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2006 New York Code - Powers of attorney effective at a future time or upon the occurrence of a contingency specified in the instrument; statutory short form; formal requirements; joint agents
§ 5-1506. Powers of attorney effective at a future time or upon the occurrence of a contingency specified in the instrument; statutory short form; formal requirements; joint agents. 1. An instrument granting a power of attorney may limit such power to take effect at a specified future time. 2. An instrument granting a power of attorney may limit such power to take effect upon the occurrence of a specified contingency, including but not limited to the incapacity of the principal, provided that the instrument requires that a person or persons named in the instrument declare, in writing, that such contingency has occurred. A power limited as provided in the preceding sentence shall take effect upon the written declaration of the person or persons named in the instrument that the specified contingency has occurred, without regard to whether the specified contingency has occurred. 3. The disability or incompetence of a principal shall not revoke or terminate the authority of an attorney-in-fact who acts under a power of attorney executed in writing by the principal in accordance with subdivision one or two of this section if the instrument contains the words "This power of attorney shall not be affected by my disability or incompetence", or words of similar import showing the intent of the principal that the authority conferred shall be exercisable notwithstanding the principal's disability or incompetence. 4. The powers delegable to an attorney-in-fact under this section shall be the same as those delegable under sections 5-1501, 5-1502A through 5-1502O and 5-1503 through 5-1505 of this title. 5. The use of the following form in the creation of a power of attorney effective at a future time is lawful, and, when used, it shall be construed as a statutory short form power of attorney effective at a future time in accordance with the provisions of this title: "DURABLE GENERAL POWER OF ATTORNEY EFFECTIVE AT A FUTURE TIME NEW YORK STATUTORY SHORT FORM (CAUTION: THIS IS AN IMPORTANT DOCUMENT. IT GIVES THE PERSON WHOM YOU DESIGNATE (YOUR "AGENT") BROAD POWERS TO HANDLE YOUR PROPERTY DURING YOUR LIFETIME, WHICH MAY INCLUDE POWERS TO MORTGAGE, SELL, OR OTHERWISE DISPOSE OF ANY REAL OR PERSONAL PROPERTY WITHOUT ADVANCE NOTICE TO YOU OR APPROVAL BY YOU. THESE POWERS MAY ONLY BE USED AFTER A CERTIFICATION THAT YOU HAVE BECOME DISABLED, INCAPACITATED, OR INCOMPETENT OR THAT SOME OTHER EVENT HAS OCCURRED. THESE POWERS ARE EXPLAINED MORE FULLY IN NEW YORK GENERAL OBLIGATIONS LAW, ARTICLE 5, TITLE 15, SECTIONS 5-1502A THROUGH 5-1506, WHICH EXPRESSLY PERMITS THE USE OF ANY OTHER OR DIFFERENT FORM OF POWER OF ATTORNEY. THIS DOCUMENT DOES NOT AUTHORIZE ANYONE TO MAKE MEDICAL OR OTHER HEALTH CARE DECISIONS. YOU MAY EXECUTE A HEALTH CARE PROXY TO DO THIS. IF THERE IS ANYTHING ABOUT THIS FORM THAT YOU DO NOT UNDERSTAND, YOU SHOULD ASK A LAWYER TO EXPLAIN IT TO YOU.) THIS is intended to constitute a POWER OF ATTORNEY EFFECTIVE AT A FUTURE TIME pursuant to Article 5, Title 15 of the New York General Obligations Law: I, ................................................................... (insert your name and address) do hereby appoint: ........................................................................ (If 1 person is to be appointed agent, insert the name and address of your agent above) ........................................................................ ........................................................................ ........................................................................ ........................................................................ (If 2 or more persons are to be appointed agents by you, insert their names and addresses above) my attorney(s)-in-fact TO ACT (If more than one agent is designated, CHOOSE ONE of the following two choices by putting your initials in ONE of the blank spaces ( ) to the left of your choice:) ( ) Each agent may SEPARATELY act. ( ) All agents must act TOGETHER. (If neither blank space is initialed, the agents will be required to act TOGETHER) TO TAKE EFFECT upon the occasion of the signing of a written statement EITHER: (INSTRUCTIONS: COMPLETE OR OMIT SECTION (I) --OR-- SECTION (II) BELOW BUT NEVER COMPLETE BOTH SECTIONS (I) AND (II) BELOW. IF YOU DO NOT COMPLETE EITHER SECTION (I) OR SECTION (II) BELOW, IT SHALL BE PRESUMED THAT YOU WANT THE PROVISIONS OF SECTION (I) BELOW TO APPLY) (I) by a physician or physicians named herein by me at this point: Dr. .................................................................... ........................................................................ ........................................................................ (Insert Full Name(s) and Address(es) of Certifying Physician(s) Chosen by You) or if no physician or physicians are named hereinabove, or if the physician or physicians named hereinabove are unable to act, by my regular physician, or by a physician who has treated me within one year preceding the date of such signing, or by a licensed psychologist or psychiatrist, certifying that I am suffering from diminished capacity that would preclude me from conducting my affairs in a competent manner; --OR-- (II) by a person or persons named herein by me at this point: ........................................................................ ........................................................................ (Insert Full Name(s) and Address(es) of Certifying Person(s) Chosen by You) CERTIFYING that the following specified event has occurred: ........................................................................ ........................................................................ (Insert hereinabove the specified event the certification of which will cause THIS POWER OF ATTORNEY to take effect) IN MY NAME, PLACE AND STEAD in any way which I myself could do, if I were personally present, with respect to the following matters as each of them is defined in Title 15 of Article 5 of the New York General Obligations Law to the extent that I am permitted by law to act through an agent: (DIRECTIONS: Initial in the blank space to the left of your choice any one or more of the following lettered subdivisions as to which you WANT to give your agent authority. If the blank space to the left of any particular lettered subdivision is NOT initialed, NO AUTHORITY WILL BE GRANTED for matters that are included in that subdivision. Alternatively, the letter corresponding to each power you wish to grant may be written or typed on the blank line in subdivision "(Q)", and you may then put your initials in the blank space to the left of subdivision "(Q)" in order to grant each of the powers so indicated) ( ) (A) real estate transactions; ( ) (B) chattel and goods transactions; ( ) (C) bond, share and commodity transactions; ( ) (D) banking transactions; ( ) (E) business operating transactions; ( ) (F) insurance transactions; ( ) (G) estate transactions; ( ) (H) claims and litigation; ( ) (I) personal relationships and affairs; ( ) (J) benefits from military service; ( ) (K) records, reports and statements; ( ) (L) retirement benefit transactions; ( ) (M) making gifts to my spouse, children and more remote descendants, and parents, not to exceed in the aggregate $10,000 to each of such persons in any year; ( ) (N) tax matters; ( ) (O) all other matters; ( ) (P) full and unqualified authority to my attorney(s)-in-fact to delegate any or all of the foregoing powers to any person or persons whom my attorney(s)-in-fact shall select; ( ) (Q) each of the above matters identified by the following letters: ......................................................... This durable Power of Attorney shall not be affected by my subsequent disability or incompetence. (Special provisions and limitations may be included in the statutory short form power of attorney effective at a future time only if they conform to the requirements of section 5-1503 of the New York General Obligations Law.) ........................................................................ ........................................................................ ........................................................................ ........................................................................ If every agent named above is unable or unwilling to serve, I appoint ........................................................................ (insert name and address of successor) to be my agent for all purposes hereunder. TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, I HEREBY AGREE THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS INSTRUMENT TOGETHER WITH A DULY EXECUTED COPY OR FACSIMILE OF THE WRITTEN STATEMENT OR STATEMENTS OF CERTIFICATION REQUIRED FOR THIS INSTRUMENT TO BE EFFECTIVE MAY ACT HEREUNDER, AND THAT THE SUSPENSION, REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OF SUCH SUSPENSION, REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND I FOR MYSELF AND FOR MY HEIRS, EXECUTORS, LEGAL REPRESENTATIVES AND ASSIGNS, HEREBY AGREE TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE PROVISIONS OF THIS INSTRUMENT. THIS GENERAL POWER OF ATTORNEY EFFECTIVE AT A FUTURE TIME MAY BE REVOKED BY ME AT ANY TIME. In Witness Whereof I have hereunto signed my name this ..... day of ........., 19 .... . (YOU SIGN HERE:) ==> ................................................... (Signature of Principal) (ACKNOWLEDGEMENT)" The execution of this statutory short form power of attorney effective at a future time shall be duly acknowledged by the principal in the manner prescribed for the acknowledgement of a conveyance of real property. No provision of this article shall be construed to bar the use of any other or different form of power of attorney effective at a future time desired by the parties concerned. Every statutory short form power of attorney effective at a future time, to be valid, must be written, typed or printed using letters which are in legible writing of or clear type of no less than twelve-point in size or if in writing a reasonable equivalent thereof and must contain, in bold face upper case or upper and lower case type or a reasonable equivalent thereof the "CAUTION" which is printed in bold face type at the beginning of the statutory form printed above and the "DIRECTIONS" which are printed in bold face type immediately before subdivisions (A) through (Q) of the statutory form printed above. 6. A power of attorney is a "statutory short form power of attorney effective at a future time", as this phrase is used in this title, when, but only when, it meets the requirements of the closing paragraph of subdivision five of this section and has been duly acknowledged by the principal in the manner prescribed for the acknowledgement of a conveyance of real property and it contains the exact wording of the form set forth in subdivision five of this section, except that any blank space to the left of any one or more of lettered subdivisions (A) through (Q) may be initialed by the principal, in which case the corresponding subdivisions to the right of the blank spaces so initialed shall be deemed chosen by the principal and effective with respect to the powers conferred in the particular sections of this title which are represented by the subdivisions so chosen. Notwithstanding the foregoing, a "statutory short form power of attorney effective at a future time" may contain modifications or additions of the types described in section 5-1503 of this chapter. 7. If more than one agent is designated by the principal, such agents, in the exercise of the powers conferred, must act jointly or separately consistent with the interpretive instructions contained in such statutory short form power of attorney effective at a future time.
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