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NY A03427
Bill
Status
1/25/2013
Primary Sponsor
Matthew Titone
Click for details
AI Summary
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Prohibits all banking institutions operating in New York State from refusing to honor a statutory short form power of attorney that is properly executed in accordance with General Obligations Law Section 5-1501B
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Declares that a banking institution's failure to honor a properly executed statutory short form power of attorney is unlawful
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Protects banks and their officers, agents, and employees from liability for acting on such powers of attorney unless they have received actual 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 subsequent disability or incompetence if the document contains language indicating the principal's intent for the authority to remain valid despite 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
1/8/2014