2006 New York Code - Acceptance Of Statutory Short Form Power Of Attorney.

 
    § 5-1504. Acceptance of statutory short form power of attorney. 1.  As
  used in this section, the term "financial institution" means each of the
  following:  a  bank, trust company, national bank, savings bank, federal
  mutual savings bank, savings and loan association, federal  savings  and
  loan  association,  federal  mutual savings and loan association, credit
  union, federal credit union, branch of a  foreign  banking  corporation,
  public pension fund, retirement system.
    2.  No  financial  institution  located  in this state shall refuse to
  honor a statutory short form power  of  attorney  properly  executed  in
  accordance with section 5-1501 or 5-1506 of this title.
    3. The failure of a financial institution to honor a properly executed
  statutory short form power of attorney shall be deemed unlawful.
    4.  No financial institution receiving and retaining a statutory short
  form power of attorney properly  executed  in  accordance  with  section
  5-1501  or  5-1506  of  this title or a complete photostatic copy of the
  properly executed original thereof nor any officer, agent or employee of
  such financial institution shall incur any liability by reason of acting
  upon the authority thereof unless the financial institution  shall  have
  actually  received,  at the office where the account is located, written
  notice of the revocation or termination of such power of attorney.
    5. If the application of the provisions of subdivision two or three of
  this section shall be held invalid  to  any  financial  institution  the
  application  of such provisions to any other financial institution other
  than those to which it is held invalid, shall not be affected thereby.