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 5-1502C
Construction--bond, share and commodity transactions
General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 15
§ 5-1502C. Construction--bond, share and commodity transactions. In a
statutory short form power of attorney, the language conferring general
authority with respect to "bond, share and commodity transactions," must
be construed to mean that the principal authorizes the agent:

1. To accept as a gift, or as security for a loan, to reject, to
demand, to buy, to receive, or otherwise to acquire either ownership or
possession of, any bond, share, instrument of similar character,
commodity interest or any instrument with respect thereto, together with
the interest, dividends, proceeds or other distributions connected
therewith;

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 to grant options concerning,
to loan, to trade in, or otherwise to dispose of any bond, share,
instrument of similar character, commodity interest or any instrument
with respect thereto;

3. To release in whole or in part, to assign the whole or a part of,
to satisfy in whole or in part, and to enforce by action, proceeding or
otherwise, any pledge, incumbrance, lien or other claim as to any bond,
share, instrument of similar character, commodity interest or any
interest with respect thereto, when such pledge, incumbrance, lien or
other claim is owned, or claimed to be owned, by the principal;

4. To do any act of management or of conservation with respect to any
bond, share, instrument of similar character, commodity interest or any
instrument with respect thereto, owned or claimed to be owned by the
principal or in which the principal has or claims to have an interest,
including by way of illustration, but not of restriction, power to
insure against any casualty, liability or loss, to obtain or to regain
possession or to protect the principal's interest therein by action,
proceeding or otherwise, to pay, to compromise or to contest taxes or
assessments, to apply for refunds in connection therewith, to consent to
and to participate in any reorganization, recapitalization, liquidation,
merger, consolidation, sale or lease, or other change in or revival of a
corporation or other association, or in the financial structure of any
corporation or other association, or in the priorities, voting rights or
other special rights with respect thereto, to become a depositor with
any protective, reorganization or similar committee of the bond, share,
other instrument of similar character, commodity interest or any
instrument with respect thereto, belonging to the principal, to make any
payments reasonably incident to the foregoing, to exercise or to sell
any option, conversion or similar right, to vote in person or by the
granting of a proxy (with or without the power of substitution), either
discretionary, general or otherwise, for the accomplishment of any of
the purposes enumerated in this section;

5. To carry in the name of a nominee selected by the agent any
evidence of the ownership of any bond, share, other instrument of
similar character, commodity interest or instrument with respect
thereto, belonging to the principal;

6. To employ, in any way believed to be desirable by the agent, any
bond, share, other instrument of similar character, commodity interest
or any instrument with respect thereto, in which the principal has or
claims to have any interest, for the protection or continued operation
of any speculative or margin transaction personally begun or personally
guaranteed, in whole or in part, by the principal;

7. To demand, to receive, to obtain by action, proceeding or
otherwise, any money or other thing of value to which the principal is,
or may become, or may claim to be entitled as the proceeds of any
interest in a bond, share, other instrument of similar character,
commodity interest or any instrument with respect thereto, or of one or
more of the transactions enumerated in this section, to conserve, to
invest, to disburse or to utilize anything so received for purposes
enumerated in this section, and to reimburse the agent for any
expenditures properly made by him in the execution of the powers
conferred on him by the statutory short form power of attorney;

8. To agree and to contract, in any manner, and with any broker or
other person, and on any terms, which the agent may select, for the
accomplishment of any of the purposes enumerated in this section, and to
perform, to rescind, to reform, to release or to modify any such
agreement or contract or any other similar agreement made by or on
behalf of the principal;

9. To execute, to acknowledge, to seal and to deliver any consent,
agreement, authorization, creation, modification or revocation of a
trust, 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;

10. To execute, to acknowledge and to file any report or certificate
required by law or governmental regulation;

11. To prosecute, to defend, to submit to 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
based on or involving any bond, share or commodity transaction or to
intervene in any action or proceeding relating thereto;

12. To hire, to discharge, and to compensate any attorney, accountant,
expert witness or other assistant or assistants when the agent shall
think such action to be desirable for the proper execution by him of any
of the powers described in this section, and for the keeping of needed
records thereof; and

13. In general, and in addition to all the specific acts in this
section enumerated, to do any other act or acts, which the principal can
do through an agent, with respect to any interest in any bond, share or
other instrument of similar character, commodity, or instrument with
respect to a commodity.

All powers described in this section 5-1502C of the general
obligations law shall be exercisable equally with respect to any
interest in any bond, share or other instrument of similar character,
commodity, or instrument with respect to a commodity owned by the
principal at the giving of the power of attorney or thereafter acquired,
whether located in the state of New York or elsewhere.