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.
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 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 statu-
tory short form power of attorney it supplements 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
S. 5589 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
S. 5589 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.
S. 5589 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):
_______________________________________________________________
S. 5589 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, except
as to any third party who had actual notice that the STATUTORY SHORT
FORM power of attorney had terminated or been revoked 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-
S. 5589 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.
