§ 5-1501C — Powers of attorney excluded from this title

New York § 5-1501C

• 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

§ 5-1501C. Powers of attorney excluded from this title. The provisions\nof this title shall not apply to the following powers of attorney:\n 1. a power of attorney given primarily for a business or commercial\npurpose, including without limitation:\n (a) a power to the extent it is coupled with an interest in the\nsubject of the power;\n (b) a power given to or for the benefit of a creditor in connection\nwith a loan or other credit transaction;\n (c) a power given to facilitate transfer or disposition of one or more\nspecific stocks, bonds or other assets, whether real, personal, tangible\nor intangible;\n 2. a proxy or other delegation to exercise voting rights or management\nrights with respect to an entity;\n 3. a power created on a form prescribed by a government or\ngovernmental subdivision, agency or instrumentality for a governmental\npurpose;\n 4. a power authorizing a third party to prepare, execute, deliver,\nsubmit and/or file a document or instrument with a government or\ngovernmental subdivision, agency or instrumentality or other third\nparty;\n 5. a power authorizing a financial institution or employee of a\nfinancial institution to take action relating to an account in which the\nfinancial institution holds cash, securities, commodities or other\nfinancial assets on behalf of the person giving the power;\n 6. a power given by an individual who is or is seeking to become a\ndirector, officer, shareholder, employee, partner, limited partner,\nmember, unit owner or manager of a corporation, partnership, limited\nliability company, condominium or other legal or commercial entity in\nhis or her capacity as such;\n 7. a power contained in a partnership agreement, limited liability\ncompany operating agreement, declaration of trust, declaration of\ncondominium, condominium bylaws, condominium offering plan or other\nagreement or instrument governing the internal affairs of an entity\nauthorizing a director, officer, shareholder, employee, partner, limited\npartner, member, unit owner, manager or other person to take lawful\naction relating to such entity;\n 8. a power given to a condominium managing agent to take action in\nconnection with the use, management and operation of a condominium unit;\n 9. a power given to a licensed real estate broker to take action in\nconnection with a listing of real property, mortgage loan, lease or\nmanagement agreement;\n 10. a power authorizing acceptance of service of process on behalf of\nthe principal; and\n 11. a power created pursuant to authorization provided by a federal or\nstate statute, other than this title, that specifically contemplates\ncreation of the power, including without limitation a power to make\nhealth care decisions or decisions involving the disposition of remains.\n Nothing in this section shall be deemed to prohibit use of a statutory\nshort form power of attorney or a nonstatutory power of attorney in\nconnection with any of the transactions described in this section.\n