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NY A02748
Bill
Status
1/20/2015
Primary Sponsor
Matthew Titone
Click for details
AI Summary
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Banking institutions in New York State must accept and honor statutory short forms of power of attorney properly executed under General Obligations Law Section 5-1501B, with refusal deemed unlawful.
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Banks and their officers, agents, and employees are not liable for acting on a power of attorney unless they receive written notice of its revocation or termination at the office where the account is located.
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Powers of attorney containing language indicating they survive the principal's subsequent disability or incompetence remain valid and binding, and all acts by the attorney-in-fact during disability have the same legal effect as if the principal were competent.
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If a committee or conservator is appointed for a disabled principal, the attorney-in-fact must account to the committee or conservator rather than the principal, and the committee or conservator may revoke or suspend the power of attorney.
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The act 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
1/6/2016