Legislation

Search OpenLegislation Statutes
This entry was published on 2021-06-18
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 5-1501B
Creation of a valid power of attorney; when effective
General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 15
§ 5-1501B. Creation of a valid power of attorney; when effective. 1.
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 a principal, 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, initialed and dated by a principal with capacity, or in
the name of such principal by another person, other than a person
designated as the principal's agent or successor agent, in the
principal's presence and at the principal's direction, in either case
with the signature of the person signing 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 agents
or as permissible recipients of gifts, in the manner described in
subparagraph two of paragraph (a) of section 3-2.1 of the estate, powers
and trusts law in the presence of the principal. The person who takes
the acknowledgement under this paragraph may also serve as one of the
witnesses. When a person signs at the direction of a principal he or she
shall sign by writing or printing the principal's name, and printing and
signing his or her own name.

(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 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 acknowledgment of the signature or signatures of any agent or agents
or successor agent or successor agents authorized to act on behalf of
the principal or because the principal became incapacitated during any
such lapse of time.

(d) Substantially conform to the wording of the:

(1) "Caution to the Principal" in paragraph (a) of subdivision one of
section 5-1513 of this title; and

(2) "Important Information for the Agent" in paragraph (n) of
subdivision one of section 5-1513 of this title.

2. Insubstantial variation in the wording of the "Caution to the
Principal" of paragraph (a) of subdivision one of section 5-1513 of this
title or of the "Important Information for the Agent" of paragraph (n)
of subdivision one of section 5-1513 of this title shall not prevent a
power of attorney from being deemed a statutory short form power of
attorney or a non-statutory power of attorney.

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 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 a principal as the term principal is defined in section
5-1501 of this title.