S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8392--A
                                                        Cal. No. 707

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2009
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
  Committee on Judiciary -- reported from committee, advanced to a third
  reading, amended and ordered reprinted, retaining  its  place  on  the
  order of third reading

AN  ACT  to  amend the general obligations law, in relation to powers of
  attorney for financial estate planning; and directing the law revision
  commission to study the implementation of such powers of attorney

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Subdivision 3 of section 5-1511 of the general obligations
law, as added by chapter 644 of the laws of 2008, is amended to read  as
follows:
  3. A principal may revoke a power of attorney;
  (a) in accordance with the terms of the power of attorney; OR
  (b)  by  delivering  a  written[,  signed and dated] revocation of the
power of attorney [as follows:
  (1)] to the agent, and the agent  must  comply  with  the  principal's
revocation  notwithstanding  the  actual  or perceived incapacity of the
principal unless the principal is subject to a guardianship under  arti-
cle eighty-one of the mental hygiene law[; and
  (2)  to  any  third party that the principal has reason to believe has
received, retained or acted upon, the power of attorney].
  S 2. Subdivision 6 of section 5-1511 of the general  obligations  law,
as  added  by  chapter  644  of  the laws of 2008, is amended to read as
follows:
  6. [Unless the principal expressly provides otherwise,  the  execution
of  a  power  of  attorney  revokes any and all prior powers of attorney
executed by the principal] THE EXECUTION OF A POWER OF ATTORNEY DOES NOT
REVOKE ANY POWER OF ATTORNEY PREVIOUSLY EXECUTED BY THE PRINCIPAL UNLESS
THE PRINCIPAL GIVES WRITTEN NOTICE OF REVOCATION TO  THE  AGENT  OF  THE
PREVIOUSLY EXECUTED POWER OF ATTORNEY BEING REVOKED.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD11829-05-9

A. 8392--A                          2

  S  3.  Paragraph (e) of subdivision 1 of section 5-1513 of the general
obligations law, as added by chapter 644 of the laws of 2008, is amended
to read as follows:
  (e)  This  POWER  OF  ATTORNEY  [REVOKES] DOES NOT REVOKE any [and all
prior] Powers of Attorney PREVIOUSLY executed by me unless I [have stat-
ed otherwise below, under "Modifications."] GIVE WRITTEN NOTICE OF REVO-
CATION TO THE AGENT OF ANY PREVIOUSLY EXECUTED POWER OF ATTORNEY.
  IF YOU ARE REVOKING A  PREVIOUSLY  EXECUTED  POWER  OF  ATTORNEY,  YOU
SHOULD  NOTIFY  IN  WRITING ANY THIRD PARTIES YOU BELIEVE HAVE RECEIVED,
RETAINED OR ACTED ON THE POWER OF ATTORNEY YOU WANT TO REVOKE.
  If [your are NOT revoking] YOU DO NOT  INTEND  TO  REVOKE  your  prior
Powers  of  Attorney,  and  if  you [are granting] HAVE GRANTED the same
authority in [two or more Powers of Attorney, you must also] THIS  POWER
OF  ATTORNEY  AS YOU GRANTED TO ANOTHER AGENT IN A PRIOR POWER OF ATTOR-
NEY, EACH AGENT CAN ACT SEPARATELY UNLESS YOU indicate under  "Modifica-
tions"  [whether] THAT the agents given these powers are to act together
[or separately].
  S 4. Subdivisions 10 and 14 of section 5-1501  of  the  general  obli-
gations law, as added by chapter 644 of the laws of 2008, are amended to
read as follows:
  10.  "Power  of attorney" means a written document, OTHER THAN A DOCU-
MENT REQUIRED BY A GOVERNMENTAL AUTHORITY, by  which  a  principal  with
capacity designates an agent to act on his or her behalf.
  14.  "Statutory major gifts rider" or "SMGR" means a document by which
the principal may supplement a statutory short form power of attorney to
authorize [major] ALL  gift  transactions  and  other  transfers,  [that
meets]  OTHER  THAN  THOSE  PERMITTED BY SUBDIVISION FOURTEEN OF SECTION
5-1502I OF THIS TITLE. THE DOCUMENT MUST MEET the requirements of subdi-
vision nine of section 5-1514 of this title, and [that contains] CONTAIN
the exact wording of the form set forth in subdivision  ten  of  section
5-1514  of  this title. The use of the form set forth in subdivision ten
of section 5-1514 of this title is lawful and when  used,  it  shall  be
construed  as  a  statutory  major  gifts rider. A statutory major gifts
rider may contain modifications or  additions  as  provided  in  section
5-1503  of this title as such modifications or additions relate to major
gift transactions and other transfers. The statutory major  gifts  rider
must be executed in the manner provided in section 5-1514 of this title,
simultaneously  with the statutory short form power of attorney in which
the authority (SMGR) is initialed by the principal.  A  statutory  major
gifts  rider  and  the statutory short form power of attorney it supple-
ments must be read together as a single instrument.
  S 5. Clause (I) of subparagraph 2 of paragraph (f) of subdivision 1 of
section 5-1513 of the general obligations law, as added by  chapter  644
of the laws of 2008, is amended to read as follows:
      (   ) (I) personal and family maintenance. IF YOU GRANT YOUR AGENT
            THIS  AUTHORITY,  IT WILL ALLOW THE AGENT TO MAKE GIFTS THAT
            YOU CUSTOMARILY HAVE  MADE  TO  INDIVIDUALS,  INCLUDING  THE
            AGENT, AND CHARITABLE ORGANIZATIONS. THE TOTAL AMOUNT OF ALL
            SUCH GIFTS IN ANY ONE CALENDAR YEAR CANNOT EXCEED $500;
  S  6. Paragraphs (h) and (n) of subdivision 1 of section 5-1513 of the
general obligations law, as added by chapter 644 of the  laws  of  2008,
are amended to read as follows:
  (h)  MAJOR  GIFTS  AND  OTHER  TRANSFERS:  STATUTORY MAJOR GIFTS RIDER
(OPTIONAL)
  In order to authorize your agent to make [major] gifts IN EXCESS OF AN
ANNUAL TOTAL OF $500 FOR ALL GIFTS DESCRIBED IN  (I)  OF  THE  GRANT  OF

A. 8392--A                          3

AUTHORITY  SECTION  OF  THIS DOCUMENT (UNDER PERSONAL AND FAMILY MAINTE-
NANCE), and other transfers of  your  property,  you  must  initial  the
statement  below  and  execute a Statutory Major Gifts Rider at the same
time  as this instrument.  Initialing the statement below by itself does
not authorize your agent to make major gifts and  other  transfers.  The
preparation of the Statutory Major Gifts Rider should be supervised by a
lawyer.
  (      )(SMGR)  I  grant  my  agent  authority to make major gifts and
other transfers of my property, in accordance with the terms and  condi-
tions  of the Statutory Major Gifts Rider that supplements this Power of
Attorney.

(n) IMPORTANT INFORMATION FOR THE AGENT:
  When you accept the authority granted under this Power of Attorney,  a
special  legal  relationship  is  created between you and the principal.
This relationship imposes on you legal  responsibilities  that  continue
until  you resign or the Power of Attorney is terminated or revoked. You
must:
  (1) act according to any instructions from the  principal,  or,  where
there are no instructions, in the principal's best interest;
  (2) avoid conflicts that would impair your ability to act in the prin-
cipal's best interest;
  (3)  keep  the  principal's  property  separate  and distinct from any
assets you own or control, unless otherwise permitted by law;
  (4)  keep  a  record  or  all  receipts,  payments,  and  transactions
conducted for the principal; and
  (5)  disclose your identity as an agent whenever you act for the prin-
cipal by writing or printing the principal's name and signing  your  own
name as "agent" in either of the following manner: (Principal's Name) by
(Your Signature) as Agent, or (your signature) as Agent for (Principal's
Name).
  You  may  not use the principal's assets to benefit yourself OR ANYONE
ELSE or [give major] MAKE gifts to yourself or anyone  else  unless  the
principal  has  specifically granted you that authority in this Power of
Attorney [or] AND in a Statutory Major  Gifts  Rider  attached  to  this
Power of Attorney, OR IN A NON-STATUTORY POWER OF ATTORNEY.  If you have
that  authority, you must act according to any instructions of the prin-
cipal or, where there are no such instructions, in the principal's  best
interest.  You  may resign by giving written notice to the principal and
to any co-agent, successor agent, monitor if one has been named in  this
document,  or  the  principal's  guardian  if one has been appointed. If
there is anything about this document or your responsibilities that  you
do not understand, you should seek legal advice.
  Liability of agent:
  The  meaning  of  the  authority given to you is defined in New York's
General Obligations Law, Article 5, Title 15. If it is  found  that  you
have  violated  the law or acted outside the authority granted to you in
the Power of Attorney,  you  may  be  liable  under  the  law  for  your
violation.
  S  7. Subdivision 10 of section 5-1514 of the general obligations law,
as added by chapter 644 of the laws of  2008,  is  amended  to  read  as
follows:
  10.  The  use  of  the  following shall be construed as the "Statutory
Major Gifts Rider" for a statutory short form power of attorney:
                           "POWER OF ATTORNEY
                  NEW YORK STATUTORY MAJOR GIFTS RIDER

A. 8392--A                          4

AUTHORIZATION TO MAKE MAJOR GIFTS OR OTHER TRANSFERS
  CAUTION  TO THE PRINCIPAL: This OPTIONAL rider allows you to authorize
your agent to make [major] gifts IN EXCESS OF AN ANNUAL  TOTAL  OF  $500
FOR  ALL GIFTS DESCRIBED IN (I) OF THE GRANT OF AUTHORITY SECTION OF THE
STATUTORY SHORT FORM POWER OF ATTORNEY (UNDER PERSONAL AND FAMILY  MAIN-
TENANCE), or other transfers of your money or other property during your
lifetime.    YOU DO NOT HAVE TO EXECUTE THIS RIDER IF YOU ONLY WANT YOUR
AGENT TO MAKE GIFTS DESCRIBED IN (I) OF THE GRANT OF  AUTHORITY  SECTION
OF THE STATUTORY SHORT FORM POWER OF ATTORNEY AND YOU INITIALED "(I)" ON
THAT  SECTION  OF  THAT FORM. Granting any of the following authority to
your agent gives your agent the authority to take  actions  which  could
significantly  reduce  your  property  or  change  how  your property is
distributed  at  your  death.  "Major  gifts  or  other  transfers"  are
described  in  section 5-1514 of the General Obligations Law. This Major
Gifts Rider does not require your agent to exercise  granted  authority,
but  when he or she exercises this authority, he or she must act accord-
ing to any instructions you provide, or otherwise in your best interest.
  This Major Gifts Rider and the Power of Attorney it  supplements  must
be read together as a single instrument.
  Before  signing  this  document  authorizing  your agent to make major
gifts and other transfers, you should seek legal advice to  ensure  that
your intentions are clearly and properly expressed.
  (a) GRANT OF LIMITED AUTHORITY TO MAKE GIFTS
  Granting gifting authority to your agent gives your agent the authori-
ty to take actions which could significantly reduce your property.
  If  you  wish to allow your agent to make gifts to himself or herself,
you must separately grant that authority in subdivision (c) below.
  To grant your agent the gifting authority provided below, initial  the
bracket to the left of the authority.
  ( ) I grant authority to my agent to make gifts to my spouse, children
and more remote descendants, and parents, not to exceed, for each donee,
the  annual  federal  gift tax exclusion amount pursuant to the Internal
Revenue Code. For gifts to my children and more remote descendants,  and
parents,  the  maximum amount of the gift to each donee shall not exceed
twice the gift tax exclusion amount, if my spouse agrees to  split  gift
treatment pursuant to the Internal Revenue Code.
This  authority must be exercised pursuant to my instructions, or other-
wise for purposes which the agent reasonably deems  to  be  in  my  best
interest.
  (b) MODIFICATIONS:
  Use this section if you wish to authorize gifts in excess of the above
amount, gifts to other beneficiaries or other types of transfers.
Granting  such authority to your agent gives your agent the authority to
take actions which  could  significantly  reduce  your  property  and/or
change  how  your  property is distributed at your death. If you wish to
authorize your agent to make gifts or transfers to himself  or  herself,
you must separately grant that authority in subdivision (c) below.
(  ) I grant the following authority to my agent to make gifts or trans-
fers pursuant to my instructions, or otherwise for  purposes  which  the
agent reasonably deems to be in my best interest[.]:
(c)  GRANT  OF  SPECIFIC  AUTHORITY  FOR AN AGENT TO MAKE MAJOR GIFTS OR
OTHER TRANSFERS TO HIMSELF OR HERSELF: (OPTIONAL)
If you wish to authorize your  agent  to  make  gifts  or  transfers  to
himself or herself, you must grant that authority in this section, indi-
cating  to  which agent(s) the authorization is granted, and any limita-
tions and guidelines.

A. 8392--A                          5

( ) I grant specific authority for the following agent(s)  to  make  the
following major gifts or other transfers to himself or herself:
This  authority must be exercised pursuant to my instructions, or other-
wise for purposes which the agent reasonably deems  to  be  in  my  best
interest.
(d)  ACCEPTANCE  BY  THIRD PARTIES: I agree to indemnify the third party
for any claims that may arise against the third party because  of  reli-
ance on this Major Gifts Rider.
(e) SIGNATURE OF PRINCIPAL AND ACKNOWLEDGMENT:
In  Witness Whereof I have hereunto signed my name on _________________,
20____.
PRINCIPAL signs here:
________________________________
(acknowledgement)
  (f) SIGNATURES OF WITNESSES:
By signing as a witness, I acknowledge that  the  principal  signed  the
Major  Gifts Rider in my presence and the presence of the other witness,
or that the principal acknowledged to me that the principal's  signature
was affixed by him or her or at his or her direction. I also acknowledge
that  the  principal has stated that this Major Gifts Rider reflects his
or her wishes and that he or she has signed it  voluntarily.  I  am  not
named herein as a permissible recipient of major gifts.
___________________________        _________________________
Signature of witness 1             Signature of witness 2
___________________________        _________________________
Date                               Date
___________________________        _________________________
Print name                         Print name
___________________________        _________________________
Address                            Address
___________________________        _________________________
City, State, Zip code              City, State, Zip code
(g) This document prepared by: ____________________________"
  S 8. Subdivision 14 of section 5-1502I of the general obligations law,
as  amended  by  chapter  644 of the laws of 2008, is amended to read as
follows:
  14. To continue gifts that the principal customarily made to  individ-
uals  and  charitable organizations prior to the creation of the agency,
provided that [no person or charitable organization may be the recipient
of gifts] in any one calendar year [which, in the aggregate,]  ALL  SUCH
GIFTS SHALL NOT exceed five hundred dollars IN THE AGGREGATE; and
  S  9.  Subdivision 2 of section 5-1508 of the general obligations law,
as added by chapter 644 of the laws of  2008,  is  amended  to  read  as
follows:
  2. A principal may designate one or more successor agents to serve, if
[every] ANY initial or predecessor agent resigns, dies, becomes incapac-
itated, is not qualified to serve or declines to serve. Unless the prin-
cipal provides otherwise in the power of attorney, a successor agent has
the same authority as that granted to an initial agent.
  S  10. Paragraph (c) of subdivision 1 of section 5-1513 of the general
obligations law, as added by chapter 644 of the laws of 2008, is amended
to read as follows:
(c) DESIGNATION OF SUCCESSOR AGENT(S): (OPTIONAL)
  If [every] ANY agent designated above is unable or unwilling to serve,
I appoint as my successor agent(s):
  _______________________________________________________________

A. 8392--A                          6

  name(s) and address(es) of successor agent(s)
Successor  agents  designated above must act together unless you initial
the statement below.

      (   ) My successor agents may act SEPARATELY.
  S 11. Subparagraph 1 of paragraph (a)  of  subdivision  1  of  section
5-1504  of the general obligations law, as amended by chapter 644 of the
laws of 2008, is amended to read as follows:
  (1) the refusal by the agent to provide an  original  STATUTORY  SHORT
FORM  power  of  attorney or a copy certified by an attorney pursuant to
[rule] SECTION twenty-one hundred five of the  civil  practice  law  and
rules, or by a court or other government entity;
  S  12.  Subparagraphs  1  and  2  of paragraph (b) of subdivision 1 of
section 5-1504 of the general obligations law, as amended by chapter 644
of the laws of 2008, are amended to read as follows:
  (1) the STATUTORY SHORT FORM power  of  attorney  is  not  on  a  form
prescribed  by  the  third  party  to  whom  the  power  of  attorney is
presented.
  (2) there has been a lapse of time since the execution of the STATUTO-
RY SHORT FORM power of attorney.
  S 13. Subdivision 5 of section 5-1504 of the general obligations  law,
as  added  by  chapter  644  of  the laws of 2008, is amended to read as
follows:
  5. When the STATUTORY SHORT FORM power of attorney is presented  to  a
third  party,  it  shall not be deemed unreasonable for a third party to
require the agent to execute an acknowledged affidavit pursuant to  this
subdivision  stating  that the STATUTORY SHORT FORM power of attorney is
in full force and effect. Such an affidavit is conclusive proof  to  the
third  party relying on the power of attorney that the power of attorney
is valid and effective, and has not been  terminated  [or],  revoked  OR
MODIFIED,  except  as  to any third party who had actual notice that the
STATUTORY SHORT FORM power of attorney had terminated [or], been revoked
OR BEEN MODIFIED prior to the execution of the affidavit. Such affidavit
shall state that:
  (a) the agent does not have, at the time of  the  transaction,  actual
notice  of  the  termination  or  revocation of the STATUTORY SHORT FORM
power of attorney, or notice of any facts indicating that the  STATUTORY
SHORT FORM power of attorney has been terminated or revoked;
  (b)  the  agent  does not have, at the time of the transaction, actual
notice that the STATUTORY SHORT FORM power of attorney has been modified
in any way that would affect the ability of the agent  to  authorize  or
engage  in  the  transaction, or notice of any facts indicating that the
STATUTORY SHORT FORM power of attorney has been so modified; and
  (c) if the agent was named as a successor agent, the prior agent is no
longer able or willing to serve.
  S 14. Subdivision 4 of section 5-1501B of the general obligations law,
as added by chapter 644 of the laws of  2008,  is  amended  to  read  as
follows:
  4.  Nothing  in  this  title  shall be construed to bar the use of any
other or different form of power of attorney desired by a [person  other
than  an  individual  as the term person is defined in section 5-1501 of
this title] PRINCIPAL WHO IS NOT AN INDIVIDUAL.
  S 15. The law revision commission shall, over a period of  two  years,
study  all aspects of the implementation of title 15 of article 5 of the
general obligations law, as amended by chapter 644 of the laws  of  2008
and  this  act. Such commission shall consult with individuals and enti-

A. 8392--A                          7

ties regularly engaged in the utilization of such title, and those indi-
viduals and entities affected by the provisions of such title.
  The  law  revision commission shall, on or before the first of January
of the third calendar year commencing after the effective date  of  this
section,  submit  a  report of its findings, conclusions and recommenda-
tions to the governor and the legislature.
  S 16. This act shall take effect on the same  date  and  in  the  same
manner as chapter 644 of the laws of 2008, as amended, takes effect.

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8392--B
                                                        Cal. No. 582

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2009
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
  Committee on Judiciary -- reported from committee, advanced to a third
  reading, amended and ordered reprinted, retaining  its  place  on  the
  order of third reading -- reported from committee, advanced to a third
  reading,  amended  and  ordered  reprinted, retaining its place on the
  order of third reading

AN ACT to amend the general obligations law, in relation  to  powers  of
  attorney  for  financial  and  estate  planning; and directing the law
  revision commission to study the  implementation  of  such  powers  of
  attorney

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The title heading of title 15 of article 5 of  the  general
obligations  law,  as  amended  by  chapter  644 of the laws of 2008, is
amended to read as follows:
             STATUTORY SHORT FORM AND OTHER POWERS OF ATTORNEY
                    FOR FINANCIAL AND ESTATE PLANNING
  S 2. Section 5-1501 of the general obligations law, as added by  chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S  5-1501.  [Definitions]  APPLICATION AND DEFINITIONS.  1. THIS TITLE
SHALL APPLY TO ALL POWERS OF ATTORNEY EXCEPT POWERS OF ATTORNEY EXCLUDED
FROM THIS TITLE BY SECTION 5-1501C OF THIS TITLE.
  2. As used in this title the following terms shall have the  following
meanings:
  [1.]  (A) "Agent" means a person granted authority to act as attorney-
in-fact for the principal under a power of attorney,  and  includes  the
original  agent  and any co-agent or successor agent. Unless the context
indicates otherwise, an "agent" designated in a power of attorney  shall
mean  "attorney-in-fact" for the purposes of this title. An agent acting
under a power of attorney has a fiduciary relationship with the  princi-
pal.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD11829-15-0

A. 8392--B                          2

  [2.]  (B)  "Benefits  from  governmental programs or civil or military
service" means any benefit, program or assistance provided under a stat-
ute or governmental regulation, including social security, medicare  and
medicaid.
  [3.]  (C) "Capacity" means ability to comprehend the nature and conse-
quences of the act of executing  and  granting,  revoking,  amending  or
modifying  a power of attorney, any provision in a power of attorney, or
the authority of any person to act as agent under a power of attorney.
  [4.] (D) "Compensation" means reasonable compensation authorized to be
paid to the agent from assets of the  principal  for  services  actually
rendered  by  the  agent pursuant to the authority granted in a power of
attorney.
  [5.] (E) "Financial institution" means a financial entity,  including,
but  not limited to: a bank, trust company, national bank, savings bank,
federal mutual savings  bank,  savings  and  loan  association,  federal
savings  and  loan  association, federal mutual savings and loan associ-
ation, credit union, federal credit union, branch of a  foreign  banking
corporation,  public pension fund, retirement system, securities broker,
securities dealer, securities firm, and insurance company.
  [6.] (F) "Incapacitated" means to be without capacity.
  [7.] (G) "Internal Revenue Code"  means  the  United  States  Internal
Revenue  Code  of  1986,  as amended. Such references, however, shall be
deemed to constitute references to any corresponding provisions  of  any
subsequent federal tax code.
  [8.]  (H)  "Monitor" means a person appointed in the power of attorney
who has the authority to request, receive, and seek to compel the  agent
to  provide  a  record  of all receipts, disbursements, and transactions
entered into by the agent on behalf of the principal.
  [9.] (I) "Person" means an individual, whether acting for  himself  or
herself,  or as a fiduciary or as an official of any legal, governmental
or commercial entity (including, but not limited  to,  any  such  entity
identified  in  this  subdivision), corporation, business trust, estate,
trust,  partnership,  limited  liability  company,  association,   joint
venture,   government,   governmental  subdivision,  government  agency,
government entity, government instrumentality,  public  corporation,  or
any other legal or commercial entity.
  [10.]  (J)  "Power of attorney" means a written document, OTHER THAN A
DOCUMENT REFERRED TO IN SECTION 5-1501C OF THIS TITLE, by which a  prin-
cipal with capacity designates an agent to act on his or her behalf.
  [11.] (K) "Principal" means an individual who is eighteen years of age
or  older, ACTING FOR HIMSELF OR HERSELF AND NOT AS A FIDUCIARY OR AS AN
OFFICIAL OF ANY LEGAL, GOVERNMENTAL OR COMMERCIAL ENTITY, who executes a
power of attorney.
  [12.] (L) "Record" means information that is inscribed on  a  tangible
medium  or  that  is  stored  in  an  electronic  or other medium and is
retrievable in perceivable form.
  [13.] (M) "Sign" means to place any memorandum, mark or sign, written,
printed, stamped, photographed, engraved or otherwise upon an instrument
or writing, or to use an electronic signature as that term is defined in
subdivision three of section three hundred two of the  state  technology
law,  with  the  intent to execute the instrument, writing or electronic
record. In accordance with the requirements  of  section  three  hundred
seven  of  the  state  technology  law, a power of attorney or any other
instrument executed by the principal or agent that is  recordable  under
the  real  property  law shall not be executed with an electronic signa-
ture.

A. 8392--B                          3

  [14.] (N) "Statutory [major] gifts rider" or ["SMGR"]  "SGR"  means  a
document  by  which  the principal may supplement a statutory short form
power of attorney to authorize [major] CERTAIN  gift  transactions  [and
other transfers], [that meets] OTHER THAN THOSE PERMITTED BY SUBDIVISION
FOURTEEN  OF  SECTION  5-1502I OF THIS TITLE. THE DOCUMENT MUST MEET the
requirements of subdivision nine of section 5-1514 of  this  title,  and
[that  contains]  CONTAIN  the  exact  wording  of the form set forth in
subdivision ten of section 5-1514 of this title.  A MISTAKE IN  WORDING,
SUCH  AS  IN  SPELLING, PUNCTUATION OR FORMATTING, OR THE USE OF BOLD OR
ITALIC TYPE, SHALL NOT PREVENT A STATUTORY GIFTS RIDER FROM BEING DEEMED
A STATUTORY GIFTS RIDER, BUT THE WORDING OF THE FORM SET FORTH IN SUBDI-
VISION TEN OF SECTION 5-1514 OF THIS TITLE SHALL GOVERN. The use of  the
form  set  forth  in  subdivision ten of section 5-1514 of this title is
lawful and when used, it shall be construed as a statutory [major] gifts
rider. A statutory [major] gifts  rider  may  contain  modifications  or
additions  as provided in section 5-1503 of this title as such modifica-
tions or additions relate to [major] ALL gift  transactions  [and  other
transfers].  The  statutory  [major] gifts rider must be executed in the
manner provided in section 5-1514 of this title, simultaneously with the
statutory short form power of attorney in which the  authority  [(SMGR)]
(SGR) is initialed by the principal. A statutory [major] gifts rider and
the  statutory  short form power of attorney it supplements must be read
together as a single instrument.
  [15.] (O) "Statutory short form power of attorney" means  a  power  of
attorney  that  meets the requirements of paragraphs (a), (b) and (c) of
subdivision one of section 5-1501B of this title, and that contains  the
exact  wording of the form set forth in section 5-1513 of this title.  A
MISTAKE IN WORDING, SUCH AS IN SPELLING, PUNCTUATION OR  FORMATTING,  OR
THE  USE  OF  BOLD OR ITALIC TYPE, SHALL NOT PREVENT A POWER OF ATTORNEY
FROM BEING DEEMED A STATUTORY SHORT FORM  POWER  OF  ATTORNEY,  BUT  THE
WORDING  OF  THE  FORM  SET  FORTH IN SECTION 5-1513 OF THIS TITLE SHALL
GOVERN. The use of the form set forth in section 5-1513 of this title is
lawful and when used, it shall be construed as a  statutory  short  form
power  of attorney. A statutory short form power of attorney may be used
to grant authority provided in sections 5-1502A through 5-1502N of  this
title.  A "statutory short form power of attorney" may contain modifica-
tions or additions as provided in section 5-1503 of this title,  but  in
no  event  may it be modified to grant any authority provided in section
5-1514 of this title. If the authority [(SMGR)] (SGR) on  the  statutory
short form is initialed by the principal, the statutory short form power
of  attorney  must be executed in the manner provided in section 5-1501B
of this title, simultaneously with the statutory [major] gifts rider.  A
statutory  short  form  power  of attorney and a statutory [major] gifts
rider which supplements it must be read together as a single instrument.
  [16.] (P) "NON-STATUTORY POWER OF ATTORNEY" MEANS A POWER OF  ATTORNEY
THAT IS NOT A STATUTORY SHORT FORM POWER OF ATTORNEY.
  (Q) "Third party" means a financial institution or person OTHER THAN A
PRINCIPAL OR AN AGENT.
  S 3. The opening paragraph and paragraphs (b) and (c) of subdivision 1
of  section  5-1501B of the general obligations law, as added by chapter
644 of the laws of 2008, are amended to read as follows:
  To be valid, EXCEPT AS OTHERWISE PROVIDED IN SECTION  5-1512  OF  THIS
TITLE,  a  statutory  short  form  power of attorney, or a non-statutory
power  of  attorney,  executed  in  this  state  by  [an  individual]  A
PRINCIPAL, must:

A. 8392--B                          4

  (b)  Be signed and dated by a principal with capacity, with the signa-
ture of the principal duly acknowledged in the manner prescribed for the
[acknowledgement] ACKNOWLEDGMENT of a conveyance of real property.
  (c) Be signed and dated by any agent acting on behalf of the principal
with  the  signature  of  the  agent  duly  acknowledged  in  the manner
prescribed for the [acknowledgement] ACKNOWLEDGMENT of a  conveyance  of
real  property. A power of attorney executed pursuant to this section is
not invalid solely because there has been a lapse of  time  between  the
date of acknowledgment of the signature of the principal and the date OR
DATES of [acknowledgement] ACKNOWLEDGMENT of the signature OR SIGNATURES
of  [the]  ANY  agent [acting] OR AGENTS OR SUCCESSOR AGENT OR SUCCESSOR
AGENTS AUTHORIZED TO ACT on behalf of the principal or because the prin-
cipal became incapacitated during any such lapse of time.
  S 4. The opening paragraph and  paragraph  (a)  of  subdivision  2  of
section  5-1501B of the general obligations law, as added by chapter 644
of the laws of 2008, is amended to read as follows:
  In addition to the requirements of subdivision one of this section, to
be valid for the purpose of authorizing the agent to make [any  gift  or
other transfer] CERTAIN GIFT TRANSACTIONS described in section 5-1514 of
this title:
  (a) a statutory short form power of attorney must contain the authori-
ty  [(SMGR)]  (SGR)  initialed  by the principal and be accompanied by a
valid statutory [major] gifts rider; and
  S 5. Subdivisions 3 and 4 of section  5-1501B  of  the  general  obli-
gations law, as added by chapter 644 of the laws of 2008, are amended to
read as follows:
  3.  (a)  The date on which an agent's signature is acknowledged is the
effective date of the power of attorney  as  to  that  agent;  provided,
however,  that if two or more agents are designated to act together, the
power of attorney takes effect when all the agents  so  designated  have
signed [the] SUCH power of attorney with their signatures acknowledged.
  (b)  If  the  power  of  attorney states that it takes effect upon the
occurrence of a date or a contingency specified in  the  document,  then
the  power  of  attorney  takes effect only when the date or contingency
identified in the document has occurred, and the signature of the  agent
acting on behalf of the principal has been acknowledged. If the document
requires  that a person or persons named or otherwise identified therein
declare, in writing, that the identified contingency has occurred,  such
a declaration satisfies the requirement of this paragraph without regard
to whether the specified contingency has occurred.
  4. Nothing of this title shall be construed to bar the use OR VALIDITY
of  any other or different form of power of attorney desired by a person
other than [an individual] A PRINCIPAL as the term [person] PRINCIPAL is
defined in section 5-1501 of this title.
  S 6. The general obligations law is amended by adding  a  new  section
5-1501C to read as follows:
  S 5-1501C. POWERS OF ATTORNEY EXCLUDED FROM THIS TITLE. THE PROVISIONS
OF THIS TITLE SHALL NOT APPLY TO THE FOLLOWING POWERS OF ATTORNEY:
  1.  A  POWER  OF ATTORNEY GIVEN PRIMARILY FOR A BUSINESS OR COMMERCIAL
PURPOSE, INCLUDING WITHOUT LIMITATION:
  (A) A POWER TO THE EXTENT IT  IS  COUPLED  WITH  AN  INTEREST  IN  THE
SUBJECT OF THE POWER;
  (B)  A  POWER  GIVEN TO OR FOR THE BENEFIT OF A CREDITOR IN CONNECTION
WITH A LOAN OR OTHER CREDIT TRANSACTION;

A. 8392--B                          5

  (C) A POWER GIVEN TO FACILITATE TRANSFER OR DISPOSITION OF ONE OR MORE
SPECIFIC STOCKS, BONDS OR OTHER ASSETS, WHETHER REAL, PERSONAL, TANGIBLE
OR INTANGIBLE;
  2. A PROXY OR OTHER DELEGATION TO EXERCISE VOTING RIGHTS OR MANAGEMENT
RIGHTS WITH RESPECT TO AN ENTITY;
  3.  A  POWER  CREATED  ON A FORM PRESCRIBED BY A GOVERNMENT OR GOVERN-
MENTAL  SUBDIVISION,  AGENCY  OR  INSTRUMENTALITY  FOR  A   GOVERNMENTAL
PURPOSE;
  4.  A  POWER  AUTHORIZING  A THIRD PARTY TO PREPARE, EXECUTE, DELIVER,
SUBMIT AND/OR FILE A DOCUMENT OR INSTRUMENT WITH A GOVERNMENT OR GOVERN-
MENTAL SUBDIVISION, AGENCY OR INSTRUMENTALITY OR OTHER THIRD PARTY;
  5. A POWER AUTHORIZING A FINANCIAL INSTITUTION OR EMPLOYEE OF A FINAN-
CIAL INSTITUTION TO TAKE ACTION RELATING TO  AN  ACCOUNT  IN  WHICH  THE
FINANCIAL  INSTITUTION  HOLDS  CASH,  SECURITIES,  COMMODITIES  OR OTHER
FINANCIAL ASSETS ON BEHALF OF THE PERSON GIVING THE POWER;
  6. A POWER GIVEN BY AN INDIVIDUAL WHO IS OR IS  SEEKING  TO  BECOME  A
DIRECTOR,  OFFICER,  SHAREHOLDER,  EMPLOYEE,  PARTNER,  LIMITED PARTNER,
MEMBER, UNIT OWNER OR MANAGER OF  A  CORPORATION,  PARTNERSHIP,  LIMITED
LIABILITY  COMPANY,  CONDOMINIUM  OR OTHER LEGAL OR COMMERCIAL ENTITY IN
HIS OR HER CAPACITY AS SUCH;
  7. A POWER CONTAINED IN A  PARTNERSHIP  AGREEMENT,  LIMITED  LIABILITY
COMPANY OPERATING AGREEMENT, DECLARATION OF TRUST, DECLARATION OF CONDO-
MINIUM, CONDOMINIUM BYLAWS, CONDOMINIUM OFFERING PLAN OR OTHER AGREEMENT
OR  INSTRUMENT GOVERNING THE INTERNAL AFFAIRS OF AN ENTITY AUTHORIZING A
DIRECTOR, OFFICER,  SHAREHOLDER,  EMPLOYEE,  PARTNER,  LIMITED  PARTNER,
MEMBER, UNIT OWNER, MANAGER OR OTHER PERSON TO TAKE LAWFUL ACTION RELAT-
ING TO SUCH ENTITY;
  8.  A  POWER  GIVEN  TO A CONDOMINIUM MANAGING AGENT TO TAKE ACTION IN
CONNECTION WITH THE USE, MANAGEMENT AND OPERATION OF A CONDOMINIUM UNIT;
  9. A POWER GIVEN TO A LICENSED REAL ESTATE BROKER TO  TAKE  ACTION  IN
CONNECTION  WITH  A  LISTING  OF  REAL PROPERTY, MORTGAGE LOAN, LEASE OR
MANAGEMENT AGREEMENT;
  10. A POWER AUTHORIZING ACCEPTANCE OF SERVICE OF PROCESS ON BEHALF  OF
THE PRINCIPAL; AND
  11. A POWER CREATED PURSUANT TO AUTHORIZATION PROVIDED BY A FEDERAL OR
STATE  STATUTE,  OTHER  THAN  THIS TITLE, THAT SPECIFICALLY CONTEMPLATES
CREATION OF THE POWER, INCLUDING WITHOUT  LIMITATION  A  POWER  TO  MAKE
HEALTH CARE DECISIONS OR DECISIONS INVOLVING THE DISPOSITION OF REMAINS.
  NOTHING IN THIS SECTION SHALL BE DEEMED TO PROHIBIT USE OF A STATUTORY
SHORT  FORM  POWER  OF  ATTORNEY  OR A NONSTATUTORY POWER OF ATTORNEY IN
CONNECTION WITH ANY OF THE TRANSACTIONS DESCRIBED IN THIS SECTION.
  S 7. Subdivisions 2, 9 and 10 of section 5-1502A of the general  obli-
gations  law, subdivisions 2 and 9 as amended by chapter 644 of the laws
of 2008, are amended to read as follows:
  2. To sell, to exchange, to convey either with or  without  covenants,
to  quit-claim,  to  release, to surrender, to mortgage, to incumber, to
partition or to consent to the partitioning, TO CREATE, MODIFY OR REVOKE
A TRUST UNLESS SUCH CREATION, MODIFICATION OR REVOCATION IS A GIFT TRAN-
SACTION GOVERNED BY SECTION 5-1514  OF  THIS  TITLE,  to  grant  options
concerning,  to  lease  or  to  sublet,  or otherwise to dispose of, any
estate or interest in land;
  9. To execute, to acknowledge,  to  seal  and  to  deliver  any  deed,
CREATION,  MODIFICATION  OR  REVOCATION OF A TRUST UNLESS SUCH CREATION,
MODIFICATION OR REVOCATION IS A GIFT  TRANSACTION  GOVERNED  BY  SECTION
5-1514 OF THIS TITLE, mortgage, lease, notice, check or other instrument

A. 8392--B                          6

which  the  agent  may think useful for the accomplishment of any of the
purposes enumerated in this section;
  10.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal based on or involving any real estate transaction or to intervene in
any action or proceeding relating thereto;
  S  8.  Subdivisions 2, 7 and 8 of section 5-1502B of the general obli-
gations law, subdivisions 2 and 7 as amended by chapter 644 of the  laws
of 2008, are amended to read as follows:
  2.  To  sell, to exchange, to convey either with or without covenants,
to release, to surrender,  to  mortgage,  to  incumber,  to  pledge,  to
hypothecate,  to  pawn,  TO CREATE, MODIFY OR REVOKE A TRUST UNLESS SUCH
CREATION, MODIFICATION OR REVOCATION IS A GIFT TRANSACTION  GOVERNED  BY
SECTION 5-1514 OF THIS TITLE to grant options concerning, to lease or to
sublet to others, or otherwise to dispose of any chattel or goods or any
interest in any chattel or goods;
  7.  To execute, to acknowledge, to seal and to deliver any conveyance,
mortgage, lease, CREATION, REVOCATION OR MODIFICATION OF A TRUST  UNLESS
SUCH CREATION, MODIFICATION OR REVOCATION IS A GIFT TRANSACTION GOVERNED
BY SECTION 5-1514 OF THIS TITLE, notice, check or other instrument which
the agent may think useful for the accomplishment of any of the purposes
enumerated in this section;
  8.  To  prosecute,  to  defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal  based on or involving any chattel or goods transaction or to inter-
vene in any action or proceeding relating thereto;
  S 9. Subdivisions 2, 9 and 11 of section 5-1502C of the general  obli-
gations  law, subdivisions 2 and 9 as amended by chapter 644 of the laws
of 2008, are amended to read as follows:
  2. To sell (including short sales), to exchange,  to  transfer  either
with or without a guaranty, to release, to surrender, to hypothecate, to
pledge,  TO  CREATE,  MODIFY  OR  REVOKE  A  TRUST UNLESS SUCH CREATION,
MODIFICATION OR REVOCATION IS A GIFT  TRANSACTION  GOVERNED  BY  SECTION
5-1514 OF THIS TITLE, to grant options concerning, to loan, to trade in,
or  otherwise to dispose of any bond, share, instrument of similar char-
acter, commodity interest or any instrument with respect thereto;
  9. To execute, to acknowledge, to seal and  to  deliver  any  consent,
agreement,  authorization,  CREATION,  MODIFICATION  OR  REVOCATION OF A
TRUST UNLESS SUCH CREATION, DECLARATION, MODIFICATION OR REVOCATION IS A
GIFT TRANSACTION GOVERNED BY SECTION 5-1514 OF THIS  TITLE,  assignment,
notice, waiver of notice, check, or other instrument which the agent may
think useful for the accomplishment of any of the purposes enumerated in
this section;
  11.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle and to propose or to accept  a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal based on or involving any bond, share or commodity transaction or to
intervene in any action or proceeding relating thereto;
  S  10.  Paragraphs  (a) and (b) of subdivision 1 of section 5-1502D of
the general obligations law, as added by chapter  644  of  the  laws  of
2008, are amended to read as follows:
  (a)  with  respect  to  joint accounts existing at the creation of the
agency, the authority granted hereby shall  not  include  the  power  to
change the title of the account by the addition of a new joint tenant or

A. 8392--B                          7

the  deletion  of an existing joint tenant, unless the authority to make
such changes is conveyed in a statutory [major] gifts rider to a  statu-
tory  short form power of attorney or in a non-statutory power of attor-
ney  signed and dated by the principal with the signature of the princi-
pal duly acknowledged in the manner prescribed for  the  acknowledgement
of  a conveyance of real property, and which is executed pursuant to the
requirements of paragraph (b) of subdivision nine of section  5-1514  of
this title, and
  (b)  with respect to totten trust accounts existing at the creation of
the agency, the authority granted hereby shall not include the power  to
add,  delete,  or  otherwise  change the designation of beneficiaries in
effect for any such accounts, unless the authority to  make  such  addi-
tions,  deletions  or  changes  is conveyed in a statutory [major] gifts
rider to a statutory short form power of attorney or in a  non-statutory
power  of  attorney signed and dated by the principal with the signature
of the principal duly acknowledged in  the  manner  prescribed  for  the
acknowledgment  of  a conveyance of real property, and which is executed
pursuant to the requirements of paragraph (b)  of  subdivision  nine  of
section 5-1514 of this title.
  S 11. Subdivision 15 of section 5-1502D of the general obligations law
is amended to read as follows:
  15.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal based on or involving any banking transaction or to intervene in any
action or proceeding relating thereto;
  S  12. Subdivisions 1, 2 and 8 of section 5-1502E of the general obli-
gations law are amended to read as follows:
  1. To the extent that an agent is permitted by law thus to act  for  a
principal, to discharge and to perform any duty or liability and also to
exercise  any right, power, privilege or option which the principal has,
or claims to have, under any contract of partnership whether the princi-
pal is a general or special partner thereunder, to enforce the terms  of
any  such  partnership agreement for the protection of the principal, by
action, proceeding or otherwise, as the agent shall think to be  desira-
ble  or  necessary,  and  to defend, submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, settle or  compromise  any  action  or  other  legal
proceeding  to  which the principal is a party because of his membership
in said partnership;
  2. To exercise in person or by proxy or to enforce by action, proceed-
ing or otherwise, any right, power, privilege or option which the  prin-
cipal has as the holder of any bond, share, or other instrument of simi-
lar character and to defend, submit to [arbitration] ALTERNATIVE DISPUTE
RESOLUTION, settle or compromise any action or other legal proceeding to
which the principal is a party because of any such bond, share, or other
instrument of similar character;
  8.  To  prosecute,  to  defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal  based  on  or  involving  any  business operating transaction or to
intervene in any action or proceeding relating thereto;
  S 13. Subdivisions 1, 3 and 11 of section 5-1502F of the general obli-
gations law, subdivisions 1 and 3 as amended by chapter 644 of the  laws
of 2008, are amended to read as follows:
  1.  To  continue,  to  pay the premium or assessment on, to modify, to
rescind, to release or to terminate  any  contract  of  life,  accident,

A. 8392--B                          8

health,  disability  or  liability  insurance or any combination of such
insurance procured by or  on  behalf  of  the  principal  prior  to  the
creation  of  the agency which insures either the principal or any other
person, without regard to whether the principal is or is not a benefici-
ary  thereunder;  provided,  however,  with  respect  to  life insurance
contracts existing at the creation of the agency, the authority  granted
hereby  shall  not  include the power to add, delete or otherwise change
the designation of beneficiaries in effect for any such contract, unless
the authority to make such additions, deletions or changes  is  conveyed
in  a  statutory  [major] gifts rider to a statutory short form power of
attorney or in a non-statutory power of attorney signed and dated by the
principal with the signature of the principal duly acknowledged  in  the
manner prescribed for the acknowledgment of a conveyance of real proper-
ty,  and which is executed pursuant to the requirements of paragraph (b)
of subdivision nine of section 5-1514 of this title;
  3. To apply for and to receive any available loan on the  security  of
the  contract  of insurance, whether for the payment of a premium or for
the procuring of cash, to surrender and thereupon to  receive  the  cash
surrender  value,  to  exercise an election as to beneficiary or mode of
payment, to change the manner of paying premiums, and to  change  or  to
convert  the type of insurance contract, with respect to any contract of
life, accident, health, disability or liability insurance  as  to  which
the  principal  has,  or  claims  to have, any one or more of the powers
described in this section; provided, however, that the authority granted
hereby shall not include the power to add, delete  or  otherwise  change
the designation of beneficiaries in effect for any such contract, unless
the  authority  to make such additions, deletions or changes is conveyed
in a statutory [major] gifts rider to a statutory short  form  power  of
attorney or in a non-statutory power of attorney signed and dated by the
principal  with  the signature of the principal duly acknowledged in the
manner prescribed for the acknowledgment of a conveyance of real proper-
ty, and which is executed pursuant to the requirements of paragraph  (b)
of subdivision nine of section 5-1514 of this title;
  11.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with  respect to any claim existing in favor of, or against, the princi-
pal based on or involving any insurance transaction or to  intervene  in
any action or proceeding relating thereto;
  S  14. Subdivision 8 of section 5-1502G of the general obligations law
is amended to read as follows:
  8. To submit to [arbitration] ALTERNATIVE  DISPUTE  RESOLUTION  or  to
settle,  and  to  propose  or to accept a compromise with respect to any
controversy or claim which affects the estate of a  decedent,  absentee,
infant  or  incompetent, or the administration of a trust or other fund,
in any one of which the principal has, or claims to have,  an  interest,
and  to  do any and all acts which the agent shall think to be desirable
or necessary in effectuating such compromise;
  S 15. Subdivision 5 of section 5-1502H of the general obligations  law
is amended to read as follows:
  5.  To  submit  to  [arbitration]  ALTERNATIVE  DISPUTE RESOLUTION, to
settle, and to propose or to accept a compromise with  respect  to,  any
claim  existing  in favor of or against the principal, or any litigation
to which the principal is, or may become or be designated a party;
  S 16. Subdivisions 12 and 14 of section 5-1502I of the  general  obli-
gations law, subdivision 14 as added by chapter 644 of the laws of 2008,
are amended to read as follows:

A. 8392--B                          9

  12.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal  based on or involving any transaction enumerated in this section or
to intervene in any action or proceeding relating thereto;
  14.  To continue gifts that the principal customarily made to individ-
uals and charitable organizations prior to the creation of  the  agency,
provided that [no person or charitable organization may be the recipient
of  gifts]  in any one calendar year [which, in the aggregate,] ALL SUCH
GIFTS SHALL NOT exceed five hundred dollars IN THE AGGREGATE; and
  S 17. Subdivisions 2, 4 and 6 of section 5-1502L of the general  obli-
gations  law, subdivisions 2 and 4 as amended by chapter 644 of the laws
of 2008 and subdivision 6 as added by chapter 499 of the laws  of  1996,
are amended to read as follows:
  2.  To  make  investment  directions,  to  select  and  change payment
options, and to exercise any  other  election  for  the  principal  with
regard  to  any retirement benefit or plan in which the principal has an
interest, provided, however, that the authority granted hereby shall not
include the authority to add, delete, or  otherwise  change  the  desig-
nation  of  beneficiaries  in  effect for any such retirement benefit or
plan, unless the authority to make such additions, deletions or  changes
is conveyed in a statutory [major] gifts rider to a statutory short form
power  of  attorney  or  in a non-statutory power of attorney signed and
dated by the principal with the signature of the principal duly acknowl-
edged in the manner prescribed for the acknowledgment of a conveyance of
real property, and which is executed pursuant  to  the  requirements  of
paragraph (b) of subdivision nine of section 5-1514 of this title;
  4.  To  prepare, execute and deliver any application, agreement, TRUST
AGREEMENT UNLESS SUCH TRUST AGREEMENT IS A GIFT TRANSACTION GOVERNED  BY
SECTION  5-1514  OF THIS TITLE, authorization, check or other instrument
or document which may be required under  the  terms  of  any  retirement
benefit  or plan in which the principal has an interest or by the admin-
istrator thereof, or which the agent deems useful for the accomplishment
of any of the purposes enumerated in this section;
  6. To prosecute, defend, submit to [arbitration]  ALTERNATIVE  DISPUTE
RESOLUTION,  settle,  and propose or accept a compromise with respect to
any claim existing in favor of, or against, the principal based upon  or
involving  any retirement benefit or plan and to intervene in any action
or proceeding relating thereto;
  S 18. Section 5-1503 of the general obligations  law,  as  amended  by
chapter 644 of the laws of 2008, is amended to read as follows:
  S 5-1503. Modifications  of the statutory short form power of attorney
and of the statutory [major] gifts rider.  A  power  of  attorney  which
satisfies the requirements of paragraphs (a), (b) and (c) of subdivision
one of section 5-1501B and section 5-1513 of this title is not prevented
from  being  a  "statutory short form power of attorney", and a document
which satisfies the requirements of section 5-1514 of this title is  not
prevented  from  being  a  "statutory  [major] gifts rider" as either of
these terms is used in the sections of this title, by the fact  that  it
also contains additional language at the section labeled "modifications"
which:
  1.  Eliminates from the statutory short form power of attorney or from
the statutory [major] gifts rider one or more of the  powers  enumerated
in one or more of the constructional sections of this title with respect
to a subdivision of the statutory short form power of attorney or of the
statutory [major] gifts rider, affirmatively chosen by the principal; or

A. 8392--B                         10

  2.  Supplements one or more of the powers enumerated in one or more of
the constructional sections in this title with respect to a  subdivision
of  the  statutory  short  form  power  of  attorney or of the statutory
[major] gifts rider, affirmatively chosen by the principal,  by  specif-
ically listing additional powers of the agent; or
  3.  Makes some additional provision which is not inconsistent with the
other provisions of the statutory short form power of attorney or of the
statutory [major] gifts rider, INCLUDING A  PROVISION  REVOKING  ONE  OR
MORE POWERS OF ATTORNEY PREVIOUSLY EXECUTED BY THE PRINCIPAL.
  S  19. The opening paragraph of subdivision 1 of section 5-1504 of the
general obligations law, as amended by chapter 644 of the laws of  2008,
is amended to read as follows:
  No  third  party located OR DOING BUSINESS in this state shall refuse,
without reasonable cause, to honor  a  statutory  short  form  power  of
attorney  properly  executed  in accordance with section 5-1501B of this
title, including a statutory short  form  power  of  attorney  which  is
supplemented  by  a  statutory [major] gifts rider, or a statutory short
form power of attorney properly executed in accordance with the laws  in
effect at the time of its execution.
  S  20.  Subparagraphs  1  and  9  of paragraph (a) of subdivision 1 of
section 5-1504 of the general obligations law, as amended by chapter 644
of the laws of 2008, are amended to read as follows:
  (1) the refusal by the agent to provide an original power of  attorney
or a copy certified by an attorney pursuant to [rule] SECTION twenty-one
hundred five of the civil practice law and rules, or by a court or other
government entity;
  (9)  the  refusal  by  a  title  insurance company to underwrite title
insurance for a [transfer] GIFT of real  property  made  pursuant  to  a
[major]  STATUTORY  gifts  rider or non-statutory power of attorney that
does not contain express instructions or purposes of the principal.
  S 21. Paragraph (b) of subdivision 1 of section 5-1504 of the  general
obligations  law,  as  amended  by  chapter  644 of the laws of 2008, is
amended to read as follows:
  (b) It shall be deemed unreasonable for a third  party  to  refuse  to
honor  a  statutory  short form power of attorney, including a statutory
short form power of  attorney  which  is  supplemented  by  a  statutory
[major] gifts rider, or a statutory short form power of attorney proper-
ly  executed  in  accordance  with the laws in effect at the time of its
execution, if the only reason for the refusal is any of the following:
  (1) the power of attorney is not on a form  prescribed  by  the  third
party to whom the power of attorney is presented.
  (2) there has been a lapse of time since the execution of the power of
attorney.
  (3)  on  the face of the statutory SHORT form power of attorney, there
is a lapse of time between the date of acknowledgment of  the  signature
of  the principal and the date of acknowledgment of the signature of any
agent.
  S 22. Subdivisions 2, 3 and 5 of section 5-1504 of the  general  obli-
gations  law, subdivisions 2 and 3 as amended and subdivision 5 as added
by chapter 644 of the laws of 2008, are amended and a new subdivision  7
is added to read as follows:
  2.  Except  as provided in subdivision three of this section, it shall
be deemed unlawful for a third party to unreasonably refuse to  honor  a
properly  executed  statutory  short form power of attorney, including a
statutory short form power of attorney which is supplemented by a statu-
tory [major] gifts rider, or a statutory short form  power  of  attorney

A. 8392--B                         11

properly  executed  in accordance with the laws in effect at the time of
its execution. A special proceeding as authorized by section  5-1510  of
this  title  shall  be  the  exclusive  remedy  for  a violation of this
section.
  3. In the absence of actual knowledge that the principal lacked capac-
ity  to  execute  a  statutory  short form power of attorney or that the
statutory short form power  of  attorney  was  procured  through  fraud,
duress  or  undue  influence,  no  third party receiving and retaining a
properly executed statutory short form power of  attorney,  including  a
statutory short form power of attorney which is supplemented by a statu-
tory  [major]  gifts  rider  or a statutory short form power of attorney
properly executed in accordance with the laws in effect at the  time  of
its  execution,  or a complete photostatic copy of the properly executed
original thereof, nor any officer, agent, attorney-in-fact  or  employee
of  such  third party shall incur any liability by reason of acting upon
the authority thereof unless the third party shall have received  actual
notice of the revocation or termination of such power of attorney.
  If  a  principal  maintains an account at a financial institution, the
financial institution is deemed to have actual notice after it has had a
reasonable opportunity to act on a written notice of the  revocation  or
termination  following  its receipt of the same at its office where such
account is located.
  5. When the power of attorney is presented to a third party, it  shall
not  be  deemed  unreasonable  for a third party to require the agent to
execute an acknowledged affidavit pursuant to this  subdivision  stating
that  the power of attorney is in full force and effect. Such an affida-
vit is conclusive proof to the third  party  relying  on  the  power  of
attorney  that the power of attorney is valid and effective, and has not
been terminated [or], revoked OR MODIFIED, except as to any third  party
who  had  actual  notice that the power of attorney had terminated [or],
been revoked OR BEEN MODIFIED prior to the execution of  the  affidavit.
Such affidavit shall state that:
  (a)  the  agent  does not have, at the time of the transaction, actual
notice of the termination or revocation of the  power  of  attorney,  or
notice  of  any  facts  indicating  that  the power of attorney has been
terminated or revoked;
  (b) the agent does not have, at the time of  the  transaction,  actual
notice  that  the  power  of  attorney has been modified in any way that
would affect the ability of the agent to  authorize  or  engage  in  the
transaction,  or notice of any facts indicating that the power of attor-
ney has been so modified; [and]
  (c) if the agent was named as a successor agent, the prior agent is no
longer able or willing to serve[.]; AND
  (D) IF THE AGENT HAS BEEN THE PRINCIPAL'S SPOUSE, THE POWER OF  ATTOR-
NEY  EXPRESSLY PROVIDES THAT DIVORCE OR ANNULMENT AS DEFINED IN SUBPARA-
GRAPH TWO OF PARAGRAPH (F) OF SECTION 5-1.4 OF THE ESTATES,  POWERS  AND
TRUSTS  LAW  DOES NOT TERMINATE THE AGENT'S AUTHORITY THEREUNDER, OR THE
AGENT DOES NOT HAVE ACTUAL NOTICE THAT THE MARRIAGE HAS BEEN  TERMINATED
BY  DIVORCE OR ANNULMENT AS DEFINED IN SUBPARAGRAPH TWO OF PARAGRAPH (F)
OF SECTION 5-1.4 OF THE ESTATES, POWERS AND TRUSTS LAW AT  THE  TIME  OF
THE TRANSACTION.
  7.  A  STATUTORY SHORT FORM POWER OF ATTORNEY OR A NON-STATUTORY POWER
OF ATTORNEY THAT MEETS THE REQUIREMENTS OF SUBDIVISION  ONE  OF  SECTION
5-1501B  OF THIS TITLE SHALL BE ACCEPTED FOR RECORDING SO LONG AS IT HAS
BEEN SIGNED BY ONE AGENT NAMED THEREIN WHOSE SIGNATURE HAS BEEN ACKNOWL-
EDGED. IF TWO OR MORE AGENTS ACTING  ON  BEHALF  OF  THE  PRINCIPAL  ARE

A. 8392--B                         12

REQUIRED  TO  ACT  TOGETHER, THE POWER OF ATTORNEY SHALL BE ACCEPTED FOR
RECORDING AS LONG AS THEIR SIGNATURES HAVE  BEEN  ACKNOWLEDGED.  WHEN  A
SUCCESSOR OR CO-AGENT AUTHORIZED TO ACT SEPARATELY FROM ANY OTHER AGENTS
PRESENTS  A  CERTIFIED  COPY OF A RECORDED STATUTORY SHORT FORM POWER OF
ATTORNEY OR NON-STATUTORY POWER OF ATTORNEY WITH THE  AGENT'S  SIGNATURE
ACKNOWLEDGED, THE INSTRUMENT SHALL BE ACCEPTED FOR RECORDING.
  S 23. Section 5-1505 of the general obligations law, as added by chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S  5-1505.  Standard  of  care;  fiduciary  [duty]  DUTIES; compelling
disclosure of record. 1. Standard of care. In dealing with  property  of
the principal, an agent shall observe the standard of care that would be
observed by a prudent person dealing with property of another.
  2.  Fiduciary  [duty]  DUTIES.    (a) An agent acting under a power of
attorney has a fiduciary [duty to] RELATIONSHIP WITH the principal.  The
fiduciary  [duty includes] DUTIES INCLUDE BUT ARE NOT LIMITED TO each of
the following obligations:
  (1) To act according to any instructions from the principal or,  where
there are no instructions, in the best interest of the principal, and to
avoid conflicts of interest.
  (2)  To  keep  the principal's property separate and distinct from any
other property owned or controlled by the  agent,  except  for  property
that  is  jointly  owned  by  the principal and agent at the time of the
execution of the power of attorney, and property  that  becomes  jointly
owned  after the execution of the power of attorney as the result of the
agent's acquisition of an interest in the principal's property by reason
of the agent's exercise of authority  granted  in  a  statutory  [major]
gifts  rider or in a non-statutory power of attorney signed and dated by
the principal with the signature of the principal duly  acknowledged  in
the  manner  prescribed  for  the acknowledgment of a conveyance of real
property, and which is executed pursuant to the  requirements  of  para-
graph (b) of subdivision nine of section 5-1514 of this title. The agent
may  not [transfer] MAKE GIFTS TO the principal's property to himself or
herself without specific authorization IN A POWER OF ATTORNEY.
  (3) To keep a record of all receipts, disbursements, and  transactions
entered  into  by  the agent on behalf of the principal and to make such
record and power of attorney available TO  THE  PRINCIPAL  OR  TO  THIRD
PARTIES  at  the  request  of the principal.   The agent shall make such
record and a copy of the power of attorney available within fifteen days
of a written request by any of the following:
  (i) a monitor;
  (ii) a co-agent or successor agent acting under the power of attorney;
  (iii) a government entity, or official thereof, investigating a report
that the principal may be in need of protective or  other  services,  or
investigating a report of abuse or neglect;
  (iv)  a  court  evaluator  appointed  pursuant to section 81.09 of the
mental hygiene law;
  (v) a guardian  ad  litem  appointed  pursuant  to  section  seventeen
hundred fifty-four of the surrogate's court procedure act;
  (vi)  the  guardian  or conservator of the estate of the principal, if
such record has not already been provided  to  the  court  evaluator  or
guardian ad litem; or
  (vii)  the personal representative of the estate of a deceased princi-
pal if such record has not already been  provided  to  the  guardian  or
conservator of the estate of the principal.
  The failure of the agent to make the record available pursuant to this
paragraph  may  result  in a special proceeding under subdivision one of

A. 8392--B                         13

section 5-1510 of this title. [Such proceeding shall  be  the  exclusive
remedy to compel the agent to provide such record.]
  (b)  The  agent  may  be subject to liability for conduct or omissions
which violate [the] ANY fiduciary duty.
  (c) The agent is not liable to third parties for any act pursuant to a
power of attorney if the act was authorized at the time and the act  did
not violate subdivision one or two of this section.
  3.  Resignation. (a) An agent who has signed the power of attorney may
resign by giving written notice to the principal and the  agent's  co-a-
gent,  successor  agent  or  the  monitor, if one has been named, or the
principal's guardian if one has been appointed. If no co-agent,  succes-
sor  agent,  monitor or guardian is known to the agent and the principal
is incapacitated or the agent has notice of  any  facts  indicating  the
principal's  incapacity,  the agent may give written notice to a govern-
ment entity having authority to protect the welfare of the principal, or
may petition the court to approve the resignation.
  (b) The principal may provide for alternative  means  for  an  agent's
resignation in the power of attorney.
  S  24. Subdivision 2 of section 5-1508 of the general obligations law,
as added by chapter 644 of the laws of  2008,  is  amended  to  read  as
follows:
  2. A principal may designate one or more successor agents to serve, if
[every] ANY initial or predecessor agent resigns, dies, becomes incapac-
itated, is not qualified to serve or declines to serve. Unless the prin-
cipal provides otherwise in the power of attorney, a successor agent has
the same authority as that granted to an initial agent.  A PRINCIPAL MAY
PROVIDE FOR SPECIFIC SUCCESSION RULES.
  S  25.  Section  5-1508  of  the general obligations law is amended by
adding a new subdivision 4 to read as follows:
  4. ANY PERSON, OTHER THAN AN ESTATE OR A TRUST, MAY ACT AS  AN  AGENT,
CO-AGENT OR SUCCESSOR AGENT UNDER A POWER OF ATTORNEY.
  S  26.  Subdivisions 2, 3, 4, 5 and 6 of section 5-1511 of the general
obligations law, as added by chapter  644  of  the  laws  of  2008,  are
amended to read as follows:
  2. An agent's authority terminates when:
  (a) the principal revokes the agent's authority;
  (b) the agent dies, becomes incapacitated or resigns;
  (c)  the agent's marriage to the principal is terminated by divorce[,]
OR annulment [or declaration of nullity], AS DEFINED IN SUBPARAGRAPH TWO
OF PARAGRAPH (F) OF SECTION 5-1.4 OF THE ESTATES, POWERS AND TRUSTS LAW,
unless the power  of  attorney  expressly  provides  otherwise.  If  the
authority of an agent is revoked solely by this subdivision, it shall be
revived by the principal's remarriage to the former spouse; or
  (d) the power of attorney terminates.
  3. A principal may revoke a power of attorney[;]:
  (a) in accordance with the terms of the power of attorney; OR
  (b)  by  delivering  a  [written,  signed and dated] revocation of the
power of attorney [as follows:
  (1)] to the agent[, and the] IN PERSON OR  BY  SENDING  A  SIGNED  AND
DATED  REVOCATION BY MAIL, COURIER, ELECTRONIC TRANSMISSION OR FACSIMILE
TO THE AGENT'S LAST KNOWN ADDRESS. THE agent must comply with the  prin-
cipal's revocation notwithstanding the actual or perceived incapacity of
the  principal  unless  the principal is subject to a guardianship under
article eighty-one of the mental hygiene law[; and
  (2) to any third party that the principal has reason  to  believe  has
received, retained or acted upon, the power of attorney].

A. 8392--B                         14

  4.  Where  [the]  A  power  of  attorney has been recorded pursuant to
section two hundred ninety-four of the real property law, the  principal
shall  also record [a written] THE revocation IN THE OFFICE IN WHICH THE
POWER OF ATTORNEY IS RECORDED pursuant to section three hundred  twenty-
six  of  the  real  property  law, PROVIDED THE REVOCATION COMPLIES WITH
SECTION THREE HUNDRED SEVEN OF THE STATE TECHNOLOGY LAW.  [Notwithstand-
ing the recording of a revocation, a third party must have actual notice
of the revocation for the revocation to be effective.]
  5. (A) Termination of an agent's authority or of the power of attorney
is not effective as to any third  party  who  has  not  received  actual
notice  of  the  termination  and  acts in good faith under the power of
attorney.  Any action so taken, unless otherwise invalid or  unenforcea-
ble,  shall  bind the principal and the principal's successors in inter-
est. A financial institution is deemed to have actual  notice  after  it
has had a reasonable opportunity to act on a written notice of the revo-
cation  or termination following receipt of the same at its office where
an account is located.
  (B) TERMINATION OF AN AGENT'S AUTHORITY OR OF THE POWER OF ATTORNEY IS
NOT EFFECTIVE AS TO THE AGENT UNTIL THE AGENT HAS RECEIVED A  REVOCATION
AS  REQUIRED BY SUBDIVISION THREE OF THIS SECTION. AN AGENT IS DEEMED TO
HAVE RECEIVED A REVOCATION WHEN IT HAS BEEN DELIVERED TO  THE  AGENT  IN
PERSON,  OR  WITHIN  A  REASONABLE  TIME AFTER IT HAS BEEN SENT BY MAIL,
COURIER, ELECTRONIC TRANSMISSION OR FACSIMILE IN ACCORDANCE WITH  SUBDI-
VISION THREE OF THIS SECTION.
  6.  [Unless  the principal expressly provides otherwise, the execution
of a power of attorney revokes any and  all  prior  powers  of  attorney
executed by the principal] THE EXECUTION OF A POWER OF ATTORNEY DOES NOT
REVOKE ANY POWER OF ATTORNEY PREVIOUSLY EXECUTED BY THE PRINCIPAL.
  S 27. Section 5-1512 of the general obligations law, as added by chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S 5-1512.  Powers  of  attorney  executed in other jurisdictions.  [A]
NOTWITHSTANDING THE PROVISIONS OF SECTION 5-1501B OF THIS TITLE, A power
of attorney executed in another state or jurisdiction in compliance with
the law of that state or jurisdiction or the law of this state is  valid
in  this  state, regardless of whether the principal is a domiciliary of
this state.  A POWER OF ATTORNEY THAT COMPLIES WITH SECTION  5-1501B  OF
THIS TITLE AND IS EXECUTED IN ANOTHER STATE OR JURISDICTION BY A DOMICI-
LIARY OF THIS STATE IS VALID IN THIS STATE. A POWER OF ATTORNEY EXECUTED
IN  THIS  STATE  BY  A  DOMICILIARY  OF ANOTHER STATE OR JURISDICTION IN
COMPLIANCE WITH THE LAW OF THAT STATE OR JURISDICTION OR THE LAW OF THIS
STATE IS VALID IN THIS STATE.
  S 28. Section 5-1513 of the general obligations law, as added by chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S 5-1513. Statutory short form power of attorney. 1. The  use  of  the
following  form  in  the creation of a power of attorney is lawful, and,
when used, and executed in accordance with subdivision  one  of  section
5-1501B  of  this title, it shall be construed as a statutory short form
power of attorney in accordance with the provisions of this title:

                           "POWER OF ATTORNEY
                      NEW YORK STATUTORY SHORT FORM
  (a) CAUTION TO THE PRINCIPAL:  Your Power of Attorney is an  important
document.  As the "principal," you give the person whom you choose (your
"agent") authority to spend your money and sell or dispose of your prop-
erty during your lifetime without telling you.  You  do  not  lose  your

A. 8392--B                         15

authority  to act even though you have given your agent similar authori-
ty.

  When your agent exercises this authority, he or she must act according
to  any  instructions  you have provided or, where there are no specific
instructions, in your best  interest.  "Important  Information  for  the
Agent"  at  the end of this document describes your agent's responsibil-
ities.

  Your agent can act on your behalf only  after  signing  the  Power  of
Attorney before a notary public.
  You  can  request  information from your agent at any time. If you are
revoking a prior Power of Attorney [by executing this  Power  of  Attor-
ney],  you should provide written notice of the revocation to your prior
agent(s) and to ANY THIRD PARTIES WHO MAY HAVE ACTED UPON IT,  INCLUDING
the financial institutions where your accounts are located.
  You can revoke or terminate your Power of Attorney at any time for any
reason  as  long as you are of sound mind. If you are no longer of sound
mind, a court can remove an agent for acting improperly.

  Your agent cannot make health care decisions for you. You may  execute
a "Health Care Proxy" to do this.

  The  law  governing  Powers  of  Attorney is contained in the New York
General Obligations Law, Article 5, Title 15. This law is available at a
law library, or online through the New York  State  Senate  or  Assembly
websites, www.senate.state.ny.us or www.assembly.state.ny.us.

  If  there  is anything about this document that you do not understand,
you should ask a lawyer of your own choosing to explain it to you.
(b) DESIGNATION OF AGENT(S):
I, _______________________________________________, hereby appoint:
      name and address of principal
_____________________________________________________as my agent(s)
      name(s) and address(es) of agent(s)
  If you designate more than one agent above,  they  must  act  together
unless you initial the statement below.

      (   ) My agents may act SEPARATELY.
(c) DESIGNATION OF SUCCESSOR AGENT(S): (OPTIONAL)
  If [every] ANY agent designated above is unable or unwilling to serve,
I appoint as my successor agent(s):
  _______________________________________________________________
  name(s) and address(es) of successor agent(s)
Successor  agents  designated above must act together unless you initial
the statement below.

      (   ) My successor agents may act SEPARATELY.
  YOU MAY PROVIDE FOR SPECIFIC SUCCESSION RULES IN THIS SECTION.  INSERT
SPECIFIC SUCCESSION PROVISIONS HERE:
(d)  This POWER OF ATTORNEY shall not be affected by my subsequent inca-
pacity unless I have stated otherwise below, under "Modifications".

(e) This POWER OF ATTORNEY [REVOKES] DOES NOT REVOKE any [and all prior]
Powers of Attorney PREVIOUSLY executed by me unless I have stated other-
wise below, under "Modifications."

A. 8392--B                         16

  If [your are] YOU DO NOT [revoking] INTEND TO REVOKE your prior Powers
of Attorney, and if you [are granting] HAVE GRANTED the  same  authority
in  [two or more Powers] THIS POWER of Attorney[, you must also indicate
under "Modifications" whether the agents  given  these  powers]  AS  YOU
GRANTED  TO  ANOTHER  AGENT IN A PRIOR POWER OF ATTORNEY, EACH AGENT CAN
ACT SEPARATELY UNLESS YOU INDICATE UNDER "MODIFICATIONS" THAT THE AGENTS
WITH THE SAME AUTHORITY are to act together [or separately].

(f) GRANT OF AUTHORITY:
  To grant your agent some or all of the authority below, either
      (1) Initial the bracket at each authority you grant, or
      (2) Write or type the letters for each authority you grant on  the
      blank line at (P), and initial the bracket at (P). If you initial
      (P), you do not need to initial the other lines.

  I  grant  authority  to  my  agent(s)  with  respect  to the following
subjects as defined in sections 5-1502A through 5-1502N of the New  York
General Obligations Law:
      (   ) (A) real estate transactions;
      (   ) (B) chattel and goods transactions;
      (   ) (C) bond, share, and commodity transactions;
      (   ) (D) banking transactions;
      (   ) (E) business operating transactions;
      (   ) (F) insurance transactions;
      (   ) (G) estate transactions;
      (   ) (H) claims and litigation;
      (   ) (I) personal and family maintenance. IF YOU GRANT YOUR AGENT
                THIS  AUTHORITY,  IT  WILL ALLOW THE AGENT TO MAKE GIFTS
                THAT YOU CUSTOMARILY HAVE MADE TO INDIVIDUALS, INCLUDING
                THE  AGENT,  AND  CHARITABLE  ORGANIZATIONS.  THE  TOTAL
                AMOUNT OF ALL SUCH GIFTS IN ANY ONE CALENDAR YEAR CANNOT
                EXCEED FIVE HUNDRED DOLLARS;
      (   ) (J) benefits from governmental programs or civil or military
                service;
      (   ) (K) health   care  billing  and  payment  matters;  records,
                reports, and statements;
      (   ) (L) retirement benefit transactions;
      (   ) (M) tax matters;
      (   ) (N) all other matters;
      (   ) (O) full and unqualified authority to my agent(s)  to  dele-
                gate any or all of the foregoing powers to any person or
                persons whom my agent(s) select;
      (   ) (P) EACH   of   the  matters  identified  by  the  following
                letters______.
  You need not initial the other lines if you initial line (P).

(g) MODIFICATIONS: (OPTIONAL)
  In  this  section,  you  may  make  additional  provisions,  including
language to limit or supplement authority granted to your agent.
  However, you cannot use this Modifications section to grant your agent
authority  to make [major] gifts or changes to interests in your proper-
ty.  If you wish to grant your agent such authority, you  MUST  complete
the Statutory [Major] Gifts Rider.
(h) [MAJOR GIFTS AND OTHER TRANSFERS] CERTAIN GIFT TRANSACTIONS:  STATU-
TORY [MAJOR] GIFTS RIDER (OPTIONAL)

A. 8392--B                         17

  In  order  to  authorize  your  agent to make [major] gifts [and other
transfers of your property] IN EXCESS OF AN ANNUAL TOTAL OF $500 FOR ALL
GIFTS DESCRIBED IN (I) OF THE GRANT OF AUTHORITY SECTION OF  THIS  DOCU-
MENT  (UNDER  PERSONAL  AND  FAMILY  MAINTENANCE),  you must initial the
statement  below and execute a Statutory [Major] Gifts Rider at the same
time as this instrument.  Initialing the statement below by itself  does
not  authorize  your  agent to make [major] gifts [and other transfers].
The preparation of the Statutory [Major] Gifts Rider  should  be  super-
vised by a lawyer.
  (      )[(SMGR)]  (SGR)  I  grant  my  agent authority to make [major]
gifts [and other transfers of my property,] in accordance with the terms
and conditions of the Statutory [Major]  Gifts  Rider  that  supplements
this STATUTORY Power of Attorney.

(i) DESIGNATION OF MONITOR(S): (OPTIONAL)
  IF  YOU  WISH  TO  APPOINT MONITOR(S), INITIAL AND FILL IN THE SECTION
BELOW:
  (     ) I wish to designate ______________________, whose  address(es)
is  (are)  ____________________________________________________________,
as monitor(s). Upon the request of  the  monitor(s),  my  agent(s)  must
provide the monitor(s) with a copy of the power of attorney and a record
of  all  transactions  done  or made on my behalf. Third parties holding
records of such transactions shall provide the records to the monitor(s)
upon request.

(j) COMPENSATION OF AGENT(S): (OPTIONAL)
  Your agent is entitled to be reimbursed from your assets  for  reason-
able expenses incurred on your behalf. If you ALSO wish your agent(s) to
be  compensated  from  your assets for services rendered on your behalf,
initial the statement below. If you wish to define  "reasonable  compen-
sation", you may do so above, under "Modifications".
  (   )  My  agent(s)  shall  be entitled to reasonable compensation for
services rendered.

(k) ACCEPTANCE BY THIRD PARTIES: I agree to indemnify  the  third  party
for  any  claims that may arise against the third party because of reli-
ance on this Power of Attorney. I understand  that  any  termination  of
this Power of Attorney, whether the result of my revocation of the Power
of Attorney or otherwise, is not effective as to a third party until the
third party has actual notice or knowledge of the termination.

(l)  TERMINATION:  This Power of Attorney continues until I revoke it or
it is terminated by my death or other event described in section  5-1511
of the General Obligations Law.
  Section  5-1511 of the General Obligations Law describes the manner in
which you may revoke your Power of Attorney, and the events which termi-
nate the Power of Attorney.

(m) SIGNATURE AND ACKNOWLEDGMENT:
In Witness Whereof I have hereunto signed my name on ___________,20___.

PRINCIPAL signs here: ==>__________________________________________

(acknowledgment)

A. 8392--B                         18

(n) IMPORTANT INFORMATION FOR THE AGENT:
  When  you accept the authority granted under this Power of Attorney, a
special legal relationship is created between  you  and  the  principal.
This  relationship  imposes  on you legal responsibilities that continue
until you resign or the Power of Attorney is terminated or revoked.  You
must:
  (1)  act  according  to any instructions from the principal, or, where
there are no instructions, in the principal's best interest;
  (2) avoid conflicts that would impair your ability to act in the prin-
cipal's best interest;
  (3) keep the principal's  property  separate  and  distinct  from  any
assets you own or control, unless otherwise permitted by law;
  (4)  keep  a  record  or  all  receipts,  payments,  and  transactions
conducted for the principal; and
  (5) disclose your identity as an agent whenever you act for the  prin-
cipal  by  writing or printing the principal's name and signing your own
name as "agent" in either of the following  [manner]  MANNERS:  (Princi-
pal's  Name)  by (Your Signature) as Agent, or (your signature) as Agent
for (Principal's Name).
  You may not use the principal's assets to benefit yourself  OR  ANYONE
ELSE  or  [give  major] MAKE gifts to yourself or anyone else unless the
principal has specifically granted you that authority in this [Power  of
Attorney  or  in a Statutory Major Gifts Rider attached to this Power of
Attorney] DOCUMENT, WHICH IS EITHER A STATUTORY GIFTS RIDER ATTACHED  TO
A  STATUTORY  SHORT  FORM  POWER OF ATTORNEY OR A NON-STATUTORY POWER OF
ATTORNEY. If you have that authority, you  must  act  according  to  any
instructions  of the principal or, where there are no such instructions,
in the principal's best interest.  You  may  resign  by  giving  written
notice to the principal and to any co-agent, successor agent, monitor if
one  has been named in this document, or the principal's guardian if one
has been appointed. If there is anything about  this  document  or  your
responsibilities  that  you  do  not  understand,  you should seek legal
advice.
  Liability of agent:
  The meaning of the authority given to you is  defined  in  New  York's
General  Obligations  Law,  Article 5, Title 15. If it is found that you
have violated the law or acted outside the authority granted to  you  in
the  Power  of  Attorney,  you  may  be  liable  under  the law for your
violation.

(o) AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:
  It is not required that the principal and the  agent(s)  sign  at  the
same time, nor that multiple agents sign at the same time.

I/we, ___________________________________________, have read the forego-
ing  Power  of Attorney. I am/we are the person(s) identified therein as
agent(s) for the principal named therein.

I/we acknowledge my/our legal responsibilities.

Agent(s) sign(s) here:==>__________________________________________

(acknowledgment(s))["]

(P) SUCCESSOR AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:

A. 8392--B                         19

  IT IS NOT REQUIRED THAT THE PRINCIPAL AND THE SUCCESSOR  AGENT(S),  IF
ANY,  SIGN  AT THE SAME TIME, NOR THAT MULTIPLE SUCCESSOR AGENTS SIGN AT
THE SAME TIME. FURTHERMORE, SUCCESSOR AGENTS CAN NOT USE THIS  POWER  OF
ATTORNEY UNLESS THE AGENT(S) DESIGNATED ABOVE IS/ARE UNABLE OR UNWILLING
TO SERVE.

I/WE, ___________________________________________, HAVE READ THE FOREGO-
ING  POWER  OF ATTORNEY. I AM/WE ARE THE PERSON(S) IDENTIFIED THEREIN AS
SUCCESSOR AGENT(S) FOR THE PRINCIPAL NAMED THEREIN.

SUCCESSOR AGENT(S) SIGN(S) HERE:==>______________________________________

(ACKNOWLEDGMENT(S))"
  S 29. Section 5-1514 of the general obligations law, as added by chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S 5-1514. [Major gifts and other transfers] CERTAIN GIFT TRANSACTIONS;
formal requirements; statutory form. 1.  If  the  principal  intends  to
authorize  the  agent  to  make  gifts  [and transfers] other than gifts
authorized by subdivision fourteen of section 5-1502I of this title, the
principal must expressly grant such  authority  either  in  a  statutory
[major]  gifts rider to a statutory short form power of attorney or in a
non-statutory power of attorney executed pursuant to the requirements of
paragraph (b) of subdivision nine of this section.
  2. The principal may authorize the agent to make gifts to the  princi-
pal's  spouse, children and more remote descendents, and parents, not to
exceed, for each donee, the annual federal  gift  tax  exclusion  amount
pursuant  to  the  Internal  Revenue  Code. For gifts to the principal's
children and more remote descendants, and parents, the maximum amount of
the gift to each donee shall not exceed twice  the  gift  tax  exclusion
amount,  if the principal's spouse agrees to split gift treatment pursu-
ant to the Internal Revenue Code.
  3. The principal may also authorize the agent to:
  (a) make gifts up to  a  specified  dollar  amount,  or  unlimited  in
amount;
  (b) make gifts to any person or persons;
  (c) make GIFTS IN ANY OF the following [specified transactions] WAYS:
  (1)  [open,  modify  or terminate] OPENING, MODIFYING OR TERMINATING a
deposit account in the name of the principal and other joint tenants;
  (2) [open, modify or terminate] OPENING, MODIFYING OR TERMINATING  any
other  joint  account  in  the  name  of  the  principal and other joint
tenants;
  (3) [open, modify or terminate] OPENING, MODIFYING  OR  TERMINATING  a
bank account in trust form as described in section 7-5.1 of the estates,
powers  and trusts law, and designate or change the beneficiary or bene-
ficiaries of such account;
  (4) [open, modify or terminate] OPENING, MODIFYING  OR  TERMINATING  a
transfer  on death account as described in part four of article thirteen
of the estates, powers and trusts law, and designate or change the bene-
ficiary or beneficiaries of such account;
  (5) [change] CHANGING the beneficiary or beneficiaries of any contract
of insurance on the life of the principal or annuity  contract  for  the
benefit of the principal;
  (6)  [procure]  PROCURING  new,  different  or additional contracts of
insurance on the life of the principal  or  annuity  contracts  for  the
benefit  of the principal and designate the beneficiary or beneficiaries
of any such contract;

A. 8392--B                         20

  (7) [designate or change] DESIGNATING OR CHANGING the  beneficiary  or
beneficiaries of any type of retirement benefit or plan;
  (8) [create, amend, revoke, or terminate] CREATING, AMENDING, REVOKING
OR TERMINATING an inter vivos trust; and
  (9)  [create,  change  or terminate] OPENING, MODIFYING OR TERMINATING
other property interests or rights of  survivorship,  and  designate  or
change the beneficiary or beneficiaries therein.
  A  gift [or other transfer] to an individual authorized by this subdi-
vision may be made outright, BY EXERCISE OR RELEASE OF A PRESENTLY EXER-
CISABLE GENERAL OR SPECIAL POWER OF APPOINTMENT HELD BY  THE  PRINCIPAL,
to  a  trust  established  or  created for such individual, to a Uniform
Transfers to Minors Act account for such individual (regardless  of  who
is  the  custodian),  or to a tuition savings account or prepaid tuition
plan as defined under section 529 of the Internal Revenue Code  for  the
benefit  of  such individual (without regard to who is the account owner
or responsible individual for such account).
  4. An agent may not:
  (a) exercise any authority described in subdivision two  or  three  of
this  section  unless such authority is expressly granted in a statutory
[major] gifts rider to a statutory short form power of attorney or in  a
non-statutory power of attorney executed pursuant to the requirements of
paragraph (b) of subdivision nine of this section;
  (b)  make a gift to himself or herself or create in himself or herself
an interest in the principal's property pursuant to any grant of author-
ity described in subdivision two or three of this  section  unless  such
authority  is  expressly granted in a statutory [major] gifts rider to a
statutory short form power of attorney or in a  non-statutory  power  of
attorney  executed  pursuant  to  the  requirements  of paragraph (b) of
subdivision nine of this section.
  5. Any authority granted to an agent pursuant to  subdivision  two  or
three or paragraph (b) of subdivision four of this section must be exer-
cised  according  to  any  instructions IN THIS DOCUMENT OR IN ANY OTHER
WRITING provided by the principal REGARDING THE EXERCISE OF ANY AUTHORI-
TY, or otherwise for purposes which the agent reasonably deems to be  in
the  best  interest  of the principal, specifically including financial,
estate, or tax  planning,  including  minimization  of  income,  estate,
inheritance, generation-skipping transfer or gift taxes.
  6.  Construction  of  the  provisions  of  the statutory [major] gifts
rider.  (a) In a statutory [major] gifts rider to a statutory short form
power of attorney, the language "I grant authority to my agent  to  make
gifts  to  my spouse, children and more remote descendants, and parents,
not to exceed, for each donee, the annual  federal  gift  tax  exclusion
amount  pursuant  to the Internal Revenue Code. For gifts to my children
and more remote descendants, and parents, the maximum amount of the gift
to each donee shall not exceed twice the gift tax exclusion  amount,  if
my spouse agrees to split gift treatment pursuant to the Internal Reven-
ue  Code"  must  be  construed to mean that the principal authorizes the
agent:
  (1) To make gifts on  behalf  of  the  principal  to  the  principal's
spouse,  children  and  other descendants, and parents. Gifts to a donee
shall not exceed in any calendar year the amount of the federal gift tax
exclusion available to the principal under section 2503(b) of the Inter-
nal Revenue Code. Gifts may be made outright or by exercise  or  release
of a presently exercisable general power OR SPECIAL POWER of appointment
held  by the principal, to a trust established or created for such indi-
vidual (provided that gifts to such trust qualify for the  federal  gift

A. 8392--B                         21

tax  exclusion  under  section  2503(b)  or  (c) of the Internal Revenue
Code), to a Uniform Transfers to Minors Act account for such  individual
(regardless  of  who  is the custodian), to a tuition savings account or
prepaid tuition plan as defined under section 529 of the Internal Reven-
ue Code for the benefit of such individual (without regard to who is the
account owner of or responsible person for such account);
  (2)  To  make  gifts up to twice the annual federal gift tax exclusion
amount on behalf of both the principal and the  principal's  spouse,  to
the  principal's  children  and  other  descendants, and parents, if the
principal's spouse consents to the splitting of such gifts  pursuant  to
section 2513 of the Internal Revenue Code;
  (3)  To  consent,  pursuant to Section 2513(a) of the Internal Revenue
Code, to the splitting of gifts made by the principal's  spouse  to  the
principal's  children  and  other  descendants in any amount, and to the
splitting of gifts made by the principal's spouse to any  other  persons
in  amounts  not  exceeding the aggregate annual gift tax exclusions for
both spouses under Section 2503(b) of said Code (or  cognate  provisions
of any successor statute); and
  (4)  To  satisfy  pledges made to organizations, whether charitable or
otherwise, by the principal[; and].
  (b) Any authority granted to an agent under a statutory [major]  gifts
rider  to  a statutory short form power of attorney must be construed to
mean that the principal authorizes the agent:
  (1) To prepare, execute, consent to on behalf of  the  principal,  and
file  any  return, report, declaration or other document required by the
laws of the United States, or by  any  state  or  political  subdivision
thereof,  or  by  any  foreign country or political subdivision thereof,
which the agent deems to be desirable or necessary with respect  to  any
gift made under the authority of this section;
  (2)  To  execute,  acknowledge, seal and deliver any deed, assignment,
agreement, trust agreement, authorization, check,  or  other  instrument
which  the  agent  deems  useful  for  the  accomplishment of any of the
purposes enumerated in this section;
  (3) To prosecute, defend, submit to  alternative  dispute  resolution,
settle  and  propose  or  accept  a compromise with respect to any claim
existing in favor of or against the principal based on or involving  any
gift transaction or to intervene in any related action or proceeding;
  (4) To hire, discharge and compensate any attorney, accountant, expert
witness,  or  other  assistant  or  assistants when the agent deems that
action to be desirable for the proper execution by the agent of  any  of
the authorities described in this section, and for the keeping of needed
records thereof; and
  (5) In general, and in addition to but not in contravention of all the
specific  acts listed in this section, to do any other act or acts which
the agent deems desirable or necessary to  complete  any  such  gift  on
behalf of the principal.
  (c)  The  authority  explicitly  authorized  in  this section shall be
construed to include any like authority authorized in any other  section
of  this  title. Accordingly, such like authorities as are authorized in
any other section of this title may not be exercised by the agent unless
they are expressly granted to the agent in the statutory  [major]  gifts
rider  or  in a non-statutory power of attorney executed pursuant to the
requirements of paragraph (b) of subdivision nine of this section.
  (d) The statutory [major] gifts rider  may  be  modified  pursuant  to
section  5-1503 of this title to contain additional provisions authoriz-

A. 8392--B                         22

ing the agent to make any or all of the transactions specified in subdi-
vision three of this section.
  7. All authority described in this section shall be exercisable equal-
ly  with  respect  to  a  gift of any property in which the principal is
interested at the time the power of attorney is given or  in  which  the
principal  becomes  interested  after  that time, and whether located in
this state or elsewhere.
  8. If, after naming the spouse as a permissible recipient  of  gifting
[or other transfers], the [principal is divorced, his or her marriage is
annulled  or  its  nullity declared, the] PRINCIPAL'S MARRIAGE IS TERMI-
NATED BY divorce[,] OR annulment[, declaration  of  nullity  or  dissol-
ution], AS DEFINED IN SUBPARAGRAPH TWO OF PARAGRAPH (F) OF SECTION 5-1.4
OF  THE ESTATES, POWERS AND TRUSTS LAW, THE DIVORCE OR ANNULMENT revokes
the authority to gift to the former spouse, unless the statutory [major]
gifts rider or the non-statutory power of attorney executed pursuant  to
the  requirements  of  paragraph (b) of subdivision nine of this section
expressly provides otherwise. If the authority to  gift  to  the  former
spouse is revoked solely by this subdivision, it shall be revived by the
principal's remarriage to the former spouse.
  9.  To  be valid, a statutory [major] gifts rider to a statutory short
form power of attorney must:
  (a) Be typed or printed using letters which are legible  or  of  clear
type  no less than twelve point in size, or, if in writing, a reasonable
equivalent thereof.
  (b) Be signed and dated by a principal with capacity, with the  signa-
ture of the principal duly acknowledged in the manner prescribed for the
acknowledgment  of  a  conveyance of real property, and witnessed by two
persons who are not named in the instrument as permissible recipients of
gifts [or other transfers], in the manner described  [at  paragraph]  IN
SUBPARAGRAPH  two of [subdivision] PARAGRAPH (a) of section 3-2.1 of the
estates, powers and trusts law.
  (c) Be accompanied by a statutory short  form  power  of  attorney  in
which the authority [(SMGR)] (SGR) is initialed by the principal.
  (d)  Be executed simultaneously with the statutory short form power of
attorney and in the manner provided in this section.
  10. The use of the following shall  be  construed  as  the  "Statutory
[Major] Gifts Rider" for a statutory short form power of attorney:
                           "POWER OF ATTORNEY
                 NEW YORK STATUTORY [MAJOR] GIFTS RIDER
                  AUTHORIZATION [TO MAKE MAJOR GIFTS OR
             OTHER TRANSFERS] FOR CERTAIN GIFT TRANSACTIONS
  CAUTION  TO THE PRINCIPAL: This OPTIONAL rider allows you to authorize
your agent to make [major] gifts IN EXCESS OF AN ANNUAL  TOTAL  OF  $500
FOR  ALL GIFTS DESCRIBED IN (I) OF THE GRANT OF AUTHORITY SECTION OF THE
STATUTORY SHORT FORM POWER OF ATTORNEY (UNDER PERSONAL AND FAMILY  MAIN-
TENANCE),  or  [other transfers of your money or other property] CERTAIN
OTHER GIFT TRANSACTIONS during your  lifetime.    YOU  DO  NOT  HAVE  TO
EXECUTE  THIS  RIDER IF YOU ONLY WANT YOUR AGENT TO MAKE GIFTS DESCRIBED
IN (I) OF THE GRANT OF AUTHORITY SECTION OF  THE  STATUTORY  SHORT  FORM
POWER  OF ATTORNEY AND YOU INITIALED "(I)" ON THAT SECTION OF THAT FORM.
Granting any of the following authority to your agent gives  your  agent
the  authority  to  take  actions  which could significantly reduce your
property or change how your  property  is  distributed  at  your  death.
["Major  gifts  or  other  transfers"]  "CERTAIN  GIFT TRANSACTIONS" are
described in section 5-1514 of the General Obligations Law. This [Major]
Gifts Rider does not require your agent to exercise  granted  authority,

A. 8392--B                         23

but  when he or she exercises this authority, he or she must act accord-
ing to any instructions you provide, or otherwise in your best interest.
  This [Major] Gifts Rider and the Power of Attorney it supplements must
be read together as a single instrument.
  Before  signing  this  document authorizing your agent to make [major]
gifts [and other transfers], you should seek legal advice to ensure that
your intentions are clearly and properly expressed.
  (a) GRANT OF LIMITED AUTHORITY TO MAKE GIFTS
  Granting gifting authority to your agent gives your agent the authori-
ty to take actions which could significantly reduce your property.
  If you wish to allow your agent to make gifts to himself  or  herself,
you must separately grant that authority in subdivision (c) below.
  To  grant your agent the gifting authority provided below, initial the
bracket to the left of the authority.
  ( ) I grant authority to my agent to make gifts to my spouse, children
and more remote descendants, and parents, not to exceed, for each donee,
the annual federal gift tax exclusion amount pursuant  to  the  Internal
Revenue  Code. For gifts to my children and more remote descendants, and
parents, the maximum amount of the gift to each donee shall  not  exceed
twice  the  gift tax exclusion amount, if my spouse agrees to split gift
treatment pursuant to the Internal Revenue Code.
This authority must be exercised pursuant to my instructions, or  other-
wise  for  purposes  which  the  agent reasonably deems to be in my best
interest.
  (b) MODIFICATIONS:
  Use this section if you wish to authorize  gifts  in  AMOUNTS  SMALLER
THAN  THE  GIFT TAX EXCLUSION AMOUNT, IN AMOUNTS IN excess of the [above
amount] GIFT TAX EXCLUSION AMOUNT,  gifts  to  other  beneficiaries,  or
other [types of transfers] GIFT TRANSACTIONS.
Granting  such authority to your agent gives your agent the authority to
take actions which  could  significantly  reduce  your  property  and/or
change  how  your  property is distributed at your death. If you wish to
authorize your agent to make gifts [or transfers] to himself or herself,
you must separately grant that authority in subdivision (c) below.
( ) I grant the following authority to my agent to make gifts [or trans-
fers] pursuant to my instructions, or otherwise for purposes  which  the
agent reasonably deems to be in my best interest[.]:
(c)  GRANT  OF SPECIFIC AUTHORITY FOR AN AGENT TO MAKE [MAJOR] GIFTS [OR
OTHER TRANSFERS] TO HIMSELF OR HERSELF: (OPTIONAL)
If you wish to authorize your agent to  make  gifts  [or  transfers]  to
himself or herself, you must grant that authority in this section, indi-
cating  to  which agent(s) the authorization is granted, and any limita-
tions and guidelines.
( ) I grant specific authority for the following agent(s)  to  make  the
following [major] gifts [or other transfers] to himself or herself:
This  authority must be exercised pursuant to my instructions, or other-
wise for purposes which the agent reasonably deems  to  be  in  my  best
interest.
(d)  ACCEPTANCE  BY  THIRD PARTIES: I agree to indemnify the third party
for any claims that may arise against the third party because  of  reli-
ance on this [Major] STATUTORY Gifts Rider.
(e) SIGNATURE OF PRINCIPAL AND ACKNOWLEDGMENT:
In  Witness Whereof I have hereunto signed my name on _________________,
20____.
PRINCIPAL signs here:
________________________________

A. 8392--B                         24

[(acknowledgement)] (ACKNOWLEDGMENT)
(f) SIGNATURES OF WITNESSES:
By  signing  as  a  witness, I acknowledge that the principal signed the
[Major] STATUTORY Gifts Rider in my presence and  the  presence  of  the
other witness, or that the principal acknowledged to me that the princi-
pal's  signature was affixed by him or her or at his or her direction. I
also acknowledge that the principal has stated that this [Major]  STATU-
TORY  Gifts  Rider  reflects  his  or  her wishes and that he or she has
signed it voluntarily. I am not named herein as a permissible  recipient
of [major] gifts.
___________________________        _________________________
Signature of witness 1             Signature of witness 2
___________________________        _________________________
Date                               Date
___________________________        _________________________
Print name                         Print name
___________________________        _________________________
Address                            Address
___________________________        _________________________
City, State, Zip code              City, State, Zip code
(g) This document prepared by: ____________________________"
  S  30.  The law revision commission shall, over a period of two years,
study all aspects of the implementation of title 15 of article 5 of  the
general  obligations  law, as amended by chapter 644 of the laws of 2008
and this act. Such commission shall consult with individuals  and  enti-
ties regularly engaged in the utilization of such title, and those indi-
viduals and entities affected by the provisions of such title.
  On  or  before  September  1,  2010, the law revision commission shall
submit a preliminary report of its findings, conclusions and recommenda-
tions to the governor and the legislature regarding the statutory  gifts
rider.  In  addition to providing the aforementioned preliminary report,
the law revision commission shall, on or before January 1, 2012,  submit
a  report of its findings, conclusions and recommendations to the gover-
nor and the legislature.
  S 31. This act shall take effect on the thirtieth day after  it  shall
have  become  a  law  and shall be deemed to have been in full force and
effect on and after September 1, 2009.   Provided,  that  any  statutory
short  form  power  of  attorney  and any statutory gifts rider executed
after August 31, 2009 shall remain valid as will  any  revocation  of  a
prior  power  of  attorney  that  was  delivered to the agent before the
effective date of this act.

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8392--C
                                                        Cal. No. 582

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2009
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
  Committee on Judiciary -- reported from committee, advanced to a third
  reading, amended and ordered reprinted, retaining  its  place  on  the
  order of third reading -- reported from committee, advanced to a third
  reading,  amended  and  ordered  reprinted, retaining its place on the
  order of third reading -- passed by  Assembly  and  delivered  to  the
  Senate,  recalled  from  the  Senate, vote reconsidered, bill amended,
  ordered reprinted, retaining its place on the order of third reading

AN ACT to amend the general obligations law, in relation  to  powers  of
  attorney  for  financial  and  estate  planning; and directing the law
  revision commission to study the  implementation  of  such  powers  of
  attorney

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The title heading of title 15 of article 5 of  the  general
obligations  law,  as  amended  by  chapter  644 of the laws of 2008, is
amended to read as follows:
             STATUTORY SHORT FORM AND OTHER POWERS OF ATTORNEY
                    FOR FINANCIAL AND ESTATE PLANNING
  S 2. Section 5-1501 of the general obligations law, as added by  chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S  5-1501.  [Definitions]  APPLICATION AND DEFINITIONS.  1. THIS TITLE
SHALL APPLY TO ALL POWERS OF ATTORNEY EXCEPT POWERS OF ATTORNEY EXCLUDED
FROM THIS TITLE BY SECTION 5-1501C OF THIS TITLE.
  2. As used in this title the following terms shall have the  following
meanings:
  [1.]  (A) "Agent" means a person granted authority to act as attorney-
in-fact for the principal under a power of attorney,  and  includes  the
original  agent  and any co-agent or successor agent. Unless the context
indicates otherwise, an "agent" designated in a power of attorney  shall
mean  "attorney-in-fact" for the purposes of this title. An agent acting

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD11829-16-0

A. 8392--C                          2

under a power of attorney has a fiduciary relationship with the  princi-
pal.
  [2.]  (B)  "Benefits  from  governmental programs or civil or military
service" means any benefit, program or assistance provided under a stat-
ute or governmental regulation, including social security, medicare  and
medicaid.
  [3.]  (C) "Capacity" means ability to comprehend the nature and conse-
quences of the act of executing  and  granting,  revoking,  amending  or
modifying  a power of attorney, any provision in a power of attorney, or
the authority of any person to act as agent under a power of attorney.
  [4.] (D) "Compensation" means reasonable compensation authorized to be
paid to the agent from assets of the  principal  for  services  actually
rendered  by  the  agent pursuant to the authority granted in a power of
attorney.
  [5.] (E) "Financial institution" means a financial entity,  including,
but  not limited to: a bank, trust company, national bank, savings bank,
federal mutual savings  bank,  savings  and  loan  association,  federal
savings  and  loan  association, federal mutual savings and loan associ-
ation, credit union, federal credit union, branch of a  foreign  banking
corporation,  public pension fund, retirement system, securities broker,
securities dealer, securities firm, and insurance company.
  [6.] (F) "Incapacitated" means to be without capacity.
  [7.] (G) "Internal Revenue Code"  means  the  United  States  Internal
Revenue  Code  of  1986,  as amended. Such references, however, shall be
deemed to constitute references to any corresponding provisions  of  any
subsequent federal tax code.
  [8.]  (H)  "Monitor" means a person appointed in the power of attorney
who has the authority to request, receive, and seek to compel the  agent
to  provide  a  record  of all receipts, disbursements, and transactions
entered into by the agent on behalf of the principal.
  [9.] (I) "Person" means an individual, whether acting for  himself  or
herself,  or as a fiduciary or as an official of any legal, governmental
or commercial entity (including, but not limited  to,  any  such  entity
identified  in  this  subdivision), corporation, business trust, estate,
trust,  partnership,  limited  liability  company,  association,   joint
venture,   government,   governmental  subdivision,  government  agency,
government entity, government instrumentality,  public  corporation,  or
any other legal or commercial entity.
  [10.]  (J)  "Power of attorney" means a written document, OTHER THAN A
DOCUMENT REFERRED TO IN SECTION 5-1501C OF THIS TITLE, by which a  prin-
cipal with capacity designates an agent to act on his or her behalf.
  [11.] (K) "Principal" means an individual who is eighteen years of age
or  older, ACTING FOR HIMSELF OR HERSELF AND NOT AS A FIDUCIARY OR AS AN
OFFICIAL OF ANY LEGAL, GOVERNMENTAL OR COMMERCIAL ENTITY, who executes a
power of attorney.
  [12.] (L) "Record" means information that is inscribed on  a  tangible
medium  or  that  is  stored  in  an  electronic  or other medium and is
retrievable in perceivable form.
  [13.] (M) "Sign" means to place any memorandum, mark or sign, written,
printed, stamped, photographed, engraved or otherwise upon an instrument
or writing, or to use an electronic signature as that term is defined in
subdivision three of section three hundred two of the  state  technology
law,  with  the  intent to execute the instrument, writing or electronic
record. In accordance with the requirements  of  section  three  hundred
seven  of  the  state  technology  law, a power of attorney or any other
instrument executed by the principal or agent that is  recordable  under

A. 8392--C                          3

the  real  property  law shall not be executed with an electronic signa-
ture.
  [14.]  (N)  "Statutory  [major] gifts rider" or ["SMGR"] "SGR" means a
document by which the principal may supplement a  statutory  short  form
power  of  attorney  to authorize [major] CERTAIN gift transactions [and
other transfers], [that meets] OTHER THAN THOSE PERMITTED BY SUBDIVISION
FOURTEEN OF SECTION 5-1502I OF THIS TITLE. THE DOCUMENT  MUST  MEET  the
requirements  of  subdivision  nine of section 5-1514 of this title, and
[that contains] CONTAIN the exact wording  of  the  form  set  forth  in
subdivision  ten of section 5-1514 of this title.  A MISTAKE IN WORDING,
SUCH AS IN SPELLING, PUNCTUATION OR FORMATTING, OR THE USE  OF  BOLD  OR
ITALIC TYPE, SHALL NOT PREVENT A STATUTORY GIFTS RIDER FROM BEING DEEMED
A STATUTORY GIFTS RIDER, BUT THE WORDING OF THE FORM SET FORTH IN SUBDI-
VISION  TEN OF SECTION 5-1514 OF THIS TITLE SHALL GOVERN. The use of the
form set forth in subdivision ten of section 5-1514  of  this  title  is
lawful and when used, it shall be construed as a statutory [major] gifts
rider.  A  statutory  [major]  gifts  rider may contain modifications or
additions as provided in section 5-1503 of this title as such  modifica-
tions  or  additions  relate to [major] ALL gift transactions [and other
transfers]. The statutory [major] gifts rider must be  executed  in  the
manner provided in section 5-1514 of this title, simultaneously with the
statutory  short  form power of attorney in which the authority [(SMGR)]
(SGR) is initialed by the principal. A statutory [major] gifts rider and
the statutory short form power of attorney it supplements must  be  read
together as a single instrument.
  [15.]  (O)  "Statutory  short form power of attorney" means a power of
attorney that meets the requirements of paragraphs (a), (b) and  (c)  of
subdivision  one of section 5-1501B of this title, and that contains the
exact wording of the form set forth in section 5-1513 of this title.   A
MISTAKE  IN  WORDING, SUCH AS IN SPELLING, PUNCTUATION OR FORMATTING, OR
THE USE OF BOLD OR ITALIC TYPE, SHALL NOT PREVENT A  POWER  OF  ATTORNEY
FROM  BEING  DEEMED  A  STATUTORY  SHORT FORM POWER OF ATTORNEY, BUT THE
WORDING OF THE FORM SET FORTH IN SECTION  5-1513  OF  THIS  TITLE  SHALL
GOVERN. The use of the form set forth in section 5-1513 of this title is
lawful  and  when  used, it shall be construed as a statutory short form
power of attorney. A statutory short form power of attorney may be  used
to  grant authority provided in sections 5-1502A through 5-1502N of this
title. A "statutory short form power of attorney" may contain  modifica-
tions  or  additions as provided in section 5-1503 of this title, but in
no event may it be modified to grant any authority provided  in  section
5-1514  of  this title. If the authority [(SMGR)] (SGR) on the statutory
short form is initialed by the principal, the statutory short form power
of attorney must be executed in the manner provided in  section  5-1501B
of  this title, simultaneously with the statutory [major] gifts rider. A
statutory short form power of attorney and  a  statutory  [major]  gifts
rider which supplements it must be read together as a single instrument.
  [16.]  (P) "NON-STATUTORY POWER OF ATTORNEY" MEANS A POWER OF ATTORNEY
THAT IS NOT A STATUTORY SHORT FORM POWER OF ATTORNEY.
  (Q) "Third party" means a financial institution or person OTHER THAN A
PRINCIPAL OR AN AGENT.
  S 3. The opening paragraph and paragraphs (b) and (c) of subdivision 1
of section 5-1501B of the general obligations law, as added  by  chapter
644 of the laws of 2008, are amended to read as follows:
  To  be  valid,  EXCEPT AS OTHERWISE PROVIDED IN SECTION 5-1512 OF THIS
TITLE, a statutory short form power  of  attorney,  or  a  non-statutory

A. 8392--C                          4

power  of  attorney,  executed  in  this  state  by  [an  individual]  A
PRINCIPAL, must:
  (b)  Be signed and dated by a principal with capacity, with the signa-
ture of the principal duly acknowledged in the manner prescribed for the
[acknowledgement] ACKNOWLEDGMENT of a conveyance of real property.
  (c) Be signed and dated by any agent acting on behalf of the principal
with the  signature  of  the  agent  duly  acknowledged  in  the  manner
prescribed  for  the [acknowledgement] ACKNOWLEDGMENT of a conveyance of
real property. A power of attorney executed pursuant to this section  is
not  invalid  solely  because there has been a lapse of time between the
date of acknowledgment of the signature of the principal and the date OR
DATES of [acknowledgement] ACKNOWLEDGMENT of the signature OR SIGNATURES
of [the] ANY agent [acting] OR AGENTS OR SUCCESSOR  AGENT  OR  SUCCESSOR
AGENTS AUTHORIZED TO ACT on behalf of the principal or because the prin-
cipal became incapacitated during any such lapse of time.
  S  4.  The  opening  paragraph  and  paragraph (a) of subdivision 2 of
section 5-1501B of the general obligations law, as added by chapter  644
of the laws of 2008, is amended to read as follows:
  In addition to the requirements of subdivision one of this section, to
be  valid  for the purpose of authorizing the agent to make [any gift or
other transfer] CERTAIN GIFT TRANSACTIONS described in section 5-1514 of
this title:
  (a) a statutory short form power of attorney must contain the authori-
ty [(SMGR)] (SGR) initialed by the principal and  be  accompanied  by  a
valid statutory [major] gifts rider; and
  S  5.  Subdivisions  3  and  4 of section 5-1501B of the general obli-
gations law, as added by chapter 644 of the laws of 2008, are amended to
read as follows:
  3. (a) The date on which an agent's signature is acknowledged  is  the
effective  date  of  the  power  of attorney as to that agent; provided,
however, that if two or more agents are designated to act together,  the
power  of  attorney  takes effect when all the agents so designated have
signed [the] SUCH power of attorney with their signatures acknowledged.
  (b) If the power of attorney states that  it  takes  effect  upon  the
occurrence  of  a  date or a contingency specified in the document, then
the power of attorney takes effect only when  the  date  or  contingency
identified  in the document has occurred, and the signature of the agent
acting on behalf of the principal has been acknowledged. If the document
requires that a person or persons named or otherwise identified  therein
declare,  in writing, that the identified contingency has occurred, such
a declaration satisfies the requirement of this paragraph without regard
to whether the specified contingency has occurred.
  4. Nothing of this title shall be construed to bar the use OR VALIDITY
of any other or different form of power of attorney desired by a  person
other than [an individual] A PRINCIPAL as the term [person] PRINCIPAL is
defined in section 5-1501 of this title.
  S  6.  The  general obligations law is amended by adding a new section
5-1501C to read as follows:
  S 5-1501C. POWERS OF ATTORNEY EXCLUDED FROM THIS TITLE. THE PROVISIONS
OF THIS TITLE SHALL NOT APPLY TO THE FOLLOWING POWERS OF ATTORNEY:
  1. A POWER OF ATTORNEY GIVEN PRIMARILY FOR A  BUSINESS  OR  COMMERCIAL
PURPOSE, INCLUDING WITHOUT LIMITATION:
  (A)  A  POWER  TO  THE  EXTENT  IT  IS COUPLED WITH AN INTEREST IN THE
SUBJECT OF THE POWER;
  (B) A POWER GIVEN TO OR FOR THE BENEFIT OF A  CREDITOR  IN  CONNECTION
WITH A LOAN OR OTHER CREDIT TRANSACTION;

A. 8392--C                          5

  (C) A POWER GIVEN TO FACILITATE TRANSFER OR DISPOSITION OF ONE OR MORE
SPECIFIC STOCKS, BONDS OR OTHER ASSETS, WHETHER REAL, PERSONAL, TANGIBLE
OR INTANGIBLE;
  2. A PROXY OR OTHER DELEGATION TO EXERCISE VOTING RIGHTS OR MANAGEMENT
RIGHTS WITH RESPECT TO AN ENTITY;
  3.  A  POWER  CREATED  ON A FORM PRESCRIBED BY A GOVERNMENT OR GOVERN-
MENTAL  SUBDIVISION,  AGENCY  OR  INSTRUMENTALITY  FOR  A   GOVERNMENTAL
PURPOSE;
  4.  A  POWER  AUTHORIZING  A THIRD PARTY TO PREPARE, EXECUTE, DELIVER,
SUBMIT AND/OR FILE A DOCUMENT OR INSTRUMENT WITH A GOVERNMENT OR GOVERN-
MENTAL SUBDIVISION, AGENCY OR INSTRUMENTALITY OR OTHER THIRD PARTY;
  5. A POWER AUTHORIZING A FINANCIAL INSTITUTION OR EMPLOYEE OF A FINAN-
CIAL INSTITUTION TO TAKE ACTION RELATING TO  AN  ACCOUNT  IN  WHICH  THE
FINANCIAL  INSTITUTION  HOLDS  CASH,  SECURITIES,  COMMODITIES  OR OTHER
FINANCIAL ASSETS ON BEHALF OF THE PERSON GIVING THE POWER;
  6. A POWER GIVEN BY AN INDIVIDUAL WHO IS OR IS  SEEKING  TO  BECOME  A
DIRECTOR,  OFFICER,  SHAREHOLDER,  EMPLOYEE,  PARTNER,  LIMITED PARTNER,
MEMBER, UNIT OWNER OR MANAGER OF  A  CORPORATION,  PARTNERSHIP,  LIMITED
LIABILITY  COMPANY,  CONDOMINIUM  OR OTHER LEGAL OR COMMERCIAL ENTITY IN
HIS OR HER CAPACITY AS SUCH;
  7. A POWER CONTAINED IN A  PARTNERSHIP  AGREEMENT,  LIMITED  LIABILITY
COMPANY OPERATING AGREEMENT, DECLARATION OF TRUST, DECLARATION OF CONDO-
MINIUM, CONDOMINIUM BYLAWS, CONDOMINIUM OFFERING PLAN OR OTHER AGREEMENT
OR  INSTRUMENT GOVERNING THE INTERNAL AFFAIRS OF AN ENTITY AUTHORIZING A
DIRECTOR, OFFICER,  SHAREHOLDER,  EMPLOYEE,  PARTNER,  LIMITED  PARTNER,
MEMBER, UNIT OWNER, MANAGER OR OTHER PERSON TO TAKE LAWFUL ACTION RELAT-
ING TO SUCH ENTITY;
  8.  A  POWER  GIVEN  TO A CONDOMINIUM MANAGING AGENT TO TAKE ACTION IN
CONNECTION WITH THE USE, MANAGEMENT AND OPERATION OF A CONDOMINIUM UNIT;
  9. A POWER GIVEN TO A LICENSED REAL ESTATE BROKER TO  TAKE  ACTION  IN
CONNECTION  WITH  A  LISTING  OF  REAL PROPERTY, MORTGAGE LOAN, LEASE OR
MANAGEMENT AGREEMENT;
  10. A POWER AUTHORIZING ACCEPTANCE OF SERVICE OF PROCESS ON BEHALF  OF
THE PRINCIPAL; AND
  11. A POWER CREATED PURSUANT TO AUTHORIZATION PROVIDED BY A FEDERAL OR
STATE  STATUTE,  OTHER  THAN  THIS TITLE, THAT SPECIFICALLY CONTEMPLATES
CREATION OF THE POWER, INCLUDING WITHOUT  LIMITATION  A  POWER  TO  MAKE
HEALTH CARE DECISIONS OR DECISIONS INVOLVING THE DISPOSITION OF REMAINS.
  NOTHING IN THIS SECTION SHALL BE DEEMED TO PROHIBIT USE OF A STATUTORY
SHORT  FORM  POWER  OF  ATTORNEY  OR A NONSTATUTORY POWER OF ATTORNEY IN
CONNECTION WITH ANY OF THE TRANSACTIONS DESCRIBED IN THIS SECTION.
  S 7. Subdivisions 2, 9 and 10 of section 5-1502A of the general  obli-
gations  law, subdivisions 2 and 9 as amended by chapter 644 of the laws
of 2008, are amended to read as follows:
  2. To sell, to exchange, to convey either with or  without  covenants,
to  quit-claim,  to  release, to surrender, to mortgage, to incumber, to
partition or to consent to the partitioning, TO CREATE, MODIFY OR REVOKE
A TRUST UNLESS SUCH CREATION, MODIFICATION OR REVOCATION IS A GIFT TRAN-
SACTION GOVERNED BY SECTION 5-1514  OF  THIS  TITLE,  to  grant  options
concerning,  to  lease  or  to  sublet,  or otherwise to dispose of, any
estate or interest in land;
  9. To execute, to acknowledge,  to  seal  and  to  deliver  any  deed,
CREATION,  MODIFICATION  OR  REVOCATION OF A TRUST UNLESS SUCH CREATION,
MODIFICATION OR REVOCATION IS A GIFT  TRANSACTION  GOVERNED  BY  SECTION
5-1514 OF THIS TITLE, mortgage, lease, notice, check or other instrument

A. 8392--C                          6

which  the  agent  may think useful for the accomplishment of any of the
purposes enumerated in this section;
  10.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal based on or involving any real estate transaction or to intervene in
any action or proceeding relating thereto;
  S  8.  Subdivisions 2, 7 and 8 of section 5-1502B of the general obli-
gations law, subdivisions 2 and 7 as amended by chapter 644 of the  laws
of 2008, are amended to read as follows:
  2.  To  sell, to exchange, to convey either with or without covenants,
to release, to surrender,  to  mortgage,  to  incumber,  to  pledge,  to
hypothecate,  to  pawn,  TO CREATE, MODIFY OR REVOKE A TRUST UNLESS SUCH
CREATION, MODIFICATION OR REVOCATION IS A GIFT TRANSACTION  GOVERNED  BY
SECTION 5-1514 OF THIS TITLE to grant options concerning, to lease or to
sublet to others, or otherwise to dispose of any chattel or goods or any
interest in any chattel or goods;
  7.  To execute, to acknowledge, to seal and to deliver any conveyance,
mortgage, lease, CREATION, REVOCATION OR MODIFICATION OF A TRUST  UNLESS
SUCH CREATION, MODIFICATION OR REVOCATION IS A GIFT TRANSACTION GOVERNED
BY SECTION 5-1514 OF THIS TITLE, notice, check or other instrument which
the agent may think useful for the accomplishment of any of the purposes
enumerated in this section;
  8.  To  prosecute,  to  defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal  based on or involving any chattel or goods transaction or to inter-
vene in any action or proceeding relating thereto;
  S 9. Subdivisions 2, 9 and 11 of section 5-1502C of the general  obli-
gations  law, subdivisions 2 and 9 as amended by chapter 644 of the laws
of 2008, are amended to read as follows:
  2. To sell (including short sales), to exchange,  to  transfer  either
with or without a guaranty, to release, to surrender, to hypothecate, to
pledge,  TO  CREATE,  MODIFY  OR  REVOKE  A  TRUST UNLESS SUCH CREATION,
MODIFICATION OR REVOCATION IS A GIFT  TRANSACTION  GOVERNED  BY  SECTION
5-1514 OF THIS TITLE, to grant options concerning, to loan, to trade in,
or  otherwise to dispose of any bond, share, instrument of similar char-
acter, commodity interest or any instrument with respect thereto;
  9. To execute, to acknowledge, to seal and  to  deliver  any  consent,
agreement,  authorization,  CREATION,  MODIFICATION  OR  REVOCATION OF A
TRUST UNLESS SUCH CREATION, DECLARATION, MODIFICATION OR REVOCATION IS A
GIFT TRANSACTION GOVERNED BY SECTION 5-1514 OF THIS  TITLE,  assignment,
notice, waiver of notice, check, or other instrument which the agent may
think useful for the accomplishment of any of the purposes enumerated in
this section;
  11.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle and to propose or to accept  a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal based on or involving any bond, share or commodity transaction or to
intervene in any action or proceeding relating thereto;
  S  10.  Paragraphs  (a) and (b) of subdivision 1 of section 5-1502D of
the general obligations law, as added by chapter  644  of  the  laws  of
2008, are amended to read as follows:
  (a)  with  respect  to  joint accounts existing at the creation of the
agency, the authority granted hereby shall  not  include  the  power  to
change the title of the account by the addition of a new joint tenant or

A. 8392--C                          7

the  deletion  of an existing joint tenant, unless the authority to make
such changes is conveyed in a statutory [major] gifts rider to a  statu-
tory  short form power of attorney or in a non-statutory power of attor-
ney  signed and dated by the principal with the signature of the princi-
pal duly acknowledged in the manner prescribed for  the  acknowledgement
of  a conveyance of real property, and which is executed pursuant to the
requirements of paragraph (b) of subdivision nine of section  5-1514  of
this title, and
  (b)  with respect to totten trust accounts existing at the creation of
the agency, the authority granted hereby shall not include the power  to
add,  delete,  or  otherwise  change the designation of beneficiaries in
effect for any such accounts, unless the authority to  make  such  addi-
tions,  deletions  or  changes  is conveyed in a statutory [major] gifts
rider to a statutory short form power of attorney or in a  non-statutory
power  of  attorney signed and dated by the principal with the signature
of the principal duly acknowledged in  the  manner  prescribed  for  the
acknowledgment  of  a conveyance of real property, and which is executed
pursuant to the requirements of paragraph (b)  of  subdivision  nine  of
section 5-1514 of this title.
  S 11. Subdivision 15 of section 5-1502D of the general obligations law
is amended to read as follows:
  15.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal based on or involving any banking transaction or to intervene in any
action or proceeding relating thereto;
  S  12. Subdivisions 1, 2 and 8 of section 5-1502E of the general obli-
gations law are amended to read as follows:
  1. To the extent that an agent is permitted by law thus to act  for  a
principal, to discharge and to perform any duty or liability and also to
exercise  any right, power, privilege or option which the principal has,
or claims to have, under any contract of partnership whether the princi-
pal is a general or special partner thereunder, to enforce the terms  of
any  such  partnership agreement for the protection of the principal, by
action, proceeding or otherwise, as the agent shall think to be  desira-
ble  or  necessary,  and  to defend, submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, settle or  compromise  any  action  or  other  legal
proceeding  to  which the principal is a party because of his membership
in said partnership;
  2. To exercise in person or by proxy or to enforce by action, proceed-
ing or otherwise, any right, power, privilege or option which the  prin-
cipal has as the holder of any bond, share, or other instrument of simi-
lar character and to defend, submit to [arbitration] ALTERNATIVE DISPUTE
RESOLUTION, settle or compromise any action or other legal proceeding to
which the principal is a party because of any such bond, share, or other
instrument of similar character;
  8.  To  prosecute,  to  defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal  based  on  or  involving  any  business operating transaction or to
intervene in any action or proceeding relating thereto;
  S 13. Subdivisions 1, 3 and 11 of section 5-1502F of the general obli-
gations law, subdivisions 1 and 3 as amended by chapter 644 of the  laws
of 2008, are amended to read as follows:
  1.  To  continue,  to  pay the premium or assessment on, to modify, to
rescind, to release or to terminate  any  contract  of  life,  accident,

A. 8392--C                          8

health,  disability  or  liability  insurance or any combination of such
insurance procured by or  on  behalf  of  the  principal  prior  to  the
creation  of  the agency which insures either the principal or any other
person, without regard to whether the principal is or is not a benefici-
ary  thereunder;  provided,  however,  with  respect  to  life insurance
contracts existing at the creation of the agency, the authority  granted
hereby  shall  not  include the power to add, delete or otherwise change
the designation of beneficiaries in effect for any such contract, unless
the authority to make such additions, deletions or changes  is  conveyed
in  a  statutory  [major] gifts rider to a statutory short form power of
attorney or in a non-statutory power of attorney signed and dated by the
principal with the signature of the principal duly acknowledged  in  the
manner prescribed for the acknowledgment of a conveyance of real proper-
ty,  and which is executed pursuant to the requirements of paragraph (b)
of subdivision nine of section 5-1514 of this title;
  3. To apply for and to receive any available loan on the  security  of
the  contract  of insurance, whether for the payment of a premium or for
the procuring of cash, to surrender and thereupon to  receive  the  cash
surrender  value,  to  exercise an election as to beneficiary or mode of
payment, to change the manner of paying premiums, and to  change  or  to
convert  the type of insurance contract, with respect to any contract of
life, accident, health, disability or liability insurance  as  to  which
the  principal  has,  or  claims  to have, any one or more of the powers
described in this section; provided, however, that the authority granted
hereby shall not include the power to add, delete  or  otherwise  change
the designation of beneficiaries in effect for any such contract, unless
the  authority  to make such additions, deletions or changes is conveyed
in a statutory [major] gifts rider to a statutory short  form  power  of
attorney or in a non-statutory power of attorney signed and dated by the
principal  with  the signature of the principal duly acknowledged in the
manner prescribed for the acknowledgment of a conveyance of real proper-
ty, and which is executed pursuant to the requirements of paragraph  (b)
of subdivision nine of section 5-1514 of this title;
  11.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with  respect to any claim existing in favor of, or against, the princi-
pal based on or involving any insurance transaction or to  intervene  in
any action or proceeding relating thereto;
  S  14. Subdivision 8 of section 5-1502G of the general obligations law
is amended to read as follows:
  8. To submit to [arbitration] ALTERNATIVE  DISPUTE  RESOLUTION  or  to
settle,  and  to  propose  or to accept a compromise with respect to any
controversy or claim which affects the estate of a  decedent,  absentee,
infant  or  incompetent, or the administration of a trust or other fund,
in any one of which the principal has, or claims to have,  an  interest,
and  to  do any and all acts which the agent shall think to be desirable
or necessary in effectuating such compromise;
  S 15. Subdivision 5 of section 5-1502H of the general obligations  law
is amended to read as follows:
  5.  To  submit  to  [arbitration]  ALTERNATIVE  DISPUTE RESOLUTION, to
settle, and to propose or to accept a compromise with  respect  to,  any
claim  existing  in favor of or against the principal, or any litigation
to which the principal is, or may become or be designated a party;
  S 16. Subdivisions 12 and 14 of section 5-1502I of the  general  obli-
gations law, subdivision 14 as added by chapter 644 of the laws of 2008,
are amended to read as follows:

A. 8392--C                          9

  12.  To  prosecute,  to defend, to submit to [arbitration] ALTERNATIVE
DISPUTE RESOLUTION, to settle, and to propose or to accept a  compromise
with respect to, any claim existing in favor of, or against, the princi-
pal  based on or involving any transaction enumerated in this section or
to intervene in any action or proceeding relating thereto;
  14.  To continue gifts that the principal customarily made to individ-
uals and charitable organizations prior to the creation of  the  agency,
provided that [no person or charitable organization may be the recipient
of  gifts]  in any one calendar year [which, in the aggregate,] ALL SUCH
GIFTS SHALL NOT exceed five hundred dollars IN THE AGGREGATE; and
  S 17. Subdivisions 2, 4 and 6 of section 5-1502L of the general  obli-
gations  law, subdivisions 2 and 4 as amended by chapter 644 of the laws
of 2008 and subdivision 6 as added by chapter 499 of the laws  of  1996,
are amended to read as follows:
  2.  To  make  investment  directions,  to  select  and  change payment
options, and to exercise any  other  election  for  the  principal  with
regard  to  any retirement benefit or plan in which the principal has an
interest, provided, however, that the authority granted hereby shall not
include the authority to add, delete, or  otherwise  change  the  desig-
nation  of  beneficiaries  in  effect for any such retirement benefit or
plan, unless the authority to make such additions, deletions or  changes
is conveyed in a statutory [major] gifts rider to a statutory short form
power  of  attorney  or  in a non-statutory power of attorney signed and
dated by the principal with the signature of the principal duly acknowl-
edged in the manner prescribed for the acknowledgment of a conveyance of
real property, and which is executed pursuant  to  the  requirements  of
paragraph (b) of subdivision nine of section 5-1514 of this title;
  4.  To  prepare, execute and deliver any application, agreement, TRUST
AGREEMENT UNLESS SUCH TRUST AGREEMENT IS A GIFT TRANSACTION GOVERNED  BY
SECTION  5-1514  OF THIS TITLE, authorization, check or other instrument
or document which may be required under  the  terms  of  any  retirement
benefit  or plan in which the principal has an interest or by the admin-
istrator thereof, or which the agent deems useful for the accomplishment
of any of the purposes enumerated in this section;
  6. To prosecute, defend, submit to [arbitration]  ALTERNATIVE  DISPUTE
RESOLUTION,  settle,  and propose or accept a compromise with respect to
any claim existing in favor of, or against, the principal based upon  or
involving  any retirement benefit or plan and to intervene in any action
or proceeding relating thereto;
  S 18. Section 5-1503 of the general obligations  law,  as  amended  by
chapter 644 of the laws of 2008, is amended to read as follows:
  S 5-1503. Modifications  of the statutory short form power of attorney
and of the statutory [major] gifts rider.  A  power  of  attorney  which
satisfies the requirements of paragraphs (a), (b) and (c) of subdivision
one of section 5-1501B and section 5-1513 of this title is not prevented
from  being  a  "statutory short form power of attorney", and a document
which satisfies the requirements of section 5-1514 of this title is  not
prevented  from  being  a  "statutory  [major] gifts rider" as either of
these terms is used in the sections of this title, by the fact  that  it
also contains additional language at the section labeled "modifications"
which:
  1.  Eliminates from the statutory short form power of attorney or from
the statutory [major] gifts rider one or more of the  powers  enumerated
in one or more of the constructional sections of this title with respect
to a subdivision of the statutory short form power of attorney or of the
statutory [major] gifts rider, affirmatively chosen by the principal; or

A. 8392--C                         10

  2.  Supplements one or more of the powers enumerated in one or more of
the constructional sections in this title with respect to a  subdivision
of  the  statutory  short  form  power  of  attorney or of the statutory
[major] gifts rider, affirmatively chosen by the principal,  by  specif-
ically listing additional powers of the agent; or
  3.  Makes some additional provision which is not inconsistent with the
other provisions of the statutory short form power of attorney or of the
statutory [major] gifts rider, INCLUDING A  PROVISION  REVOKING  ONE  OR
MORE POWERS OF ATTORNEY PREVIOUSLY EXECUTED BY THE PRINCIPAL.
  S  19. The opening paragraph of subdivision 1 of section 5-1504 of the
general obligations law, as amended by chapter 644 of the laws of  2008,
is amended to read as follows:
  No  third  party located OR DOING BUSINESS in this state shall refuse,
without reasonable cause, to honor  a  statutory  short  form  power  of
attorney  properly  executed  in accordance with section 5-1501B of this
title, including a statutory short  form  power  of  attorney  which  is
supplemented  by  a  statutory [major] gifts rider, or a statutory short
form power of attorney properly executed in accordance with the laws  in
effect at the time of its execution.
  S  20.  Subparagraphs  1  and  9  of paragraph (a) of subdivision 1 of
section 5-1504 of the general obligations law, as amended by chapter 644
of the laws of 2008, are amended to read as follows:
  (1) the refusal by the agent to provide an original power of  attorney
or a copy certified by an attorney pursuant to [rule] SECTION twenty-one
hundred five of the civil practice law and rules, or by a court or other
government entity;
  (9)  the  refusal  by  a  title  insurance company to underwrite title
insurance for a [transfer] GIFT of real  property  made  pursuant  to  a
[major]  STATUTORY  gifts  rider or non-statutory power of attorney that
does not contain express instructions or purposes of the principal.
  S 21. Paragraph (b) of subdivision 1 of section 5-1504 of the  general
obligations  law,  as  amended  by  chapter  644 of the laws of 2008, is
amended to read as follows:
  (b) It shall be deemed unreasonable for a third  party  to  refuse  to
honor  a  statutory  short form power of attorney, including a statutory
short form power of  attorney  which  is  supplemented  by  a  statutory
[major] gifts rider, or a statutory short form power of attorney proper-
ly  executed  in  accordance  with the laws in effect at the time of its
execution, if the only reason for the refusal is any of the following:
  (1) the power of attorney is not on a form  prescribed  by  the  third
party to whom the power of attorney is presented.
  (2) there has been a lapse of time since the execution of the power of
attorney.
  (3)  on  the face of the statutory SHORT form power of attorney, there
is a lapse of time between the date of acknowledgment of  the  signature
of  the principal and the date of acknowledgment of the signature of any
agent.
  S 22. Subdivisions 2, 3 and 5 of section 5-1504 of the  general  obli-
gations  law, subdivisions 2 and 3 as amended and subdivision 5 as added
by chapter 644 of the laws of 2008, are amended and a new subdivision  7
is added to read as follows:
  2.  Except  as provided in subdivision three of this section, it shall
be deemed unlawful for a third party to unreasonably refuse to  honor  a
properly  executed  statutory  short form power of attorney, including a
statutory short form power of attorney which is supplemented by a statu-
tory [major] gifts rider, or a statutory short form  power  of  attorney

A. 8392--C                         11

properly  executed  in accordance with the laws in effect at the time of
its execution. A special proceeding as authorized by section  5-1510  of
this  title  shall  be  the  exclusive  remedy  for  a violation of this
section.
  3. In the absence of actual knowledge that the principal lacked capac-
ity  to  execute  a  statutory  short form power of attorney or that the
statutory short form power  of  attorney  was  procured  through  fraud,
duress  or  undue  influence,  no  third party receiving and retaining a
properly executed statutory short form power of  attorney,  including  a
statutory short form power of attorney which is supplemented by a statu-
tory  [major]  gifts  rider  or a statutory short form power of attorney
properly executed in accordance with the laws in effect at the  time  of
its  execution,  or a complete photostatic copy of the properly executed
original thereof, nor any officer, agent, attorney-in-fact  or  employee
of  such  third party shall incur any liability by reason of acting upon
the authority thereof unless the third party shall have received  actual
notice of the revocation or termination of such power of attorney.
  If  a  principal  maintains an account at a financial institution, the
financial institution is deemed to have actual notice after it has had a
reasonable opportunity to act on a written notice of the  revocation  or
termination  following  its receipt of the same at its office where such
account is located.
  5. When the power of attorney is presented to a third party, it  shall
not  be  deemed  unreasonable  for a third party to require the agent to
execute an acknowledged affidavit pursuant to this  subdivision  stating
that  the power of attorney is in full force and effect. Such an affida-
vit is conclusive proof to the third  party  relying  on  the  power  of
attorney  that the power of attorney is valid and effective, and has not
been terminated [or], revoked OR MODIFIED, except as to any third  party
who  had  actual  notice that the power of attorney had terminated [or],
been revoked OR BEEN MODIFIED prior to the execution of  the  affidavit.
Such affidavit shall state that:
  (a)  the  agent  does not have, at the time of the transaction, actual
notice of the termination or revocation of the  power  of  attorney,  or
notice  of  any  facts  indicating  that  the power of attorney has been
terminated or revoked;
  (b) the agent does not have, at the time of  the  transaction,  actual
notice  that  the  power  of  attorney has been modified in any way that
would affect the ability of the agent to  authorize  or  engage  in  the
transaction,  or notice of any facts indicating that the power of attor-
ney has been so modified; [and]
  (c) if the agent was named as a successor agent, the prior agent is no
longer able or willing to serve[.]; AND
  (D) IF THE AGENT HAS BEEN THE PRINCIPAL'S SPOUSE, THE POWER OF  ATTOR-
NEY  EXPRESSLY PROVIDES THAT DIVORCE OR ANNULMENT AS DEFINED IN SUBPARA-
GRAPH TWO OF PARAGRAPH (F) OF SECTION 5-1.4 OF THE ESTATES,  POWERS  AND
TRUSTS  LAW  DOES NOT TERMINATE THE AGENT'S AUTHORITY THEREUNDER, OR THE
AGENT DOES NOT HAVE ACTUAL NOTICE THAT THE MARRIAGE HAS BEEN  TERMINATED
BY  DIVORCE OR ANNULMENT AS DEFINED IN SUBPARAGRAPH TWO OF PARAGRAPH (F)
OF SECTION 5-1.4 OF THE ESTATES, POWERS AND TRUSTS LAW AT  THE  TIME  OF
THE TRANSACTION.
  7.  A  STATUTORY SHORT FORM POWER OF ATTORNEY OR A NON-STATUTORY POWER
OF ATTORNEY THAT MEETS THE REQUIREMENTS OF SUBDIVISION  ONE  OF  SECTION
5-1501B  OF THIS TITLE SHALL BE ACCEPTED FOR RECORDING SO LONG AS IT HAS
BEEN SIGNED BY ONE AGENT NAMED THEREIN WHOSE SIGNATURE HAS BEEN ACKNOWL-
EDGED. IF TWO OR MORE AGENTS ACTING  ON  BEHALF  OF  THE  PRINCIPAL  ARE

A. 8392--C                         12

REQUIRED  TO  ACT  TOGETHER, THE POWER OF ATTORNEY SHALL BE ACCEPTED FOR
RECORDING AS LONG AS THEIR SIGNATURES HAVE  BEEN  ACKNOWLEDGED.  WHEN  A
SUCCESSOR OR CO-AGENT AUTHORIZED TO ACT SEPARATELY FROM ANY OTHER AGENTS
PRESENTS  A  CERTIFIED  COPY OF A RECORDED STATUTORY SHORT FORM POWER OF
ATTORNEY OR NON-STATUTORY POWER OF ATTORNEY WITH THE  AGENT'S  SIGNATURE
ACKNOWLEDGED, THE INSTRUMENT SHALL BE ACCEPTED FOR RECORDING.
  S 23. Section 5-1505 of the general obligations law, as added by chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S  5-1505.  Standard  of  care;  fiduciary  [duty]  DUTIES; compelling
disclosure of record. 1. Standard of care. In dealing with  property  of
the principal, an agent shall observe the standard of care that would be
observed by a prudent person dealing with property of another.
  2.  Fiduciary  [duty]  DUTIES.    (a) An agent acting under a power of
attorney has a fiduciary [duty to] RELATIONSHIP WITH the principal.  The
fiduciary  [duty includes] DUTIES INCLUDE BUT ARE NOT LIMITED TO each of
the following obligations:
  (1) To act according to any instructions from the principal or,  where
there are no instructions, in the best interest of the principal, and to
avoid conflicts of interest.
  (2)  To  keep  the principal's property separate and distinct from any
other property owned or controlled by the  agent,  except  for  property
that  is  jointly  owned  by  the principal and agent at the time of the
execution of the power of attorney, and property  that  becomes  jointly
owned  after the execution of the power of attorney as the result of the
agent's acquisition of an interest in the principal's property by reason
of the agent's exercise of authority  granted  in  a  statutory  [major]
gifts  rider or in a non-statutory power of attorney signed and dated by
the principal with the signature of the principal duly  acknowledged  in
the  manner  prescribed  for  the acknowledgment of a conveyance of real
property, and which is executed pursuant to the  requirements  of  para-
graph (b) of subdivision nine of section 5-1514 of this title. The agent
may  not [transfer] MAKE GIFTS TO the principal's property to himself or
herself without specific authorization IN A POWER OF ATTORNEY.
  (3) To keep a record of all receipts, disbursements, and  transactions
entered  into  by  the agent on behalf of the principal and to make such
record and power of attorney available TO  THE  PRINCIPAL  OR  TO  THIRD
PARTIES  at  the  request  of the principal.   The agent shall make such
record and a copy of the power of attorney available within fifteen days
of a written request by any of the following:
  (i) a monitor;
  (ii) a co-agent or successor agent acting under the power of attorney;
  (iii) a government entity, or official thereof, investigating a report
that the principal may be in need of protective or  other  services,  or
investigating a report of abuse or neglect;
  (iv)  a  court  evaluator  appointed  pursuant to section 81.09 of the
mental hygiene law;
  (v) a guardian  ad  litem  appointed  pursuant  to  section  seventeen
hundred fifty-four of the surrogate's court procedure act;
  (vi)  the  guardian  or conservator of the estate of the principal, if
such record has not already been provided  to  the  court  evaluator  or
guardian ad litem; or
  (vii)  the personal representative of the estate of a deceased princi-
pal if such record has not already been  provided  to  the  guardian  or
conservator of the estate of the principal.
  The failure of the agent to make the record available pursuant to this
paragraph  may  result  in a special proceeding under subdivision one of

A. 8392--C                         13

section 5-1510 of this title. [Such proceeding shall  be  the  exclusive
remedy to compel the agent to provide such record.]
  (b)  The  agent  may  be subject to liability for conduct or omissions
which violate [the] ANY fiduciary duty.
  (c) The agent is not liable to third parties for any act pursuant to a
power of attorney if the act was authorized at the time and the act  did
not violate subdivision one or two of this section.
  3.  Resignation. (a) An agent who has signed the power of attorney may
resign by giving written notice to the principal and the  agent's  co-a-
gent,  successor  agent  or  the  monitor, if one has been named, or the
principal's guardian if one has been appointed. If no co-agent,  succes-
sor  agent,  monitor or guardian is known to the agent and the principal
is incapacitated or the agent has notice of  any  facts  indicating  the
principal's  incapacity,  the agent may give written notice to a govern-
ment entity having authority to protect the welfare of the principal, or
may petition the court to approve the resignation.
  (b) The principal may provide for alternative  means  for  an  agent's
resignation in the power of attorney.
  S  24. Subdivision 2 of section 5-1508 of the general obligations law,
as added by chapter 644 of the laws of  2008,  is  amended  to  read  as
follows:
  2. A principal may designate one or more successor agents to serve, if
[every] ANY initial or predecessor agent resigns, dies, becomes incapac-
itated, is not qualified to serve or declines to serve. Unless the prin-
cipal provides otherwise in the power of attorney, a successor agent has
the same authority as that granted to an initial agent.  A PRINCIPAL MAY
PROVIDE FOR SPECIFIC SUCCESSION RULES.
  S  25.  Section  5-1508  of  the general obligations law is amended by
adding a new subdivision 4 to read as follows:
  4. ANY PERSON, OTHER THAN AN ESTATE OR A TRUST, MAY ACT AS  AN  AGENT,
CO-AGENT OR SUCCESSOR AGENT UNDER A POWER OF ATTORNEY.
  S  26.  Subdivisions 2, 3, 4, 5 and 6 of section 5-1511 of the general
obligations law, as added by chapter  644  of  the  laws  of  2008,  are
amended to read as follows:
  2. An agent's authority terminates when:
  (a) the principal revokes the agent's authority;
  (b) the agent dies, becomes incapacitated or resigns;
  (c)  the agent's marriage to the principal is terminated by divorce[,]
OR annulment [or declaration of nullity], AS DEFINED IN SUBPARAGRAPH TWO
OF PARAGRAPH (F) OF SECTION 5-1.4 OF THE ESTATES, POWERS AND TRUSTS LAW,
unless the power  of  attorney  expressly  provides  otherwise.  If  the
authority of an agent is revoked solely by this subdivision, it shall be
revived by the principal's remarriage to the former spouse; or
  (d) the power of attorney terminates.
  3. A principal may revoke a power of attorney[;]:
  (a) in accordance with the terms of the power of attorney; OR
  (b)  by  delivering  a  [written,  signed and dated] revocation of the
power of attorney [as follows:
  (1)] to the agent[, and the] IN PERSON OR  BY  SENDING  A  SIGNED  AND
DATED  REVOCATION BY MAIL, COURIER, ELECTRONIC TRANSMISSION OR FACSIMILE
TO THE AGENT'S LAST KNOWN ADDRESS. THE agent must comply with the  prin-
cipal's revocation notwithstanding the actual or perceived incapacity of
the  principal  unless  the principal is subject to a guardianship under
article eighty-one of the mental hygiene law[; and
  (2) to any third party that the principal has reason  to  believe  has
received, retained or acted upon, the power of attorney].

A. 8392--C                         14

  4.  Where  [the]  A  power  of  attorney has been recorded pursuant to
section two hundred ninety-four of the real property law, the  principal
shall  also record [a written] THE revocation IN THE OFFICE IN WHICH THE
POWER OF ATTORNEY IS RECORDED pursuant to section three hundred  twenty-
six  of  the  real  property  law, PROVIDED THE REVOCATION COMPLIES WITH
SECTION THREE HUNDRED SEVEN OF THE STATE TECHNOLOGY LAW.  [Notwithstand-
ing the recording of a revocation, a third party must have actual notice
of the revocation for the revocation to be effective.]
  5. (A) Termination of an agent's authority or of the power of attorney
is not effective as to any third  party  who  has  not  received  actual
notice  of  the  termination  and  acts in good faith under the power of
attorney.  Any action so taken, unless otherwise invalid or  unenforcea-
ble,  shall  bind the principal and the principal's successors in inter-
est. A financial institution is deemed to have actual  notice  after  it
has had a reasonable opportunity to act on a written notice of the revo-
cation  or termination following receipt of the same at its office where
an account is located.
  (B) TERMINATION OF AN AGENT'S AUTHORITY OR OF THE POWER OF ATTORNEY IS
NOT EFFECTIVE AS TO THE AGENT UNTIL THE AGENT HAS RECEIVED A  REVOCATION
AS  REQUIRED BY SUBDIVISION THREE OF THIS SECTION. AN AGENT IS DEEMED TO
HAVE RECEIVED A REVOCATION WHEN IT HAS BEEN DELIVERED TO  THE  AGENT  IN
PERSON,  OR  WITHIN  A  REASONABLE  TIME AFTER IT HAS BEEN SENT BY MAIL,
COURIER, ELECTRONIC TRANSMISSION OR FACSIMILE IN ACCORDANCE WITH  SUBDI-
VISION THREE OF THIS SECTION.
  6.  [Unless  the principal expressly provides otherwise, the execution
of a power of attorney revokes any and  all  prior  powers  of  attorney
executed by the principal] THE EXECUTION OF A POWER OF ATTORNEY DOES NOT
REVOKE ANY POWER OF ATTORNEY PREVIOUSLY EXECUTED BY THE PRINCIPAL.
  S 27. Section 5-1512 of the general obligations law, as added by chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S 5-1512.  Powers  of  attorney  executed in other jurisdictions.  [A]
NOTWITHSTANDING THE PROVISIONS OF SECTION 5-1501B OF THIS TITLE, A power
of attorney executed in another state or jurisdiction in compliance with
the law of that state or jurisdiction or the law of this state is  valid
in  this  state, regardless of whether the principal is a domiciliary of
this state.  A POWER OF ATTORNEY THAT COMPLIES WITH SECTION  5-1501B  OF
THIS TITLE AND IS EXECUTED IN ANOTHER STATE OR JURISDICTION BY A DOMICI-
LIARY OF THIS STATE IS VALID IN THIS STATE. A POWER OF ATTORNEY EXECUTED
IN  THIS  STATE  BY  A  DOMICILIARY  OF ANOTHER STATE OR JURISDICTION IN
COMPLIANCE WITH THE LAW OF THAT STATE OR JURISDICTION OR THE LAW OF THIS
STATE IS VALID IN THIS STATE.
  S 28. Section 5-1513 of the general obligations law, as added by chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S 5-1513. Statutory short form power of attorney. 1. The  use  of  the
following  form  in  the creation of a power of attorney is lawful, and,
when used, and executed in accordance with subdivision  one  of  section
5-1501B  of  this title, it shall be construed as a statutory short form
power of attorney in accordance with the provisions of this title:

                           "POWER OF ATTORNEY
                      NEW YORK STATUTORY SHORT FORM
  (a) CAUTION TO THE PRINCIPAL:  Your Power of Attorney is an  important
document.  As the "principal," you give the person whom you choose (your
"agent") authority to spend your money and sell or dispose of your prop-
erty during your lifetime without telling you.  You  do  not  lose  your

A. 8392--C                         15

authority  to act even though you have given your agent similar authori-
ty.

  When your agent exercises this authority, he or she must act according
to  any  instructions  you have provided or, where there are no specific
instructions, in your best  interest.  "Important  Information  for  the
Agent"  at  the end of this document describes your agent's responsibil-
ities.

  Your agent can act on your behalf only  after  signing  the  Power  of
Attorney before a notary public.
  You  can  request  information from your agent at any time. If you are
revoking a prior Power of Attorney [by executing this  Power  of  Attor-
ney],  you should provide written notice of the revocation to your prior
agent(s) and to ANY THIRD PARTIES WHO MAY HAVE ACTED UPON IT,  INCLUDING
the financial institutions where your accounts are located.
  You can revoke or terminate your Power of Attorney at any time for any
reason  as  long as you are of sound mind. If you are no longer of sound
mind, a court can remove an agent for acting improperly.

  Your agent cannot make health care decisions for you. You may  execute
a "Health Care Proxy" to do this.

  The  law  governing  Powers  of  Attorney is contained in the New York
General Obligations Law, Article 5, Title 15. This law is available at a
law library, or online through the New York  State  Senate  or  Assembly
websites, www.senate.state.ny.us or www.assembly.state.ny.us.

  If  there  is anything about this document that you do not understand,
you should ask a lawyer of your own choosing to explain it to you.
(b) DESIGNATION OF AGENT(S):
I, _______________________________________________, hereby appoint:
      name and address of principal
_____________________________________________________as my agent(s)
      name(s) and address(es) of agent(s)
  If you designate more than one agent above,  they  must  act  together
unless you initial the statement below.

      (   ) My agents may act SEPARATELY.
(c) DESIGNATION OF SUCCESSOR AGENT(S): (OPTIONAL)
  If [every] ANY agent designated above is unable or unwilling to serve,
I appoint as my successor agent(s):
  _______________________________________________________________
  name(s) and address(es) of successor agent(s)
Successor  agents  designated above must act together unless you initial
the statement below.

      (   ) My successor agents may act SEPARATELY.
  YOU MAY PROVIDE FOR SPECIFIC SUCCESSION RULES IN THIS SECTION.  INSERT
SPECIFIC SUCCESSION PROVISIONS HERE:
(d)  This POWER OF ATTORNEY shall not be affected by my subsequent inca-
pacity unless I have stated otherwise below, under "Modifications".

(e) This POWER OF ATTORNEY [REVOKES] DOES NOT REVOKE any [and all prior]
Powers of Attorney PREVIOUSLY executed by me unless I have stated other-
wise below, under "Modifications."

A. 8392--C                         16

  If [your are] YOU DO NOT [revoking] INTEND TO REVOKE your prior Powers
of Attorney, and if you [are granting] HAVE GRANTED the  same  authority
in  [two or more Powers] THIS POWER of Attorney[, you must also indicate
under "Modifications" whether the agents  given  these  powers]  AS  YOU
GRANTED  TO  ANOTHER  AGENT IN A PRIOR POWER OF ATTORNEY, EACH AGENT CAN
ACT SEPARATELY UNLESS YOU INDICATE UNDER "MODIFICATIONS" THAT THE AGENTS
WITH THE SAME AUTHORITY are to act together [or separately].

(f) GRANT OF AUTHORITY:
  To grant your agent some or all of the authority below, either
      (1) Initial the bracket at each authority you grant, or
      (2) Write or type the letters for each authority you grant on  the
      blank line at (P), and initial the bracket at (P). If you initial
      (P), you do not need to initial the other lines.

  I  grant  authority  to  my  agent(s)  with  respect  to the following
subjects as defined in sections 5-1502A through 5-1502N of the New  York
General Obligations Law:
      (   ) (A) real estate transactions;
      (   ) (B) chattel and goods transactions;
      (   ) (C) bond, share, and commodity transactions;
      (   ) (D) banking transactions;
      (   ) (E) business operating transactions;
      (   ) (F) insurance transactions;
      (   ) (G) estate transactions;
      (   ) (H) claims and litigation;
      (   ) (I) personal and family maintenance. IF YOU GRANT YOUR AGENT
                THIS  AUTHORITY,  IT  WILL ALLOW THE AGENT TO MAKE GIFTS
                THAT YOU CUSTOMARILY HAVE MADE TO INDIVIDUALS, INCLUDING
                THE  AGENT,  AND  CHARITABLE  ORGANIZATIONS.  THE  TOTAL
                AMOUNT OF ALL SUCH GIFTS IN ANY ONE CALENDAR YEAR CANNOT
                EXCEED FIVE HUNDRED DOLLARS;
      (   ) (J) benefits from governmental programs or civil or military
                service;
      (   ) (K) health   care  billing  and  payment  matters;  records,
                reports, and statements;
      (   ) (L) retirement benefit transactions;
      (   ) (M) tax matters;
      (   ) (N) all other matters;
      (   ) (O) full and unqualified authority to my agent(s)  to  dele-
                gate any or all of the foregoing powers to any person or
                persons whom my agent(s) select;
      (   ) (P) EACH   of   the  matters  identified  by  the  following
                letters______.
  You need not initial the other lines if you initial line (P).

(g) MODIFICATIONS: (OPTIONAL)
  In  this  section,  you  may  make  additional  provisions,  including
language to limit or supplement authority granted to your agent.
  However, you cannot use this Modifications section to grant your agent
authority  to make [major] gifts or changes to interests in your proper-
ty.  If you wish to grant your agent such authority, you  MUST  complete
the Statutory [Major] Gifts Rider.
(h) [MAJOR GIFTS AND OTHER TRANSFERS] CERTAIN GIFT TRANSACTIONS:  STATU-
TORY [MAJOR] GIFTS RIDER (OPTIONAL)

A. 8392--C                         17

  In  order  to  authorize  your  agent to make [major] gifts [and other
transfers of your property] IN EXCESS OF AN ANNUAL TOTAL OF $500 FOR ALL
GIFTS DESCRIBED IN (I) OF THE GRANT OF AUTHORITY SECTION OF  THIS  DOCU-
MENT  (UNDER  PERSONAL  AND  FAMILY  MAINTENANCE),  you must initial the
statement  below and execute a Statutory [Major] Gifts Rider at the same
time as this instrument.  Initialing the statement below by itself  does
not  authorize  your  agent to make [major] gifts [and other transfers].
The preparation of the Statutory [Major] Gifts Rider  should  be  super-
vised by a lawyer.
  (      )[(SMGR)]  (SGR)  I  grant  my  agent authority to make [major]
gifts [and other transfers of my property,] in accordance with the terms
and conditions of the Statutory [Major]  Gifts  Rider  that  supplements
this STATUTORY Power of Attorney.

(i) DESIGNATION OF MONITOR(S): (OPTIONAL)
  IF  YOU  WISH  TO  APPOINT MONITOR(S), INITIAL AND FILL IN THE SECTION
BELOW:
  (     ) I wish to designate ______________________, whose  address(es)
is  (are)  ____________________________________________________________,
as monitor(s). Upon the request of  the  monitor(s),  my  agent(s)  must
provide the monitor(s) with a copy of the power of attorney and a record
of  all  transactions  done  or made on my behalf. Third parties holding
records of such transactions shall provide the records to the monitor(s)
upon request.

(j) COMPENSATION OF AGENT(S): (OPTIONAL)
  Your agent is entitled to be reimbursed from your assets  for  reason-
able expenses incurred on your behalf. If you ALSO wish your agent(s) to
be  compensated  from  your assets for services rendered on your behalf,
initial the statement below. If you wish to define  "reasonable  compen-
sation", you may do so above, under "Modifications".
  (   )  My  agent(s)  shall  be entitled to reasonable compensation for
services rendered.

(k) ACCEPTANCE BY THIRD PARTIES: I agree to indemnify  the  third  party
for  any  claims that may arise against the third party because of reli-
ance on this Power of Attorney. I understand  that  any  termination  of
this Power of Attorney, whether the result of my revocation of the Power
of Attorney or otherwise, is not effective as to a third party until the
third party has actual notice or knowledge of the termination.

(l)  TERMINATION:  This Power of Attorney continues until I revoke it or
it is terminated by my death or other event described in section  5-1511
of the General Obligations Law.
  Section  5-1511 of the General Obligations Law describes the manner in
which you may revoke your Power of Attorney, and the events which termi-
nate the Power of Attorney.

(m) SIGNATURE AND ACKNOWLEDGMENT:
In Witness Whereof I have hereunto signed my name on ___________,20___.

PRINCIPAL signs here: ==>__________________________________________

(acknowledgment)

A. 8392--C                         18

(n) IMPORTANT INFORMATION FOR THE AGENT:
  When  you accept the authority granted under this Power of Attorney, a
special legal relationship is created between  you  and  the  principal.
This  relationship  imposes  on you legal responsibilities that continue
until you resign or the Power of Attorney is terminated or revoked.  You
must:
  (1)  act  according  to any instructions from the principal, or, where
there are no instructions, in the principal's best interest;
  (2) avoid conflicts that would impair your ability to act in the prin-
cipal's best interest;
  (3) keep the principal's  property  separate  and  distinct  from  any
assets you own or control, unless otherwise permitted by law;
  (4)  keep  a  record  or  all  receipts,  payments,  and  transactions
conducted for the principal; and
  (5) disclose your identity as an agent whenever you act for the  prin-
cipal  by  writing or printing the principal's name and signing your own
name as "agent" in either of the following  [manner]  MANNERS:  (Princi-
pal's  Name)  by (Your Signature) as Agent, or (your signature) as Agent
for (Principal's Name).
  You may not use the principal's assets to benefit yourself  OR  ANYONE
ELSE  or  [give  major] MAKE gifts to yourself or anyone else unless the
principal has specifically granted you that authority in this [Power  of
Attorney  or  in a Statutory Major Gifts Rider attached to this Power of
Attorney] DOCUMENT, WHICH IS EITHER A STATUTORY GIFTS RIDER ATTACHED  TO
A  STATUTORY  SHORT  FORM  POWER OF ATTORNEY OR A NON-STATUTORY POWER OF
ATTORNEY. If you have that authority, you  must  act  according  to  any
instructions  of the principal or, where there are no such instructions,
in the principal's best interest.  You  may  resign  by  giving  written
notice to the principal and to any co-agent, successor agent, monitor if
one  has been named in this document, or the principal's guardian if one
has been appointed. If there is anything about  this  document  or  your
responsibilities  that  you  do  not  understand,  you should seek legal
advice.
  Liability of agent:
  The meaning of the authority given to you is  defined  in  New  York's
General  Obligations  Law,  Article 5, Title 15. If it is found that you
have violated the law or acted outside the authority granted to  you  in
the  Power  of  Attorney,  you  may  be  liable  under  the law for your
violation.

(o) AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:
  It is not required that the principal and the  agent(s)  sign  at  the
same time, nor that multiple agents sign at the same time.

I/we, ___________________________________________, have read the forego-
ing  Power  of Attorney. I am/we are the person(s) identified therein as
agent(s) for the principal named therein.

I/we acknowledge my/our legal responsibilities.

Agent(s) sign(s) here:==>__________________________________________

(acknowledgment(s))["]

(P) SUCCESSOR AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:

A. 8392--C                         19

  IT IS NOT REQUIRED THAT THE PRINCIPAL AND THE SUCCESSOR  AGENT(S),  IF
ANY,  SIGN  AT THE SAME TIME, NOR THAT MULTIPLE SUCCESSOR AGENTS SIGN AT
THE SAME TIME. FURTHERMORE, SUCCESSOR AGENTS CAN NOT USE THIS  POWER  OF
ATTORNEY UNLESS THE AGENT(S) DESIGNATED ABOVE IS/ARE UNABLE OR UNWILLING
TO SERVE.

I/WE, ___________________________________________, HAVE READ THE FOREGO-
ING  POWER  OF ATTORNEY. I AM/WE ARE THE PERSON(S) IDENTIFIED THEREIN AS
SUCCESSOR AGENT(S) FOR THE PRINCIPAL NAMED THEREIN.

SUCCESSOR AGENT(S) SIGN(S) HERE:==>______________________________________

(ACKNOWLEDGMENT(S))"
  S 29. Section 5-1514 of the general obligations law, as added by chap-
ter 644 of the laws of 2008, is amended to read as follows:
  S 5-1514. [Major gifts and other transfers] CERTAIN GIFT TRANSACTIONS;
formal requirements; statutory form. 1.  If  the  principal  intends  to
authorize  the  agent  to  make  gifts  [and transfers] other than gifts
authorized by subdivision fourteen of section 5-1502I of this title, the
principal must expressly grant such  authority  either  in  a  statutory
[major]  gifts rider to a statutory short form power of attorney or in a
non-statutory power of attorney executed pursuant to the requirements of
paragraph (b) of subdivision nine of this section.
  2. The principal may authorize the agent to make gifts to the  princi-
pal's  spouse, children and more remote descendents, and parents, not to
exceed, for each donee, the annual federal  gift  tax  exclusion  amount
pursuant  to  the  Internal  Revenue  Code. For gifts to the principal's
children and more remote descendants, and parents, the maximum amount of
the gift to each donee shall not exceed twice  the  gift  tax  exclusion
amount,  if the principal's spouse agrees to split gift treatment pursu-
ant to the Internal Revenue Code.
  3. The principal may also authorize the agent to:
  (a) make gifts up to  a  specified  dollar  amount,  or  unlimited  in
amount;
  (b) make gifts to any person or persons;
  (c) make GIFTS IN ANY OF the following [specified transactions] WAYS:
  (1)  [open,  modify  or terminate] OPENING, MODIFYING OR TERMINATING a
deposit account in the name of the principal and other joint tenants;
  (2) [open, modify or terminate] OPENING, MODIFYING OR TERMINATING  any
other  joint  account  in  the  name  of  the  principal and other joint
tenants;
  (3) [open, modify or terminate] OPENING, MODIFYING  OR  TERMINATING  a
bank account in trust form as described in section 7-5.1 of the estates,
powers  and trusts law, and designate or change the beneficiary or bene-
ficiaries of such account;
  (4) [open, modify or terminate] OPENING, MODIFYING  OR  TERMINATING  a
transfer  on death account as described in part four of article thirteen
of the estates, powers and trusts law, and designate or change the bene-
ficiary or beneficiaries of such account;
  (5) [change] CHANGING the beneficiary or beneficiaries of any contract
of insurance on the life of the principal or annuity  contract  for  the
benefit of the principal;
  (6)  [procure]  PROCURING  new,  different  or additional contracts of
insurance on the life of the principal  or  annuity  contracts  for  the
benefit  of the principal and designate the beneficiary or beneficiaries
of any such contract;

A. 8392--C                         20

  (7) [designate or change] DESIGNATING OR CHANGING the  beneficiary  or
beneficiaries of any type of retirement benefit or plan;
  (8) [create, amend, revoke, or terminate] CREATING, AMENDING, REVOKING
OR TERMINATING an inter vivos trust; and
  (9)  [create,  change  or terminate] OPENING, MODIFYING OR TERMINATING
other property interests or rights of  survivorship,  and  designate  or
change the beneficiary or beneficiaries therein.
  A  gift [or other transfer] to an individual authorized by this subdi-
vision may be made outright, BY EXERCISE OR RELEASE OF A PRESENTLY EXER-
CISABLE GENERAL OR SPECIAL POWER OF APPOINTMENT HELD BY  THE  PRINCIPAL,
to  a  trust  established  or  created for such individual, to a Uniform
Transfers to Minors Act account for such individual (regardless  of  who
is  the  custodian),  or to a tuition savings account or prepaid tuition
plan as defined under section 529 of the Internal Revenue Code  for  the
benefit  of  such individual (without regard to who is the account owner
or responsible individual for such account).
  4. An agent may not:
  (a) exercise any authority described in subdivision two  or  three  of
this  section  unless such authority is expressly granted in a statutory
[major] gifts rider to a statutory short form power of attorney or in  a
non-statutory power of attorney executed pursuant to the requirements of
paragraph (b) of subdivision nine of this section;
  (b)  make a gift to himself or herself or create in himself or herself
an interest in the principal's property pursuant to any grant of author-
ity described in subdivision two or three of this  section  unless  such
authority  is  expressly granted in a statutory [major] gifts rider to a
statutory short form power of attorney or in a  non-statutory  power  of
attorney  executed  pursuant  to  the  requirements  of paragraph (b) of
subdivision nine of this section.
  5. Any authority granted to an agent pursuant to  subdivision  two  or
three or paragraph (b) of subdivision four of this section must be exer-
cised  according  to  any  instructions IN THIS DOCUMENT OR IN ANY OTHER
WRITING provided by the principal REGARDING THE EXERCISE OF ANY AUTHORI-
TY, or otherwise for purposes which the agent reasonably deems to be  in
the  best  interest  of the principal, specifically including financial,
estate, or tax  planning,  including  minimization  of  income,  estate,
inheritance, generation-skipping transfer or gift taxes.
  6.  Construction  of  the  provisions  of  the statutory [major] gifts
rider.  (a) In a statutory [major] gifts rider to a statutory short form
power of attorney, the language "I grant authority to my agent  to  make
gifts  to  my spouse, children and more remote descendants, and parents,
not to exceed, for each donee, the annual  federal  gift  tax  exclusion
amount  pursuant  to the Internal Revenue Code. For gifts to my children
and more remote descendants, and parents, the maximum amount of the gift
to each donee shall not exceed twice the gift tax exclusion  amount,  if
my spouse agrees to split gift treatment pursuant to the Internal Reven-
ue  Code"  must  be  construed to mean that the principal authorizes the
agent:
  (1) To make gifts on  behalf  of  the  principal  to  the  principal's
spouse,  children  and  other descendants, and parents. Gifts to a donee
shall not exceed in any calendar year the amount of the federal gift tax
exclusion available to the principal under section 2503(b) of the Inter-
nal Revenue Code. Gifts may be made outright or by exercise  or  release
of a presently exercisable general power OR SPECIAL POWER of appointment
held  by the principal, to a trust established or created for such indi-
vidual (provided that gifts to such trust qualify for the  federal  gift

A. 8392--C                         21

tax  exclusion  under  section  2503(b)  or  (c) of the Internal Revenue
Code), to a Uniform Transfers to Minors Act account for such  individual
(regardless  of  who  is the custodian), to a tuition savings account or
prepaid tuition plan as defined under section 529 of the Internal Reven-
ue Code for the benefit of such individual (without regard to who is the
account owner of or responsible person for such account);
  (2)  To  make  gifts up to twice the annual federal gift tax exclusion
amount on behalf of both the principal and the  principal's  spouse,  to
the  principal's  children  and  other  descendants, and parents, if the
principal's spouse consents to the splitting of such gifts  pursuant  to
section 2513 of the Internal Revenue Code;
  (3)  To  consent,  pursuant to Section 2513(a) of the Internal Revenue
Code, to the splitting of gifts made by the principal's  spouse  to  the
principal's  children  and  other  descendants in any amount, and to the
splitting of gifts made by the principal's spouse to any  other  persons
in  amounts  not  exceeding the aggregate annual gift tax exclusions for
both spouses under Section 2503(b) of said Code (or  cognate  provisions
of any successor statute); and
  (4)  To  satisfy  pledges made to organizations, whether charitable or
otherwise, by the principal[; and].
  (b) Any authority granted to an agent under a statutory [major]  gifts
rider  to  a statutory short form power of attorney must be construed to
mean that the principal authorizes the agent:
  (1) To prepare, execute, consent to on behalf of  the  principal,  and
file  any  return, report, declaration or other document required by the
laws of the United States, or by  any  state  or  political  subdivision
thereof,  or  by  any  foreign country or political subdivision thereof,
which the agent deems to be desirable or necessary with respect  to  any
gift made under the authority of this section;
  (2)  To  execute,  acknowledge, seal and deliver any deed, assignment,
agreement, trust agreement, authorization, check,  or  other  instrument
which  the  agent  deems  useful  for  the  accomplishment of any of the
purposes enumerated in this section;
  (3) To prosecute, defend, submit to  alternative  dispute  resolution,
settle  and  propose  or  accept  a compromise with respect to any claim
existing in favor of or against the principal based on or involving  any
gift transaction or to intervene in any related action or proceeding;
  (4) To hire, discharge and compensate any attorney, accountant, expert
witness,  or  other  assistant  or  assistants when the agent deems that
action to be desirable for the proper execution by the agent of  any  of
the authorities described in this section, and for the keeping of needed
records thereof; and
  (5) In general, and in addition to but not in contravention of all the
specific  acts listed in this section, to do any other act or acts which
the agent deems desirable or necessary to  complete  any  such  gift  on
behalf of the principal.
  (c)  The  authority  explicitly  authorized  in  this section shall be
construed to include any like authority authorized in any other  section
of  this  title. Accordingly, such like authorities as are authorized in
any other section of this title may not be exercised by the agent unless
they are expressly granted to the agent in the statutory  [major]  gifts
rider  or  in a non-statutory power of attorney executed pursuant to the
requirements of paragraph (b) of subdivision nine of this section.
  (d) The statutory [major] gifts rider  may  be  modified  pursuant  to
section  5-1503 of this title to contain additional provisions authoriz-

A. 8392--C                         22

ing the agent to make any or all of the transactions specified in subdi-
vision three of this section.
  7. All authority described in this section shall be exercisable equal-
ly  with  respect  to  a  gift of any property in which the principal is
interested at the time the power of attorney is given or  in  which  the
principal  becomes  interested  after  that time, and whether located in
this state or elsewhere.
  8. If, after naming the spouse as a permissible recipient  of  gifting
[or other transfers], the [principal is divorced, his or her marriage is
annulled  or  its  nullity declared, the] PRINCIPAL'S MARRIAGE IS TERMI-
NATED BY divorce[,] OR annulment[, declaration  of  nullity  or  dissol-
ution], AS DEFINED IN SUBPARAGRAPH TWO OF PARAGRAPH (F) OF SECTION 5-1.4
OF  THE ESTATES, POWERS AND TRUSTS LAW, THE DIVORCE OR ANNULMENT revokes
the authority to gift to the former spouse, unless the statutory [major]
gifts rider or the non-statutory power of attorney executed pursuant  to
the  requirements  of  paragraph (b) of subdivision nine of this section
expressly provides otherwise. If the authority to  gift  to  the  former
spouse is revoked solely by this subdivision, it shall be revived by the
principal's remarriage to the former spouse.
  9.  To  be valid, a statutory [major] gifts rider to a statutory short
form power of attorney must:
  (a) Be typed or printed using letters which are legible  or  of  clear
type  no less than twelve point in size, or, if in writing, a reasonable
equivalent thereof.
  (b) Be signed and dated by a principal with capacity, with the  signa-
ture of the principal duly acknowledged in the manner prescribed for the
acknowledgment  of  a  conveyance of real property, and witnessed by two
persons who are not named in the instrument as permissible recipients of
gifts [or other transfers], in the manner described  [at  paragraph]  IN
SUBPARAGRAPH  two of [subdivision] PARAGRAPH (a) of section 3-2.1 of the
estates, powers and trusts law.  THE PERSON WHO  TAKES  THE  ACKNOWLEDG-
MENT, UNDER THIS PARAGRAPH, MAY ALSO SERVE AS ONE OF THE WITNESSES.
  (c)  Be  accompanied  by  a  statutory short form power of attorney in
which the authority [(SMGR)] (SGR) is initialed by the principal.
  (d) Be executed simultaneously with the statutory short form power  of
attorney and in the manner provided in this section.
  10.  The  use  of  the  following shall be construed as the "Statutory
[Major] Gifts Rider" for a statutory short form power of attorney:
                           "POWER OF ATTORNEY
                 NEW YORK STATUTORY [MAJOR] GIFTS RIDER
                  AUTHORIZATION [TO MAKE MAJOR GIFTS OR
             OTHER TRANSFERS] FOR CERTAIN GIFT TRANSACTIONS
  CAUTION TO THE PRINCIPAL: This OPTIONAL rider allows you to  authorize
your  agent  to  make [major] gifts IN EXCESS OF AN ANNUAL TOTAL OF $500
FOR ALL GIFTS DESCRIBED IN (I) OF THE GRANT OF AUTHORITY SECTION OF  THE
STATUTORY  SHORT FORM POWER OF ATTORNEY (UNDER PERSONAL AND FAMILY MAIN-
TENANCE), or [other transfers of your money or other  property]  CERTAIN
OTHER  GIFT  TRANSACTIONS  during  your  lifetime.    YOU DO NOT HAVE TO
EXECUTE THIS RIDER IF YOU ONLY WANT YOUR AGENT TO MAKE  GIFTS  DESCRIBED
IN  (I)  OF  THE  GRANT OF AUTHORITY SECTION OF THE STATUTORY SHORT FORM
POWER OF ATTORNEY AND YOU INITIALED "(I)" ON THAT SECTION OF THAT  FORM.
Granting  any  of the following authority to your agent gives your agent
the authority to take actions  which  could  significantly  reduce  your
property  or  change  how  your  property  is distributed at your death.
["Major gifts or  other  transfers"]  "CERTAIN  GIFT  TRANSACTIONS"  are
described in section 5-1514 of the General Obligations Law. This [Major]

A. 8392--C                         23

Gifts  Rider  does not require your agent to exercise granted authority,
but when he or she exercises this authority, he or she must act  accord-
ing to any instructions you provide, or otherwise in your best interest.
  This [Major] Gifts Rider and the Power of Attorney it supplements must
be read together as a single instrument.
  Before  signing  this  document authorizing your agent to make [major]
gifts [and other transfers], you should seek legal advice to ensure that
your intentions are clearly and properly expressed.
  (a) GRANT OF LIMITED AUTHORITY TO MAKE GIFTS
  Granting gifting authority to your agent gives your agent the authori-
ty to take actions which could significantly reduce your property.
  If you wish to allow your agent to make gifts to himself  or  herself,
you must separately grant that authority in subdivision (c) below.
  To  grant your agent the gifting authority provided below, initial the
bracket to the left of the authority.
  ( ) I grant authority to my agent to make gifts to my spouse, children
and more remote descendants, and parents, not to exceed, for each donee,
the annual federal gift tax exclusion amount pursuant  to  the  Internal
Revenue  Code. For gifts to my children and more remote descendants, and
parents, the maximum amount of the gift to each donee shall  not  exceed
twice  the  gift tax exclusion amount, if my spouse agrees to split gift
treatment pursuant to the Internal Revenue Code.
This authority must be exercised pursuant to my instructions, or  other-
wise  for  purposes  which  the  agent reasonably deems to be in my best
interest.
  (b) MODIFICATIONS:
  Use this section if you wish to authorize  gifts  in  AMOUNTS  SMALLER
THAN  THE  GIFT TAX EXCLUSION AMOUNT, IN AMOUNTS IN excess of the [above
amount] GIFT TAX EXCLUSION AMOUNT,  gifts  to  other  beneficiaries,  or
other [types of transfers] GIFT TRANSACTIONS.
Granting  such authority to your agent gives your agent the authority to
take actions which  could  significantly  reduce  your  property  and/or
change  how  your  property is distributed at your death. If you wish to
authorize your agent to make gifts [or transfers] to himself or herself,
you must separately grant that authority in subdivision (c) below.
( ) I grant the following authority to my agent to make gifts [or trans-
fers] pursuant to my instructions, or otherwise for purposes  which  the
agent reasonably deems to be in my best interest[.]:
(c)  GRANT  OF SPECIFIC AUTHORITY FOR AN AGENT TO MAKE [MAJOR] GIFTS [OR
OTHER TRANSFERS] TO HIMSELF OR HERSELF: (OPTIONAL)
If you wish to authorize your agent to  make  gifts  [or  transfers]  to
himself or herself, you must grant that authority in this section, indi-
cating  to  which agent(s) the authorization is granted, and any limita-
tions and guidelines.
( ) I grant specific authority for the following agent(s)  to  make  the
following [major] gifts [or other transfers] to himself or herself:
This  authority must be exercised pursuant to my instructions, or other-
wise for purposes which the agent reasonably deems  to  be  in  my  best
interest.
(d)  ACCEPTANCE  BY  THIRD PARTIES: I agree to indemnify the third party
for any claims that may arise against the third party because  of  reli-
ance on this [Major] STATUTORY Gifts Rider.
(e) SIGNATURE OF PRINCIPAL AND ACKNOWLEDGMENT:
In  Witness Whereof I have hereunto signed my name on _________________,
20____.
PRINCIPAL signs here:

A. 8392--C                         24

________________________________
[(acknowledgement)] (ACKNOWLEDGMENT)
(f) SIGNATURES OF WITNESSES:
By  signing  as  a  witness, I acknowledge that the principal signed the
[Major] STATUTORY Gifts Rider in my presence and  the  presence  of  the
other witness, or that the principal acknowledged to me that the princi-
pal's  signature was affixed by him or her or at his or her direction. I
also acknowledge that the principal has stated that this [Major]  STATU-
TORY  Gifts  Rider  reflects  his  or  her wishes and that he or she has
signed it voluntarily. I am not named herein as a permissible  recipient
of [major] gifts.
___________________________        _________________________
Signature of witness 1             Signature of witness 2
___________________________        _________________________
Date                               Date
___________________________        _________________________
Print name                         Print name
___________________________        _________________________
Address                            Address
___________________________        _________________________
City, State, Zip code              City, State, Zip code
(g) This document prepared by: ____________________________"
  S  30.  The law revision commission shall, over a period of two years,
study all aspects of the implementation of title 15 of article 5 of  the
general  obligations  law, as amended by chapter 644 of the laws of 2008
and this act. Such commission shall consult with individuals  and  enti-
ties regularly engaged in the utilization of such title, and those indi-
viduals and entities affected by the provisions of such title.
  On  or  before  September  1,  2010, the law revision commission shall
submit a preliminary report of its findings, conclusions and recommenda-
tions to the governor and the legislature regarding the statutory  gifts
rider.  In  addition to providing the aforementioned preliminary report,
the law revision commission shall, on or before January 1, 2012,  submit
a  report of its findings, conclusions and recommendations to the gover-
nor and the legislature.
  S 31. This act shall take effect on the thirtieth day after  it  shall
have  become  a  law  and shall be deemed to have been in full force and
effect on and after September 1, 2009.   Provided,  that  any  statutory
short  form  power  of  attorney  and any statutory gifts rider executed
after August 31, 2009 shall remain valid as will  any  revocation  of  a
prior  power  of  attorney  that  was  delivered to the agent before the
effective date of this act.