Provides clarification for the creation of valid statutory short form and other powers of attorney by clarifying when a principal and agent sign a power of attorney and its effectiveness.
STATE OF NEW YORK
________________________________________________________________________
10234
IN ASSEMBLY
May 11, 2022
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
-- read once and referred to the Committee on Judiciary
AN ACT to amend the general obligations law, in relation to providing
clarification for the creation of valid statutory short form and other
powers of attorney
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 5-1501B of the general obligations law is amended
2 by adding a new subdivision 5 to read as follows:
3 5. (a) Notwithstanding any other provision of this section, any statu-
4 tory short form power of attorney and any statutory gift rider executed
5 by a principal in the manner conforming with the law in effect at the
6 time shall remain valid and enforceable pursuant to section 5-1504 of
7 this title, even if signed by an agent at a later date, including but
8 not limited to, being signed on or after June thirteenth, two thousand
9 twenty-one.
10 (b) Any revocation of a power of attorney that was delivered to an
11 agent shall remain in effect pursuant to this subdivision.
12 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15404-01-2
