- September 02, 2010
- All New York State Office Counsel, Managers and Agents
- New Statutory Short Form Power of Attorney (and Statutory Gift Rider)
Please be advised that a new statutory Short Form Power of Attorney ("POA") (and Statutory Gift Rider) will be effective on September 12, 2010. Among the notable changes are the following:
- The Principal is an individual who is 18 years of age or over, acting for himself or herself and not as a fiduciary or as an official of any legal, governmental or commercial entity, who executes a POA. (GOL Section 5-1501)
- Any person, other than an estate or a trust, may act as an agent, co-agent or successor agent under a POA. (Section 5-1508)
- The 2009 POA automatically invalidated all previous POA; the 2010 revision provides that POA executed before September 12, 2010 are still valid and may be used; if all prior POA are to be revoked the new POA must specifically state that all prior POA are revoked;
- if a POA has been previously recorded, and there is an intent to revoke said POA, the revocation must also be recorded in the office in which the POA is recorded;
- a termination of an agent's authority or of the POA is not effective as to any third party who has not received actual notice of the termination and acts in good faith under the POA, and any action taken shall bind the principal and the principal's successors in interest;
- Condominium associations may use their own form of POA; the old law presumably prohibited this.
- an agent named in the POA may execute the POA even after a principal becomes disabled. (Section 5-1501B (3)(c))
- in the event a POA provides for multiple agents and the agents can act separately, the POA may be recorded even if only one agent has executed the POA.
- A divorce automatically revokes a power unless otherwise stated in the POA
- the statutory gift rider is not necessary for real estate transfers involving consideration.
Additionally, you can download the Power of Attorney form on our website www.stewartnewyork.com under "Legal Forms" on the left hand column.
As always please feel free to contact Stewart Legal Services for any questions you may have.
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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
- Bulletins Replaced:
- Related Bulletins:
- NY000407 Power of Attorney
- NY000412 New Statutory Power of Attorney and Real Property Transfer Tax Filings
- Underwriting Manual:
- Exceptions Manual: