§ 5-1502E. Construction--business operating transactions. In a\nstatutory short form power of attorney, the language conferring general\nauthority with respect to "business operating transactions," must be\nconstrued to mean that the principal authorizes the agent:\n 1. To the extent that an agent is permitted by law thus to act for a\nprincipal, to discharge and to perform any duty or liability and also to\nexercise any right, power, privilege or option which the principal has,\nor claims to have, under any contract of partnership whether the\nprincipal is a general or special partner thereunder, to enforce the\nterms of any such partnership agreement for the protection of the\nprincipal, by action, proceeding or otherwise, as the agent shall think\nto be desirable or necessary, and to
Free access — add to your briefcase to read the full text and ask questions with AI
§ 5-1502E. Construction--business operating transactions. In a\nstatutory short form power of attorney, the language conferring general\nauthority with respect to "business operating transactions," must be\nconstrued to mean that the principal authorizes the agent:\n 1. To the extent that an agent is permitted by law thus to act for a\nprincipal, to discharge and to perform any duty or liability and also to\nexercise any right, power, privilege or option which the principal has,\nor claims to have, under any contract of partnership whether the\nprincipal is a general or special partner thereunder, to enforce the\nterms of any such partnership agreement for the protection of the\nprincipal, by action, proceeding or otherwise, as the agent shall think\nto be desirable or necessary, and to defend, submit to alternative\ndispute resolution, settle or compromise any action or other legal\nproceeding to which the principal is a party because of his membership\nin said partnership;\n 2. To exercise in person or by proxy or to enforce by action,\nproceeding or otherwise, any right, power, privilege or option which the\nprincipal has as the holder of any bond, share, or other instrument of\nsimilar character and to defend, submit to alternative dispute\nresolution, settle or compromise any action or other legal proceeding to\nwhich the principal is a party because of any such bond, share, or other\ninstrument of similar character;\n 3. With respect to any business enterprise which is owned solely by\nthe principal\n a. to continue, to modify, to renegotiate, to extend and to terminate\nany contractual arrangements made with any person, firm, association or\ncorporation whatsoever by or on behalf of the principal with respect\nthereto prior to the creation of the agency;\n b. to determine the policy of such enterprise as to the location of\nthe site or sites to be utilized for its operation, as to the nature and\nextent of the business to be undertaken by it, as to methods of\nmanufacturing, selling, merchandising, financing, accounting and\nadvertising to be employed in its operation, as to the amount and types\nof insurance to be carried, as to the mode of securing, compensating and\ndealing with accountants, attorneys, servants and other agents and\nemployees required for its operation, to agree and to contract, in any\nmanner, and with any person and on any terms, which the agent thinks to\nbe desirable or necessary for effectuating any or all of such decisions\nof the agent as to policy, and to perform, to rescind, to reform, to\nrelease or to modify any such agreement or contract or any other similar\nagreement or contract made by or on behalf of the principal;\n c. to change the name or form of organization under which such\nbusiness is operated and to enter into such partnership agreement with\nother persons or to organize such corporation to take over the operation\nof such business, or any part thereof, as the agent shall think to be\ndesirable or necessary;\n d. to demand and to receive all moneys which are, or may become, due\nto the principal, or which may be claimed by the principal or on his\nbehalf, in the operation of such enterprise, and to control and to\ndisburse such funds in the operation of such enterprise in any way which\nthe agent shall think to be desirable or necessary, to engage in any\nbanking transactions which the agent shall think to be desirable or\nnecessary for effectuating the execution of any of the powers of the\nagent described in this subdivision;\n 4. To prepare, to sign, to file and to deliver all reports,\ncompilations of information, returns or other papers with respect to any\nbusiness operating transaction of the principal, which are required by\nany governmental agency, department or instrumentality or which the\nagent shall think to be desirable or necessary for any purpose, and to\nmake any payments with respect thereto;\n 5. To pay, to compromise or to contest taxes or assessments and to do\nany act or acts which the agent shall think to be desirable or necessary\nto protect the principal from illegal or unnecessary taxation, fines,\npenalties or assessments in connection with his business operations,\nincluding power to attempt to recover, in any manner permitted by law,\nsums paid before or after the creation of the agency as taxes, fines,\npenalties or assessments;\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 any\nbusiness operation of such principal, to conserve, to invest, to\ndisburse or to utilize anything so received for purposes enumerated in\nthis section, and to reimburse the agent for any expenditures properly\nmade by him in the execution of the powers conferred upon him by the\nstatutory short form power of attorney;\n 7. To execute, to acknowledge, to seal and to deliver any deed,\nassignment, mortgage, lease, notice, consent, agreement, authorization,\ncheck or other instrument which the agent may think useful for the\naccomplishment of any of the purposes enumerated in this section;\n 8. 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 business operating transaction or to intervene\nin any action or proceeding relating thereto;\n 9. 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 10. 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, in connection with any business operated by the\nprincipal, which the agent shall think to be desirable or necessary for\nthe furtherance or protection of the interests of the principal.\n All powers described in this section 5-1502E of the general\nobligations law shall be exercisable equally with respect to any\nbusiness in which the principal is interested at the creation of the\nagency or in which the principal shall thereafter become interested, and\nwhether operated in the state of New York or elsewhere.\n