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     

STROOCK

SPECIAL BULLETIN

2009 Amendments to New York Power of Attorney Law

November 5, 2009

On September 1, 2009, amendments (the “Amendments”) to New York State’s power of attorney law became effective.1 The Amendments were drafted, and adopted by the legislature, with a view to protecting New York State’s elderly popu- lation from fraud associated with powers of attorney in the context of financial and estate planning.

However, because the Amendments is not limited

application

of the

to powers of

attorney

used

for financial

the

Amendments

and estate planning purposes, have created a number of

the widespread use of irrevocable powers of attorney in commercial transactions;

  • 2.

    the revocation of prior powers of attorney by an individual’s execution of a new power of attorney; and

  • 3.

    the requirement that all such powers of attor- ney be signed and notarized by both the principal and the agent.

uncertainties for commercial powers of attorney.

transactions

involving

This Stroock Special Bulletin examines these and other salient issues surrounding the Amendments.

Issues raised by the Amendments with respect to powers of attorney executed in New York State by an individual on or after September 1, 2009 include, but are not limited to:

1. the required inclusion in all such powers of attorney of statements that conflict with

New Requirements for Powers of Attorney

The Amendments require that, to be valid, a statutory short form power of attorney (which third parties are required to recognize under certain cir- cumstances2) or a non-statutory power of attorney,

          

  •   

    ,  ,  -  ..  .. ..

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