New York § 5-1506 Compensation

New York Statutes

§ 5-1506 — Compensation

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

§ 5-1506. Compensation.

1.An agent is not entitled to receive\ncompensation from the assets of the principal for responsibilities\nperformed under a power of attorney unless the principal specifically\nprovides for compensation in the power of attorney.\n 2. An agent shall be entitled to receive reimbursement from the assets\nof the principal for reasonable expenses actually incurred in connection\nwith the performance of the agent's responsibilities.\n

Free access — add to your briefcase to read the full text and ask questions with AI

§ 5-1506. Compensation. 1. An agent is not entitled to receive\ncompensation from the assets of the principal for responsibilities\nperformed under a power of attorney unless the principal specifically\nprovides for compensation in the power of attorney.\n 2. An agent shall be entitled to receive reimbursement from the assets\nof the principal for reasonable expenses actually incurred in connection\nwith the performance of the agent's responsibilities.\n

New York § 5-1506 (Compensation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.