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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