§ 5-1501 — Application and definitions

New York § 5-1501

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 15: Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning
• Art. 5: Creation, Definition and Enforcement of Contractual Obligations

Text

§ 5-1501. Application and definitions. 1. This title shall apply to\nall powers of attorney except powers of attorney excluded from this\ntitle by section 5-1501C of this title.\n 2. As used in this title the following terms shall have the following\nmeanings:\n (a) "Agent" means a person granted authority to act as\nattorney-in-fact for the principal under a power of attorney, and\nincludes the original agent and any co-agent or successor agent. Unless\nthe context indicates otherwise, an "agent" designated in a power of\nattorney shall mean "attorney-in-fact" for the purposes of this title.\nAn agent acting under a power of attorney has a fiduciary relationship\nwith the principal.\n (b) "Benefits from governmental programs or civil or military service"\nmeans any benefit, program or assistance provided under a statute or\ngovernmental regulation, including social security, medicare and\nmedicaid.\n (c) "Capacity" means ability to comprehend the nature and consequences\nof the act of executing and granting, revoking, amending or modifying a\npower of attorney, any provision in a power of attorney, or the\nauthority of any person to act as agent under a power of attorney.\n (d) "Compensation" means reasonable compensation authorized to be paid\nto the agent from assets of the principal for services actually rendered\nby the agent pursuant to the authority granted in a power of attorney.\n (e) "Financial institution" means a financial entity, including, but\nnot limited to: a bank, trust company, national bank, savings bank,\nfederal mutual savings bank, savings and loan association, federal\nsavings and loan association, federal mutual savings and loan\nassociation, credit union, federal credit union, branch of a foreign\nbanking corporation, public pension fund, retirement system, securities\nbroker, securities dealer, securities firm, and insurance company.\n (f) "Incapacitated" means to be without capacity.\n (g) "Internal Revenue Code" means the United States Internal Revenue\nCode of 1986, as amended. Such references, however, shall be deemed to\nconstitute references to any corresponding provisions of any subsequent\nfederal tax code.\n (h) "Monitor" means a person appointed in the power of attorney who\nhas the authority to request, receive, and seek to compel the agent to\nprovide a record of all receipts, disbursements, and transactions\nentered into by the agent on behalf of the principal.\n (i) "Person" means an individual, whether acting for himself or\nherself, or as a fiduciary or as an official of any legal, governmental\nor commercial entity (including, but not limited to, any such entity\nidentified in this subdivision), corporation, business trust, estate,\ntrust, partnership, limited liability company, association, joint\nventure, government, governmental subdivision, government agency,\ngovernment entity, government instrumentality, public corporation, or\nany other legal or commercial entity.\n (j) "Power of attorney" means a written document, other than a\ndocument referred to in section 5-1501C of this title, by which a\nprincipal with capacity designates an agent to act on his or her behalf\nand includes both a statutory short form power of attorney and a\nnon-statutory power of attorney.\n (k) "Principal" means an individual who is eighteen years of age or\nolder, acting for himself or herself and not as a fiduciary or as an\nofficial of any legal, governmental or commercial entity, who executes a\npower of attorney.\n (l) "Record" means information that is inscribed on a tangible medium\nor that is stored in an electronic or other medium and is retrievable in\nperceivable form.\n (m) "Sign" means to place any memorandum, mark or sign, written,\nprinted, stamped, photographed, engraved or otherwise upon an instrument\nor writing, or to use an electronic signature as that term is defined in\nsubdivision three of section three hundred two of the state technology\nlaw, with the intent to execute the instrument, writing or electronic\nrecord. In accordance with the requirements of section three hundred\nseven of the state technology law, a power of attorney or any other\ninstrument executed by the principal or agent that is recordable under\nthe real property law shall not be executed with an electronic\nsignature.\n (n) "Statutory short form power of attorney" means a power of attorney\nthat meets the requirements of paragraphs (a), (b) and (c) of\nsubdivision one of section 5-1501B of this title, and that substantially\nconforms to the wording of the form set forth in section 5-1513 of this\ntitle; provided however, that any section indicated as "Optional" that\nis not used may be omitted and replaced by the words "Intentionally\nOmitted". A given power of attorney substantially conforms to the form\nrequired pursuant to section 5-1513 of this title notwithstanding that\nthe form contains (i) an insignificant mistake in wording, spelling,\npunctuation or formatting, or the use of bold or italic type; or (ii)\nuses language that is essentially the same as, but is not identical to,\nthe statutory form, including utilizing language from a previous\nstatute. The determination of whether there is substantial conformity\nwith the form set forth in section 5-1513 of this title shall not depend\non the presence or absence of a particular clause. Failing to include\nclauses that are not relevant to a given power of attorney shall not in\nitself cause such power of attorney to be found to not substantially\nconform with the requirements of such form. The use of the form set\nforth in section 5-1513 of this title is lawful and when used, it shall\nbe construed as a statutory short form power of attorney. A statutory\nshort form power of attorney may be used to grant authority provided in\nsections 5-1502A through 5-1502N of this title. A "statutory short form\npower of attorney" may contain modifications or additions as provided in\nsection 5-1503 of this title.\n (o) "Non-statutory power of attorney" means a power of attorney that\nis not a statutory short form power of attorney.\n (p) "Third party" means a financial institution or person other than a\nprincipal or an agent.\n