§ 5-1511 — Termination or revocation of power of attorney; notice

New York § 5-1511

• 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

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§ 5-1511. Termination or revocation of power of attorney; notice. 1. A\npower of attorney terminates when:\n (a) the principal dies;\n (b) the principal becomes incapacitated, if the power of attorney is\nnot durable;\n (c) the principal revokes the power of attorney;\n (d) the principal revokes the agent's authority and there is no\nco-agent or successor agent, or no co-agent or successor agent who is\nwilling or able to serve;\n (e) the agent dies, becomes incapacitated or resigns and there is no\nco-agent or successor agent or no co-agent or successor agent who is\nwilling or able to serve;\n (f) the authority of the agent terminates and there is no co-agent or\nsuccessor agent or no co-agent or successor agent who is willing or able\nto serve;\n (g) the purpose of the power of attorney is accomplished; or\n (h) a court order revokes the power of attorney as provided in section\n5-1510 of this title or in section 81.29 of the mental hygiene law.\n 2. An agent's authority terminates when:\n (a) the principal revokes the agent's authority;\n (b) the agent dies, becomes incapacitated or resigns;\n (c) the agent's marriage to the principal is terminated by divorce or\nannulment, as defined in subparagraph two of paragraph (f) of section\n5-1.4 of the estates, powers and trusts law, unless the power of\nattorney expressly provides otherwise. If the authority of an agent is\nrevoked solely by this subdivision, it shall be revived by the\nprincipal's remarriage to the former spouse; or\n (d) the power of attorney terminates.\n 3. A principal may revoke a power of attorney:\n (a) in accordance with the terms of the power of attorney; or\n (b) by delivering a revocation of the power of attorney to the agent\nin person or by sending a signed and dated revocation by mail, courier,\nelectronic transmission or facsimile to the agent's last known address.\nThe agent must comply with the principal's revocation notwithstanding\nthe actual or perceived incapacity of the principal unless the principal\nis subject to a guardianship under article eighty-one of the mental\nhygiene law.\n 4. Where a power of attorney has been recorded pursuant to section two\nhundred ninety-four of the real property law, the principal shall also\nrecord the revocation in the office in which the power of attorney is\nrecorded pursuant to section three hundred twenty-six of the real\nproperty law, provided the revocation complies with section three\nhundred seven of the state technology law.\n 5. (a) Termination of an agent's authority or of the power of attorney\nis not effective as to any third party who has not received actual\nnotice of the termination and acts in good faith under the power of\nattorney. Any action so taken, unless otherwise invalid or\nunenforceable, shall bind the principal and the principal's successors\nin interest. A financial institution is deemed to have actual notice\nafter it has had a reasonable opportunity to act on a written notice of\nthe revocation or termination following receipt of the same at its\noffice where an account is located.\n (b) Termination of an agent's authority or of the power of attorney is\nnot effective as to the agent until the agent has received a revocation\nas required by subdivision three of this section. An agent is deemed to\nhave received a revocation when it has been delivered to the agent in\nperson, or within a reasonable time after it has been sent by mail,\ncourier, electronic transmission or facsimile in accordance with\nsubdivision three of this section.\n 6. The execution of a power of attorney does not revoke any power of\nattorney previously executed by the principal.\n