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NY A04690
Bill
Status
2/4/2011
Primary Sponsor
Matthew Titone
Click for details
AI Summary
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Prohibits all banking institutions in New York from refusing to honor a properly executed statutory short form power of attorney as defined in General Obligations Law Section 5-1501B.
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Declares that failure by a banking institution to honor a properly executed statutory short form power of attorney is unlawful.
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Protects banking institutions and their officers, agents, and employees from liability for acting on a power of attorney unless they receive written notice of revocation or termination at the office where the account is located.
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Allows powers of attorney to survive a principal's disability or incompetence if the document contains language stating the power shall not be affected by subsequent disability or incompetence.
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Takes effect immediately upon enactment.
Legislative Description
Requires all banking institutions in the state to accept a statutory short form power of attorney and powers of attorney which survive disability or incompetence; references existing provisions relating to powers of attorney in the general obligations law; holds banks harmless for such acceptance unless they have actual written notice of revocation or termination.
Last Action
referred to banks
1/4/2012