Aug 26, 2009

New Powers of Attorney

Last Will and Testament

New Sections 5-1501, 5-1501A and 5-1501B of the New York General Obligations Law[1] will take effect on September 1, 2009 that will affect the validity of powers of attorney.  Although currently valid powers of attorney will remain in effect, all new powers of attorney must be drafted on a new statutory form or must incorporate the new language required by the law.  The statutory changes will affect many transactions, including those involving cooperatives and condominiums. Under the new law, the agent, as well as the principal, must now sign the form, and the power will survive the incapacity of the… Read more