NY A08392

Amends General Obligations Law Article 5, Title 15 to clarify that powers of attorney provisions apply to all powers except those specifically excluded (business/commercial purposes, proxies, government-prescribed forms, financial institution account powers, and entity-related powers).

Modifies definitions and requirements for statutory short form powers of attorney and statutory gifts riders, including clarifying that minor wording mistakes do not invalidate documents and allowing agents to sign at different times than principals.

Expands gift-giving authority rules by allowing agents to make gifts up to $500 annually under personal and family maintenance authority, with additional gifts requiring a separate statutory gifts rider with witness requirements.

Adds protections for agents including allowing resignation with proper notice, clarifying that divorce/annulment terminates spousal agent authority unless otherwise specified, and establishing that executing a new power of attorney does not automatically revoke prior ones.

Requires the Law Revision Commission to study implementation of power of attorney provisions over two years and submit preliminary report by September 1, 2010 and final report by January 1, 2012.