New York § 5-1506 Compensation

New York Statutes

§ 5-1506 — Compensation

New York § 5-1506

Law GOBGeneral Obligations

Title 15Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning

Art. 5Creation, Definition and Enforcement of Contractual Obligations

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Bluebook

N.Y. General Obligations § 5-1506 (2026).

Text

§ 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

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§ 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