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NY A06456
Bill
Status
3/7/2017
Primary Sponsor
Matthew Titone
Click for details
AI Summary
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Requires all banking institutions in New York to accept and honor statutory short form powers of attorney properly executed under General Obligations Law Section 5-1501B.
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Makes it unlawful for banking institutions to refuse to honor a properly executed statutory short form power of attorney.
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Protects banking institutions and their officers, agents, and employees from liability for acting on such powers of attorney unless they receive written notice of revocation or termination at the account location.
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Authorizes powers of attorney that survive the principal's disability or incompetence if the document contains language stating "This power of attorney shall not be affected by the subsequent disability or incompetence of the principal" or similar language.
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Makes acts performed by an attorney-in-fact under a durable power of attorney valid and binding on the principal and their heirs, with any appointed conservator or committee having authority to revoke or terminate such power.
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
1/3/2018