§ 5-1502A — Construction--real estate transactions

New York § 5-1502A

• 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

§ 5-1502A. Construction--real estate transactions. In a statutory\nshort form power of attorney, the language conferring general authority\nwith respect to "real estate transactions," must be construed to mean\nthat the principal authorizes the agent:\n 1. To accept as a gift, or as security for a loan, to reject, to\ndemand, to buy, to lease, to receive, or otherwise to acquire either\nownership or possession of any estate or interest in land;\n 2. To sell, to exchange, to convey either with or without covenants,\nto quit-claim, to release, to surrender, to mortgage, to incumber, to\npartition or to consent to the partitioning, to create, modify or revoke\na trust to grant options concerning, to lease or to sublet, or otherwise\nto dispose of, any estate or interest in land;\n 3. To release in whole or in part, to assign the whole or a part of,\nto satisfy in whole or in part, and to enforce by action, proceeding or\notherwise, any mortgage, incumbrance, lien or other claim to land which\nexists, or is claimed to exist, in favor of the principal;\n 4. To do any act of management or of conservation with respect to any\nestate or interest in land owned, or claimed to be owned, by the\nprincipal, including by way of illustration, but not of restriction,\npower to insure against any casualty, liability or loss, to obtain or to\nregain possession or to protect such estate or interest by action,\nproceeding or otherwise, to pay, to compromise or to contest taxes or\nassessments, to apply for refunds in connection therewith, to purchase\nsupplies, to hire assistance or labor and to make repairs or alterations\nin the structures or lands;\n 5. To utilize in any way, to develop, to modify, to alter, to replace,\nto remove, to erect or to install structures or other improvements upon\nany land in which the principal has, or claims to have, any estate or\ninterest;\n 6. To demand, to receive, to obtain by action, proceeding or\notherwise, any money, or other thing of value to which the principal is,\nor may become, or may claim to be entitled as the proceeds of an\ninterest in land or of one or more of the transactions enumerated in\nthis section, to conserve, to invest, to disburse or to utilize anything\nso received for purposes enumerated in this section, and to reimburse\nthe agent for any expenditures properly made by him in the execution of\nthe powers conferred on him by the statutory short form power of\nattorney;\n 7. To participate in any reorganization with respect to real property\nand to receive and to hold any shares of stock or instrument of similar\ncharacter received in accordance with such plan of reorganization, and\nto act with respect thereto, including by way of illustration, but not\nof restriction, power to sell or otherwise to dispose of such shares, or\nany of them, to exercise or to sell any option, conversion or similar\nright with respect thereto, and to vote thereon in person or by the\ngranting of a proxy;\n 8. To agree and to contract, in any manner, and with any person and on\nany terms, which the agent may select, for the accomplishment of any of\nthe purposes enumerated in this section, and to perform, to rescind, to\nreform, to release or to modify any such agreement or contract or any\nother similar agreement or contract made by or on behalf of the\nprincipal;\n 9. To execute, to acknowledge, to seal and to deliver any deed,\ncreation, modification or revocation of a trust, mortgage, lease,\nnotice, check or other instrument which the agent may think useful for\nthe accomplishment of any of the purposes enumerated in this section;\n 10. To prosecute, to defend, to submit to alternative dispute\nresolution, to settle, and to propose or to accept a compromise with\nrespect to, any claim existing in favor of, or against, the principal\nbased on or involving any real estate transaction or to intervene in any\naction or proceeding relating thereto;\n 11. To hire, to discharge, and to compensate any attorney, accountant,\nexpert witness or other assistant or assistants when the agent shall\nthink such action to be desirable for the proper execution by him of any\nof the powers described in this section, and for the keeping of needed\nrecords thereof; and\n 12. In general, and in addition to all the specific acts in this\nsection enumerated, to do any other act or acts, which the principal can\ndo through an agent, with respect to any estate or interest in land.\n All powers described in this section 5-1502A of the general\nobligations law shall be exercisable equally with respect to any estate\nor interest in land owned by the principal at the giving of the power of\nattorney or thereafter acquired, and whether located in the state of New\nYork or elsewhere.\n