Senate Bill S6501A

2017-2018 Legislative Session

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

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Archive: Last Bill Status - In Senate Committee Judiciary 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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Bill Amendments

2017-S6501 - Details

See Assembly Version of this Bill:
A9033
Current Committee:
Senate Judiciary
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:
S3923, A5630

2017-S6501 - Summary

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

2017-S6501 - Sponsor Memo

2017-S6501 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6501
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 26, 2017
                                ___________
 
 Introduced  by  Sen.  HANNON -- read twice and ordered printed, and when
   printed to be committed 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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2017-S6501A (ACTIVE) - Details

See Assembly Version of this Bill:
A9033
Current Committee:
Senate Judiciary
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:
S3923, A5630

2017-S6501A (ACTIVE) - Summary

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

2017-S6501A (ACTIVE) - Sponsor Memo

2017-S6501A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6501--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 26, 2017
                                ___________
 
 Introduced  by  Sen.  HANNON -- read twice and ordered printed, and when
   printed to be committed to the  Committee  on  Judiciary  --  reported
   favorably  from said committee and committed to the Committee on Rules
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee

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

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