the power of attorney is in full  force  and  effect  unless  reasonable
    43  cause  exists  as  described in paragraph (a) of subdivision two of this
    44  section. For the purposes of this subdivision, notice shall  be  consid-
    45  ered  delivered  at the time such notice is mailed and the time require-
    46  ments in which to honor or reject the  statutory  short  form  power  of
    47  attorney or request the agent to execute an acknowledged affidavit shall
    48  not  apply to the department of audit and control or a public retirement
    49  system of the state as defined in subdivision six of section one hundred
    50  fifty-two of the retirement and social security law.
    51    (b) Notice to the agent as required by paragraph (a) of this  subdivi-
    52  sion  shall  not  be  sent  until after a determination is made by adult
    53  protective services if the reason for rejection is a reason set forth in
    54  subdivision two of this section and is otherwise prohibited  by  law  or
    55  regulation.

        A. 5630--A                         10

     1    4.  (a)  Once  reasonably accepted, if a third party conducts a trans-
     2  action in reliance on a properly executed statutory short form power  of
     3  attorney,  the third party shall be held harmless from liability for the
     4  transaction.
     5    (b) Except as provided in subdivision [three] five of this section, it
     6  shall  be  deemed  unlawful  for a third party to unreasonably refuse to
     7  honor a properly executed  statutory  short  form  power  of  attorney[,
     8  including a statutory short form power of attorney which is supplemented
     9  by a statutory gifts rider,] executed in accordance with section 5-1501B
    10  of  this  title  or  a  statutory  short form power of attorney properly
    11  executed in accordance with the laws  in  effect  at  the  time  of  its
    12  execution.  [A]  If a special proceeding as authorized by section 5-1510
    13  of this title is brought to compel the third party to honor the statuto-
    14  ry short form power of attorney, the court may award damages,  including
    15  reasonable  attorney's fees and costs, if the court finds that the third
    16  party acted unreasonably in refusing  to  honor  the  agent's  authority
    17  under  the statutory short form power of attorney. Such special proceed-
    18  ing shall be the exclusive remedy for a violation of this section.
    19    [3.] 5. In the absence of actual knowledge that the  principal  lacked
    20  capacity to execute a statutory short form power of attorney or that the
    21  statutory  short  form  power  of  attorney  was procured through fraud,
    22  duress or undue influence, no third  party  receiving  and  retaining  a
    23  [properly  executed]  statutory  short  form  power of attorney properly
    24  executed in accordance with section 5-1501B of this title, [including  a
    25  statutory short form power of attorney which is supplemented by a statu-
    26  tory  gifts  rider] or a statutory short form power of attorney properly
    27  executed in accordance with the laws  in  effect  at  the  time  of  its
    28  execution,  or  a  complete  photostatic  copy  of the properly executed
    29  original thereof, nor any officer, agent, attorney-in-fact  or  employee
    30  of  such  third party shall incur any liability by reason of acting upon
    31  the authority thereof unless the third party shall have received  actual
    32  notice of the revocation or termination of such power of attorney.
    33    If  a  principal  maintains an account at a financial institution, the
    34  financial institution is deemed to have actual notice after it has had a
    35  reasonable opportunity to act on a written notice of the  revocation  or
    36  termination  following  its receipt of the same at its office where such
    37  account is located.
    38    [4.] 6. If the application of the provisions of subdivision  [one  or]
    39  two or four of this section shall be held invalid to any third party the
    40  application  of  such  provisions to any third party other than those to
    41  which it is held invalid, shall not be affected thereby.
    42    [5.] 7. When the power of attorney is presented to a third  party,  it
    43  shall  not be deemed unreasonable for a third party to require the agent
    44  to execute an acknowledged affidavit pursuant to this subdivision  stat-
    45  ing  that  the  power  of  attorney is in full force and effect. Such an
    46  affidavit is conclusive proof to the third party relying on the power of
    47  attorney that the power of attorney is valid and effective, and has  not
    48  been  terminated,  revoked or modified, except as to any third party who
    49  had actual notice that  the  power  of  attorney  had  terminated,  been
    50  revoked  or  been modified prior to the execution of the affidavit. Such
    51  affidavit shall state that:
    52    (a) the agent does not have, at the time of  the  transaction,  actual
    53  notice  of  the  termination  or revocation of the power of attorney, or
    54  notice of any facts indicating that  the  power  of  attorney  has  been
    55  terminated or revoked;

        A. 5630--A                         11

     1    (b)  the  agent  does not have, at the time of the transaction, actual
     2  notice that the power of attorney has been  modified  in  any  way  that
     3  would  affect  the  ability  of  the agent to authorize or engage in the
     4  transaction, or notice of any facts indicating that the power of  attor-
     5  ney has been so modified;
     6    (c) if the agent was named as a successor agent, the prior agent is no
     7  longer able or willing to serve; and
     8    (d)  if the agent has been the principal's spouse, the power of attor-
     9  ney expressly provides that divorce or annulment as defined in  subpara-
    10  graph  two  of paragraph (f) of section 5-1.4 of the estates, powers and
    11  trusts law does not terminate the agent's authority thereunder,  or  the
    12  agent  does not have actual notice that the marriage has been terminated
    13  by divorce or annulment as defined in subparagraph two of paragraph  (f)
    14  of  section  5-1.4  of the estates, powers and trusts law at the time of
    15  the transaction.
    16    [6.] 8. Nothing in this section shall require the acceptance of a form
    17  that is not a statutory short form power of attorney.
    18    [7.] 9. A statutory short form power of attorney  or  a  non-statutory
    19  power  of  attorney  that  meets  the requirements of subdivision one of
    20  section 5-1501B of this title shall be accepted for recording so long as
    21  it has been signed by one agent named therein whose signature  has  been
    22  acknowledged.  If  two  or more agents acting on behalf of the principal
    23  are required to act together, the power of attorney  shall  be  accepted
    24  for recording as long as their signatures have been acknowledged. When a
    25  successor or co-agent authorized to act separately from any other agents
    26  presents  a  certified  copy of a recorded statutory short form power of
    27  attorney or non-statutory power of attorney with the  agent's  signature
    28  acknowledged, the instrument shall be accepted for recording.
    29    §  15.  Subparagraph  2  of  paragraph (a) of subdivision 2 of section
    30  5-1505 of the general obligations law, as amended by chapter 340 of  the
    31  laws of 2010, is amended to read as follows:
    32    (2)  To  keep  the principal's property separate and distinct from any
    33  other property owned or controlled by the  agent,  except  for  property
    34  that  is  jointly  owned  by  the principal and agent at the time of the
    35  execution of the power of attorney, and property  that  becomes  jointly
    36  owned  after the execution of the power of attorney as the result of the
    37  agent's acquisition of an interest in the principal's property by reason
    38  of the agent's  exercise  of  authority  granted  in  the  modifications
    39  section  of a statutory [gifts rider] short form power of attorney or in
    40  a non-statutory power of attorney [signed and  dated  by  the  principal
    41  with  the  signature  of  the  principal duly acknowledged in the manner
    42  prescribed for the acknowledgment of a conveyance of real property,  and
    43  which  is  executed  pursuant  to  the  requirements of paragraph (b) of
    44  subdivision nine of section 5-1514 of this title].  The  agent  may  not
    45  make  gifts [to] of the principal's property to himself or herself with-
    46  out specific authorization in a power of attorney.
    47    § 16. Paragraphs (h) and (i) of subdivision 2 of section 5-1510 of the
    48  general obligations law, as added by chapter 644 of the  laws  of  2008,
    49  are amended to read as follows:
    50    (h) to construe any provision of a power of attorney; or
    51    (i)  to compel acceptance of the power of attorney [in which event the
    52  relief to be granted is limited to an order compelling acceptance].
    53    § 17. Section 5-1513 of the general obligations  law,  as  amended  by
    54  chapter 340 of the laws of 2010, is amended to read as follows:
    55    § 5-1513.  Statutory short form power of attorney. [1.] The use of the
    56  following form, or one which substantially  conforms  to  the  following

        A. 5630--A                         12

     1  form,  in the creation of a power of attorney is lawful, and, when used,
     2  and executed in accordance with subdivision one of  section  5-1501B  of
     3  this  title,  it  shall  be construed as a statutory short form power of
     4  attorney  in  accordance  with  the  provisions  of this title; provided
     5  however, that any section indicated as "Optional" which is not used  may
     6  be omitted and replaced by the words "Intentionally Omitted":

     7                             "POWER OF ATTORNEY
     8                        NEW YORK STATUTORY SHORT FORM
     9    (a)  CAUTION TO THE PRINCIPAL:  Your Power of Attorney is an important
    10  document. As the "principal," you give the person whom you choose  (your
    11  "agent") authority to spend your money and sell or dispose of your prop-
    12  erty  during  your  lifetime  without  telling you. You do not lose your
    13  authority to act even though you have given your agent similar  authori-
    14  ty.

    15    When your agent exercises this authority, he or she must act according
    16  to  any  instructions  you have provided or, where there are no specific
    17  instructions, in your best  interest.  "Important  Information  for  the
    18  Agent"  at  the end of this document describes your agent's responsibil-
    19  ities.

    20    Your agent can act on your behalf only  after  signing  the  Power  of
    21  Attorney before a notary public.
    22    You  can  request  information from your agent at any time. If you are
    23  revoking a prior Power of Attorney, you should provide written notice of
    24  the revocation to your prior agent(s) and to any third parties  who  may
    25  have  acted  upon  it,  including  the financial institutions where your
    26  accounts are located.
    27    You can revoke or terminate your Power of Attorney at any time for any
    28  reason as long as you are of sound mind. If you are no longer  of  sound
    29  mind, a court can remove an agent for acting improperly.

    30    Your  agent cannot make health care decisions for you. You may execute
    31  a "Health Care Proxy" to do this.

    32    The law governing Powers of Attorney is  contained  in  the  New  York
    33  General Obligations Law, Article 5, Title 15. This law is available at a
    34  law  library,  or  online  through the New York State Senate or Assembly
    35  websites,       [www.senate.state.ny.us]       www.nysenate.gov       or
    36  [www.assembly.state.ny.us] www.nyassembly.gov.

    37    If  there  is anything about this document that you do not understand,
    38  you should ask a lawyer of your own choosing to explain it to you.
    39  (b) DESIGNATION OF AGENT(S):
    40  I, _______________________________________________, hereby appoint:
    41        name and address of principal
    42  _____________________________________________________as my agent(s)
    43        name(s) and address(es) of agent(s)
    44    If you designate more than one agent above and you do  not  initial  a
    45  statement  below,  they must act together [unless you initial the state-
    46  ment below].

    47        (   ) My agents must act TOGETHER.
    48        (   ) My successor agents may act SEPARATELY.
    49  (c) DESIGNATION OF SUCCESSOR AGENT(S): (OPTIONAL)

        A. 5630--A                         13

     1    If any agent designated above is  unable  or  unwilling  to  serve,  I
     2  appoint as my successor agent(s):
     3    _______________________________________________________________
     4    name(s) and address(es) of successor agent(s)
     5  [Successor]  If  you  do not initial a statement below, successor agents
     6  designated above must act together [unless  you  initial  the  statement
     7  below].

     8        (   ) My agents must act TOGETHER.
     9        (   ) My successor agents may act SEPARATELY.
    10    You  may provide for specific succession rules in this section. Insert
    11  specific succession provisions here:
    12  (d) This POWER OF ATTORNEY shall not be affected by my subsequent  inca-
    13  pacity unless I have stated otherwise below, under "Modifications".

    14  (e) This POWER OF ATTORNEY DOES NOT REVOKE any Powers of Attorney previ-
    15  ously  executed  by  me  unless  I  have  stated  otherwise below, under
    16  "Modifications."
    17    [If you do NOT intend to revoke your prior Powers of Attorney, and  if
    18  you  have  granted  the  same authority in this Power of Attorney as you
    19  granted to another agent in a prior Power of Attorney,  each  agent  can
    20  act separately unless you indicate under "Modifications" that the agents
    21  with the same authority are to act together.]

    22  (f) GRANT OF AUTHORITY:
    23    To grant your agent some or all of the authority below, either
    24        (1) Initial the bracket at each authority you grant, or
    25        (2)  Write or type the letters for each authority you grant on the
    26        blank line at (P), and initial the bracket at (P). If you initial
    27        (P), you do not need to initial the other lines.

    28    I grant authority  to  my  agent(s)  with  respect  to  the  following
    29  subjects  as defined in sections 5-1502A through 5-1502N of the New York
    30  General Obligations Law:
    31        (   ) (A) real estate transactions;
    32        (   ) (B) chattel and goods transactions;
    33        (   ) (C) bond, share, and commodity transactions;
    34        (   ) (D) banking transactions;
    35        (   ) (E) business operating transactions;
    36        (   ) (F) insurance transactions;
    37        (   ) (G) estate transactions;
    38        (   ) (H) claims and litigation;
    39        (   ) (I) personal and family maintenance. If you grant your agent
    40                  this authority, it will allow the agent  to  make  gifts
    41                  that you customarily have made to individuals, including
    42                  the  agent,  and  charitable  organizations.  The  total
    43                  amount of all such gifts in any one calendar year cannot
    44                  exceed five [hundred] thousand dollars;
    45        (   ) (J) benefits from governmental programs or civil or military
    46                  service;
    47        (   ) (K) financial matters related to health  care  [billing  and
    48                  payment matters]; records, reports, and statements;
    49        (   ) (L) retirement benefit transactions;
    50        (   ) (M) tax matters;
    51        (   ) (N) all other matters;

        A. 5630--A                         14

     1        (   ) (O) full  and  unqualified authority to my agent(s) to dele-
     2                  gate any or all of the foregoing powers to any person or
     3                  persons whom my agent(s) select;
     4        (   ) (P) EACH   of   the  matters  identified  by  the  following
     5                  letters______.
     6    You need not initial the other lines if you initial line (P).

     7  (g) [MODIFICATIONS: (OPTIONAL)
     8    In  this  section,  you  may  make  additional  provisions,  including
     9  language to limit or supplement authority granted to your agent.
    10    However, you cannot use this Modifications section to grant your agent
    11  authority  to  make  gifts or changes to interests in your property.  If
    12  you wish to grant your agent such authority, you MUST complete the Stat-
    13  utory Gifts Rider.
    14  (h)] CERTAIN GIFT TRANSACTIONS: [STATUTORY GIFTS RIDER] (OPTIONAL)
    15    In order to authorize your agent to make gifts in excess of an  annual
    16  total  of  [$500]  $5,000 for all gifts described in (I) of the grant of
    17  authority section of this document (under personal  and  family  mainte-
    18  nance),  and/or  to  make changes to interest in your property, you must
    19  [initial the statement below and execute a Statutory Gifts Rider at  the
    20  same  time as this instrument.  Initialing the statement below by itself
    21  does not authorize your agent to make  gifts.  The  preparation  of  the
    22  Statutory Gifts Rider] expressly grant that authorization in the Modifi-
    23  cations section below. If you wish to authorize your agent to make gifts
    24  to  himself  or  herself, you must expressly grant such authorization in
    25  the Modifications section below. Granting such authority to  your  agent
    26  gives your agent the authority to take actions which could significantly
    27  reduce  your  property and/or change how your property is distributed at
    28  your death. Your choice to grant such authority  should  be  [supervised
    29  by] discussed with a lawyer.
    30    (      )  [(SGR)]  I grant my agent authority to make gifts in accord-
    31  ance with the terms  and  conditions  of  the  [Statutory  Gifts  Rider]
    32  Modifications  that  [supplements]  supplement  this  Statutory Power of
    33  Attorney.
    34    (h) MODIFICATIONS: (OPTIONAL)
    35    In this section, you may make additional  provisions,  including,  but
    36  not  limited  to,  language  to limit or supplement authority granted to
    37  your agent, language to grant your agent the specific authority to  make
    38  gifts  to  himself  or  herself, and/or language to grant your agent the
    39  specific authority to make other gift  transactions  and/or  changes  to
    40  interests in your property. Your agent is entitled to be reimbursed from
    41  your  assets  for  reasonable  expenses incurred on your behalf. In this
    42  section, you may make  additional  provisions  if  you  ALSO  wish  your
    43  agent(s)  to  be  compensated  from your assets for services rendered on
    44  your behalf, and you may define "reasonable compensation."

    45  (i) DESIGNATION OF MONITOR(S): (OPTIONAL)
    46    If you wish to appoint monitor(s), initial and  fill  in  the  section
    47  below:
    48    (     )  I wish to designate ______________________, whose address(es)
    49  is  (are)  ____________________________________________________________,
    50  as  monitor(s).  Upon  the  request  of the monitor(s), my agent(s) must
    51  provide the monitor(s) with a copy of the power of attorney and a record
    52  of all transactions done or made on my  behalf.  Third  parties  holding

        A. 5630--A                         15

     1  records of such transactions shall provide the records to the monitor(s)
     2  upon request.

     3  (j) COMPENSATION OF AGENT(S): [(OPTIONAL)]
     4    Your  agent  is entitled to be reimbursed from your assets for reason-
     5  able expenses incurred on your behalf. If you ALSO wish your agent(s) to
     6  be compensated from your assets for services rendered  on  your  behalf,
     7  [initial the statement below. If you] and/or you wish to define "reason-
     8  able compensation", you may do so above, under "Modifications"[.
     9    (   )  My  agent(s)  shall  be entitled to reasonable compensation for
    10  services rendered.]

    11  (k) ACCEPTANCE BY THIRD PARTIES: I agree to indemnify  the  third  party
    12  for  any  claims that may arise against the third party because of reli-
    13  ance on this Power of Attorney. I understand  that  any  termination  of
    14  this Power of Attorney, whether the result of my revocation of the Power
    15  of Attorney or otherwise, is not effective as to a third party until the
    16  third party has actual notice or knowledge of the termination.

    17  (l)  TERMINATION:  This Power of Attorney continues until I revoke it or
    18  it is terminated by my death or other event described in section  5-1511
    19  of the General Obligations Law.
    20    Section  5-1511 of the General Obligations Law describes the manner in
    21  which you may revoke your Power of Attorney, and the events which termi-
    22  nate the Power of Attorney.

    23  (m) SIGNATURE AND ACKNOWLEDGMENT:
    24  In Witness Whereof I have hereunto signed my name on ___________,20___.

    25  PRINCIPAL signs here: ==>__________________________________________

    26  (acknowledgment)

    27  (n) IMPORTANT INFORMATION FOR THE AGENT:
    28    When you accept the authority granted under this Power of Attorney,  a
    29  special  legal  relationship  is  created between you and the principal.
    30  This relationship imposes on you legal  responsibilities  that  continue
    31  until  you resign or the Power of Attorney is terminated or revoked. You
    32  must:
    33    (1) act according to any instructions from the  principal,  or,  where
    34  there are no instructions, in the principal's best interest;
    35    (2) avoid conflicts that would impair your ability to act in the prin-
    36  cipal's best interest;
    37    (3)  keep  the  principal's  property  separate  and distinct from any
    38  assets you own or control, unless otherwise permitted by law;
    39    (4) keep a record [or] of all [receipts, payments,  and]  transactions
    40  conducted  for the principal or keep all receipts of payments and trans-
    41  actions conducted for the principal; and
    42    (5) disclose your identity as an agent whenever you act for the  prin-
    43  cipal  by  writing or printing the principal's name and signing your own
    44  name as "agent" in either of the following manners:  (Principal's  Name)
    45  by  (Your Signature) as Agent, or (your signature) as Agent for (Princi-
    46  pal's Name).
    47    You may not use the principal's assets to benefit yourself  or  anyone
    48  else  or  make gifts to yourself or anyone else unless the principal has
    49  specifically granted you that authority in the modifications section  of

        A. 5630--A                         16

     1  this  document[,  which  is either a Statutory Gifts Rider attached to a
     2  Statutory Short Form Power of Attorney]  or  a  Non-Statutory  Power  of
     3  Attorney.  If  you  have  that  authority, you must act according to any
     4  instructions  of the principal or, where there are no such instructions,
     5  in the principal's best interest.  You  may  resign  by  giving  written
     6  notice to the principal and to any co-agent, successor agent, monitor if
     7  one  has been named in this document, or the principal's guardian if one
     8  has been appointed. If there is anything about  this  document  or  your
     9  responsibilities  that  you  do  not  understand,  you should seek legal
    10  advice.
    11    Liability of agent:
    12    The meaning of the authority given to you is  defined  in  New  York's
    13  General  Obligations  Law,  Article 5, Title 15. If it is found that you
    14  have violated the law or acted outside the authority granted to  you  in
    15  the  Power  of  Attorney,  you  may  be  liable  under  the law for your
    16  violation.

    17  (o) AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:
    18    It is not required that the principal and the  agent(s)  sign  at  the
    19  same time, nor that multiple agents sign at the same time.

    20  I/we, ___________________________________________, have read the forego-
    21  ing  Power  of Attorney. I am/we are the person(s) identified therein as
    22  agent(s) for the principal named therein.

    23  I/we acknowledge my/our legal responsibilities.
    24  In Witness Whereof I have hereunto signed my  name  on  ________________
    25  20_____.

    26  Agent(s) sign(s) here:==>__________________________________________

    27  (acknowledgment(s))

    28  (p) SUCCESSOR AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:
    29    It  is  not required that the principal and the SUCCESSOR agent(s), if
    30  any, sign at the same time, nor that multiple SUCCESSOR agents  sign  at
    31  the  same  time. Furthermore, successor agents can not use this power of
    32  attorney unless the agent(s) designated above is/are unable or unwilling
    33  to serve.

    34  I/we, ___________________________________________, have read the forego-
    35  ing Power of Attorney. I am/we are the person(s) identified  therein  as
    36  SUCCESSOR agent(s) for the principal named therein.
    37  In  Witness  Whereof  I have hereunto signed my name on ________________
    38  20_____.

    39  Successor Agent(s) sign(s) here:==>______________________________________

    40  (acknowledgment(s))"
    41    § 18. Section 5-1514 of the general obligations law is REPEALED.
    42    § 19. This act shall take effect on  the  one  hundred  eightieth  day
    43  after  it  shall  have  become a law, provided, that any statutory short
    44  form power of attorney and any statutory gifts rider executed by a prin-
    45  cipal and valid at the time executed  by  such  principal  shall  remain
    46  valid,  as  will  any  revocation  of a prior power of attorney that was
    47  delivered to an agent prior to the effective date of this act.
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