Assembly Bill A9033

2017-2018 Legislative Session

Reforms the statutory short form and other powers of attorney for purposes of financial and estate planning; repealer

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A9033 (ACTIVE) - Details

See Senate Version of this Bill:
S6501
Current Committee:
Assembly Codes
Law Section:
General Obligations Law
Laws Affected:
Rpld §5-1501 sub 2 ¶(n), §5-1514, amd Gen Ob L, generally
Versions Introduced in 2019-2020 Legislative Session:
A5630, S3923

2017-A9033 (ACTIVE) - Summary

Reforms the statutory short form and other powers of attorney for purposes of financial and estate planning.

2017-A9033 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9033
 
                           I N  A S S E M B L Y
 
                             January 12, 2018
                                ___________
 
 Introduced  by  M. of A. WEINSTEIN, LUPARDO, ZEBROWSKI, McDONALD -- read
   once and referred to the Committee on Judiciary
 
 AN ACT to amend the general obligations law, in  relation  to  reforming
   the  statutory short form and other powers of attorney for purposes of
   financial and estate planning; and to  repeal  certain  provisions  of
   such law relating to statutory gift riders

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (j) of subdivision 2 of  section  5-1501  of  the
 general  obligations law, as amended by chapter 340 of the laws of 2010,
 is amended to read as follows:
   (j) "Power of attorney" means a written document, other than  a  docu-
 ment  referred to in section 5-1501C of this title, by which a principal
 with capacity designates an agent to  act  on  his  or  her  behalf  AND
 INCLUDES  BOTH A STATUTORY SHORT FORM POWER OF ATTORNEY AND A NON-STATU-
 TORY POWER OF ATTORNEY.
   § 2. Paragraph (n) of subdivision 2 of section 5-1501 of  the  general
 obligations  law is REPEALED, and paragraphs (o), (p) and (q) are relet-
 tered paragraphs (n), (o) and (p).
   § 3. Paragraph (n) of subdivision 2 of section 5-1501 of  the  general
 obligations  law,  as  amended by chapter 340 of the laws of 2010 and as
 relettered by section two of this act, is amended to read as follows:
   (n) "Statutory short form power of attorney" means a power of attorney
 that meets the requirements of paragraphs (a), (b) and (c)  of  subdivi-
 sion one of section 5-1501B of this title, and that [contains the exact]
 SUBSTANTIALLY  CONFORMS  TO THE wording of the form set forth in section
 5-1513 of this title; PROVIDED HOWEVER, THAT ANY  SECTION  INDICATED  AS
 "OPTIONAL"  THAT  IS  NOT  USED MAY BE OMITTED AND REPLACED BY THE WORDS
 "INTENTIONALLY OMITTED". [A mistake in wording,  such  as  in  spelling,
 punctuation  or  formatting,  or  the  use  of bold or italic type,] ANY
 INSUBSTANTIAL VARIATIONS IN THE FORM shall not prevent a power of attor-
 ney 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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