2010 New York Code
GOB - General Obligations
Article 5 - CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL OBLIGATIONS
Title 15 - (5-1501 - 5-1514) STATUTORY SHORT FORM AND OTHER POWERS OF ATTORNEY FOR FINANCIAL AND ESTATE PLANNING
5-1505 - Standard of care; fiduciary duties; compelling disclosure of record.

§ 5-1505. Standard of care; fiduciary duties; compelling disclosure of
  record.  1. Standard of care. In dealing with property of the principal,
  an agent shall observe the standard of care that would be observed by  a
  prudent person dealing with property of another.
    2. Fiduciary duties. (a) An agent acting under a power of attorney has
  a  fiduciary  relationship  with  the  principal.  The  fiduciary duties
  include but are not limited to each of the following obligations:
    (1) To act according to any instructions from the principal or,  where
  there are no instructions, in the best interest of the principal, and to
  avoid conflicts of interest.
    (2)  To  keep  the principal's property separate and distinct from any
  other property owned or controlled by the  agent,  except  for  property
  that  is  jointly  owned  by  the principal and agent at the time of the
  execution of the power of attorney, and property  that  becomes  jointly
  owned  after the execution of the power of attorney as the result of the
  agent's acquisition of an interest in the principal's property by reason
  of the agent's exercise of authority granted in a statutory gifts  rider
  or  in  a  non-statutory  power  of  attorney  signed  and  dated by the
  principal with the signature of the principal duly acknowledged  in  the
  manner  prescribed  for  the  acknowledgment  of  a  conveyance  of real
  property,  and  which  is  executed  pursuant  to  the  requirements  of
  paragraph  (b)  of subdivision nine of section 5-1514 of this title. The
  agent may not make gifts to  the  principal's  property  to  himself  or
  herself without specific authorization in a power of attorney.
    (3)  To keep a record of all receipts, disbursements, and transactions
  entered into by the agent on behalf of the principal and  to  make  such
  record  and  power  of  attorney  available to the principal or to third
  parties at the request of the  principal.  The  agent  shall  make  such
  record and a copy of the power of attorney available within fifteen days
  of a written request by any of the following:
    (i) a monitor;
    (ii) a co-agent or successor agent acting under the power of attorney;
    (iii) a government entity, or official thereof, investigating a report
  that  the  principal  may be in need of protective or other services, or
  investigating a report of abuse or neglect;
    (iv) a court evaluator appointed pursuant  to  section  81.09  of  the
  mental hygiene law;
    (v)  a  guardian  ad  litem  appointed  pursuant  to section seventeen
  hundred fifty-four of the surrogate's court procedure act;
    (vi) the guardian or conservator of the estate of  the  principal,  if
  such  record  has  not  already  been provided to the court evaluator or
  guardian ad litem; or
    (vii)  the  personal  representative  of  the  estate  of  a  deceased
  principal  if  such record has not already been provided to the guardian
  or conservator of the estate of the principal.
    The failure of the agent to make the record available pursuant to this
  paragraph may result in a special proceeding under  subdivision  one  of
  section 5-1510 of this title.
    (b)  The  agent  may  be subject to liability for conduct or omissions
  which violate any fiduciary duty.
    (c) The agent is not liable to third parties for any act pursuant to a
  power of attorney if the act was authorized at the time and the act  did
  not violate subdivision one or two of this section.
    3.  Resignation. (a) An agent who has signed the power of attorney may
  resign by giving  written  notice  to  the  principal  and  the  agent's
  co-agent,  successor agent or the monitor, if one has been named, or the
  principal's  guardian  if  one  has  been  appointed.  If  no  co-agent,
  successor  agent,  monitor  or  guardian  is  known to the agent and the

principal is  incapacitated  or  the  agent  has  notice  of  any  facts
  indicating the principal's incapacity, the agent may give written notice
  to  a  government  entity having authority to protect the welfare of the
  principal, or may petition the court to approve the resignation.
    (b)  The  principal  may  provide for alternative means for an agent's
  resignation in the power of attorney.