§ 5-1502C — Construction--bond, share and commodity transactions

§ 5-1502C. Construction--bond, share and commodity transactions. In a\nstatutory short form power of attorney, the language conferring general\nauthority with respect to "bond, share and commodity transactions," must\nbe construed to mean that 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 receive, or otherwise to acquire either ownership or\npossession of, any bond, share, instrument of similar character,\ncommodity interest or any instrument with respect thereto, together with\nthe interest, dividends, proceeds or other distributions connected\ntherewith;\n 2. To sell (including short sales), to exchange, to transfer either\nwith or without a guaranty, to release, to surrender, to hypothecate, to\npledge, to create, modify or revoke a trust to grant options concerning,\nto loan, to trade in, or otherwise to dispose of any bond, share,\ninstrument of similar character, commodity interest or any instrument\nwith respect thereto;\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 pledge, incumbrance, lien or other claim as to any bond,\nshare, instrument of similar character, commodity interest or any\ninterest with respect thereto, when such pledge, incumbrance, lien or\nother claim is owned, or claimed to be owned, by the principal;\n 4. To do any act of management or of conservation with respect to any\nbond, share, instrument of similar character, commodity interest or any\ninstrument with respect thereto, owned or claimed to be owned by the\nprincipal or in which the principal has or claims to have an interest,\nincluding by way of illustration, but not of restriction, power to\ninsure against any casualty, liability or loss, to obtain or to regain\npossession or to protect the principal's interest therein by action,\nproceeding or otherwise, to pay, to compromise or to contest taxes or\nassessments, to apply for refunds in connection therewith, to consent to\nand to participate in any reorganization, recapitalization, liquidation,\nmerger, consolidation, sale or lease, or other change in or revival of a\ncorporation or other association, or in the financial structure of any\ncorporation or other association, or in the priorities, voting rights or\nother special rights with respect thereto, to become a depositor with\nany protective, reorganization or similar committee of the bond, share,\nother instrument of similar character, commodity interest or any\ninstrument with respect thereto, belonging to the principal, to make any\npayments reasonably incident to the foregoing, to exercise or to sell\nany option, conversion or similar right, to vote in person or by the\ngranting of a proxy (with or without the power of substitution), either\ndiscretionary, general or otherwise, for the accomplishment of any of\nthe purposes enumerated in this section;\n 5. To carry in the name of a nominee selected by the agent any\nevidence of the ownership of any bond, share, other instrument of\nsimilar character, commodity interest or instrument with respect\nthereto, belonging to the principal;\n 6. To employ, in any way believed to be desirable by the agent, any\nbond, share, other instrument of similar character, commodity interest\nor any instrument with respect thereto, in which the principal has or\nclaims to have any interest, for the protection or continued operation\nof any speculative or margin transaction personally begun or personally\nguaranteed, in whole or in part, by the principal;\n 7. 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 any\ninterest in a bond, share, other instrument of similar character,\ncommodity interest or any instrument with respect thereto, or of one or\nmore of the transactions enumerated in this section, to conserve, to\ninvest, to disburse or to utilize anything so received for purposes\nenumerated in this section, and to reimburse the agent for any\nexpenditures properly made by him in the execution of the powers\nconferred on him by the statutory short form power of attorney;\n 8. To agree and to contract, in any manner, and with any broker or\nother person, and on any terms, which the agent may select, for the\naccomplishment of any of the purposes enumerated in this section, and to\nperform, to rescind, to reform, to release or to modify any such\nagreement or contract or any other similar agreement made by or on\nbehalf of the principal;\n 9. To execute, to acknowledge, to seal and to deliver any consent,\nagreement, authorization, creation, modification or revocation of a\ntrust, assignment, notice, waiver of notice, check, or other instrument\nwhich the agent may think useful for the accomplishment of any of the\npurposes enumerated in this section;\n 10. To execute, to acknowledge and to file any report or certificate\nrequired by law or governmental regulation;\n 11. 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 bond, share or commodity transaction or to\nintervene in any action or proceeding relating thereto;\n 12. 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 13. 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 interest in any bond, share or\nother instrument of similar character, commodity, or instrument with\nrespect to a commodity.\n All powers described in this section 5-1502C of the general\nobligations law shall be exercisable equally with respect to any\ninterest in any bond, share or other instrument of similar character,\ncommodity, or instrument with respect to a commodity owned by the\nprincipal at the giving of the power of attorney or thereafter acquired,\nwhether located in the state of New York or elsewhere.\n