NEW YORK LEGAL INFORMATION

• Statutory Form for Power of Attorney: NY Consolidated Laws, GOB § 1501, et alia (Title 15).
  
• New York has a new statutory power of attorney law that takes effect September 1, 2009. The Power of Attorney must now be signed, dated and duly acknowledged, not only by the principal, but also by the agent. NY G.O.L. § 5-1501B subd. 1 (c). Other than notary attestation, no other witness is required to sign. The principle and the agent are not required to sign at the same time. "The new law mercifully provides that these changes do not affect the validity of any power of attorney executed prior to the effective date of this new law." Link.
  
• Info from the New York State Bar.
  

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  1. To   be   valid,  a  statutory  short  form  power  of  attorney,  or  a
  non-statutory  power  of  attorney,  executed  in  this  state   by   an
  individual, 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  and  dated  by  a  principal  with capacity, with the
  signature of the principal duly acknowledged in  the  manner  prescribed
  for the acknowledgement of a conveyance of real property.
    (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 acknowledgement 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 of
  acknowledgement of the signature of the agent acting on  behalf  of  the
  principal  or because the principal became incapacitated during any such
  lapse of time.
    (d) Contain the exact 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. In addition to the requirements of subdivision one of this section,
  to be valid for the purpose of authorizing the agent to make any gift or
  other transfer described in section 5-1514 of this title:
    (a) a  statutory  short  form  power  of  attorney  must  contain  the
  authority  (SMGR)  initialed  by  the  principal and be accompanied by a
  valid statutory major gifts rider; and
    (b) a non-statutory power of attorney must be executed pursuant to the
  requirements of paragraph (b) of subdivision nine of section  5-1514  of
  this title.
    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 the 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  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.
    * NB Effective September 1, 2009
  

    1. To the extent that an agent is permitted by law thus to act  for  a
  principal, to discharge and to perform any duty or liability and also to
  exercise  any right, power, privilege or option which the principal has,
  or claims to  have,  under  any  contract  of  partnership  whether  the
  principal  is  a  general  or special partner thereunder, to enforce the
  terms of any such  partnership  agreement  for  the  protection  of  the
  principal,  by action, proceeding or otherwise, as the agent shall think
  to be desirable or necessary, and  to  defend,  submit  to  arbitration,
  settle  or  compromise any action or other legal proceeding to which the
  principal is a party because of his membership in said partnership;
    2. To exercise in  person  or  by  proxy  or  to  enforce  by  action,
  proceeding or otherwise, any right, power, privilege or option which the
  principal  has  as the holder of any bond, share, or other instrument of
  similar character and  to  defend,  submit  to  arbitration,  settle  or
  compromise  any  action or other legal proceeding to which the principal
  is a party because of any such  bond,  share,  or  other  instrument  of
  similar character;
    3.  With  respect  to any business enterprise which is owned solely by
  the principal
    a. to continue, to modify, to renegotiate, to extend and to  terminate
  any  contractual arrangements made with any person, firm, association or
  corporation whatsoever by or on behalf of  the  principal  with  respect
  thereto prior to the creation of the agency;
    b.  to  determine  the policy of such enterprise as to the location of
  the site or sites to be utilized for its operation, as to the nature and
  extent of the business  to  be  undertaken  by  it,  as  to  methods  of
  manufacturing,   selling,   merchandising,   financing,  accounting  and
  advertising to be employed in its operation, as to the amount and  types
  of insurance to be carried, as to the mode of securing, compensating and
  dealing  with  accountants,  attorneys,  servants  and  other agents and
  employees required for its operation, to agree and to contract,  in  any
  manner,  and with any person and on any terms, which the agent thinks to
  be desirable or necessary for effectuating any or all of such  decisions
  of  the  agent  as  to policy, and to perform, to rescind, to reform, to
  release or to modify any such agreement or contract or any other similar
  agreement or contract made by or on behalf of the principal;
    c. to change the  name  or  form  of  organization  under  which  such
  business  is  operated and to enter into such partnership agreement with
  other persons or to organize such corporation to take over the operation
  of such business, or any part thereof, as the agent shall  think  to  be
  desirable or necessary;
    d.  to  demand and to receive all moneys which are, or may become, due
  to the principal, or which may be claimed by the  principal  or  on  his
  behalf,  in  the  operation  of  such  enterprise, and to control and to
  disburse such funds in the operation of such enterprise in any way which
  the agent shall think to be desirable or necessary,  to  engage  in  any
  banking  transactions  which  the  agent  shall think to be desirable or
  necessary for effectuating the execution of any of  the  powers  of  the
  agent described in this subdivision;
    4.  To  prepare,  to  sign,  to  file  and  to  deliver  all  reports,
  compilations of information, returns or other papers with respect to any
  business operating transaction of the principal, which are  required  by
  any  governmental  agency,  department  or  instrumentality or which the
  agent shall think to be desirable or necessary for any purpose,  and  to
  make any payments with respect thereto;
    5.  To pay, to compromise or to contest taxes or assessments and to do
  any act or acts which the agent shall think to be desirable or necessary
  to protect the principal from illegal or  unnecessary  taxation,  fines,
  penalties  or  assessments  in  connection with his business operations,
  including power to attempt to recover, in any manner permitted  by  law,
  sums  paid  before  or after the creation of the agency as taxes, fines,
  penalties or assessments;
    6.  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
  business operation  of  such  principal,  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 upon him by the
  statutory short form power of attorney;
    7. To execute, to acknowledge,  to  seal  and  to  deliver  any  deed,
  assignment,  mortgage, lease, notice, consent, agreement, authorization,
  check or other instrument which the  agent  may  think  useful  for  the
  accomplishment of any of the purposes enumerated in this section;
    8.  To  prosecute, to defend, to submit to arbitration, 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
  business  operating  transaction  or  to  intervene  in  any  action  or
  proceeding relating thereto;
    9. 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
    10.  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, in connection with any  business  operated  by  the
  principal,  which the agent shall think to be desirable or necessary for
  the furtherance or protection of the interests of the principal.
    All  powers  described  in  this  section  5-1502E  of   the   general
  obligations  law  shall  be  exercisable  equally  with  respect  to any
  business in which the principal is interested at  the  creation  of  the
  agency or in which the principal shall thereafter become interested, and
  whether operated in the state of New York or elsewhere.
  

 
                              "POWER OF ATTORNEY
                        NEW YORK STATUTORY SHORT FORM
    (a)  CAUTION  TO THE PRINCIPAL: Your Power of Attorney is an important
  document. As the "principal," you give the person whom you choose  (your
  "agent")  authority  to  spend  your  money  and sell or dispose of your
  property during your lifetime without telling you. You do not lose  your
  authority  to  act  even  though  you  have  given  your  agent  similar
  authority.
 
    When your agent exercises this authority, he or she must act according
  to any instructions you have provided or, where there  are  no  specific
  instructions,  in  your  best  interest.  "Important Information for the
  Agent"  at  the  end   of   this   document   describes   your   agent's
  responsibilities.
 
    Your  agent  can  act  on  your behalf only after signing the Power of
  Attorney before a notary public.
    You can request information from your agent at any time.  If  you  are
  revoking  a prior Power of Attorney by executing this Power of Attorney,
  you should provide written  notice  of  the  revocation  to  your  prior
  agent(s)  and  to  the  financial  institutions  where your accounts are
  located.
    You can revoke or terminate your Power of Attorney at any time for any
  reason as long as you are of sound mind. If you are no longer  of  sound
  mind, a court can remove an agent for acting improperly.
 
    Your  agent cannot make health care decisions for you. You may execute
  a "Health Care Proxy" to do this.
 
    The law governing Powers of Attorney is  contained  in  the  New  York
  General Obligations Law, Article 5, Title 15. This law is available at a
  law  library,  or  online  through the New York State Senate or Assembly
  websites, www.senate.state.ny.us or www.assembly.state.ny.us.
 
    If there is anything about this document that you do  not  understand,
  you should ask a lawyer of your own choosing to explain it to you.
  (b) DESIGNATION OF AGENT(S):
  I, _______________________________________________, hereby appoint:
        name and address of principal
  _____________________________________________________as my agent(s)
        name(s) and address(es) of agent(s)
    If  you  designate  more  than one agent above, they must act together
  unless you initial the statement below.
 
        (   ) My agents may act SEPARATELY.
  (c) DESIGNATION OF SUCCESSOR AGENT(S): (OPTIONAL)
    If every agent designated above is unable or  unwilling  to  serve,  I
  appoint as my successor agent(s):
    _______________________________________________________________
    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.
  (d)  This  POWER  OF  ATTORNEY  shall  not  be affected by my subsequent
  incapacity unless I have stated otherwise below, under "Modifications".
 
  (e) This POWER OF ATTORNEY REVOKES any and all prior Powers of  Attorney
  executed   by   me   unless   I   have  stated  otherwise  below,  under
  "Modifications."
    If your are NOT revoking your prior Powers of Attorney, and if you are
  granting the same authority in two or more Powers of Attorney, you  must
  also  indicate  under  "Modifications"  whether  the  agents given these
  powers are to act together or separately.
 
  (f) GRANT OF AUTHORITY:
    To grant your agent some or all of the authority below, either
        (1) Initial the bracket at each authority you grant, or
        (2) Write or type the letters for each authority you grant on  the
        blank line at (P), and initial the bracket at (P). If you initial
        (P), you do not need to initial the other lines.
 
          I  grant  authority to my agent(s) with respect to the following
        subjects as defined in sections 5-1502A through 5-1502N of the New
        York General Obligations Law:
        (   ) (A) real estate transactions;
        (   ) (B) chattel and goods transactions;
        (   ) (C) bond, share, and commodity transactions;
        (   ) (D) banking transactions;
        (   ) (E) business operating transactions;
        (   ) (F) insurance transactions;
        (   ) (G) estate transactions;
        (   ) (H) claims and litigation;
        (   ) (I) personal and family maintenance;
        (   ) (J) benefits from governmental programs or civil or military
        service;
        (   ) (K) health  care  billing  and  payment  matters;   records,
                  reports, and statements;
        (   ) (L) retirement benefit transactions;
        (   ) (M) tax matters;
        (   ) (N) all other matters;
        (   ) (O) full   and  unqualified  authority  to  my  agent(s)  to
                  delegate any or all  of  the  foregoing  powers  to  any
                  person or persons whom my agent(s) select;
        (   ) (P) EACH   of   the  matters  identified  by  the  following
                  letters______.
    You need not initial the other lines if you initial line (P).
 
  (g) MODIFICATIONS: (OPTIONAL)
    In  this  section,  you  may  make  additional  provisions,  including
  language to limit or supplement authority granted to your agent.
    However, you cannot use this Modifications section to grant your agent
  authority  to make major gifts or changes to interests in your property.
  If you wish to grant your agent such authority, you  MUST  complete  the
  Statutory Major Gifts Rider.
    (h)  MAJOR  GIFTS  AND  OTHER  TRANSFERS:  STATUTORY MAJOR GIFTS RIDER
  (OPTIONAL)
    In order to authorize  your  agent  to  make  major  gifts  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
  conditions  of  the  Statutory  Major  Gifts Rider that supplements this
  Power of Attorney.
 
  (i) DESIGNATION OF MONITOR(S): (OPTIONAL)
    I wish to designate ______________________, whose address(es) is (are)
  ____________________________________________________________,         as
  monitor(s). Upon the request of the monitor(s), my agent(s) must provide
  the  monitor(s) with a copy of the power of attorney and a record of all
  transactions done or made on my behalf. Third parties holding records of
  such transactions shall provide  the  records  to  the  monitor(s)  upon
  request.
 
  (j) COMPENSATION OF AGENT(S): (OPTIONAL)
    Your  agent  is  entitled  to  be  reimbursed  from  your  assets  for
  reasonable expenses incurred on your  behalf.  If  you  ALSO  wish  your
  agent(s)  to  be  compensated  from your assets for services rendered on
  your behalf,  initial  the  statement  below.  If  you  wish  to  define
  "reasonable compensation", you may do so above, under "Modifications".
    (   )  My  agent(s)  shall  be entitled to reasonable compensation for
  services rendered.
 
  (k) ACCEPTANCE BY THIRD PARTIES: I agree to indemnify  the  third  party
  for  any  claims  that  may  arise  against  the  third party because of
  reliance on this Power of Attorney. I understand that any termination of
  this Power of Attorney, whether the result of my revocation of the Power
  of Attorney or otherwise, is not effective as to a third party until the
  third party has actual notice or knowledge of the termination.
 
  (l) TERMINATION: This Power of Attorney continues until I revoke  it  or
  it  is terminated by my death or other event described in section 5-1511
  of the General Obligations Law.
    Section 5-1511 of the General Obligations Law describes the manner  in
  which  you  may  revoke  your  Power  of  Attorney, and the events which
  terminate the Power of Attorney.
 
  (m) SIGNATURE AND ACKNOWLEDGMENT:
  In Witness Whereof I have hereunto signed my name on ___________,20___.
 
  PRINCIPAL signs here: ==>__________________________________________
 
  (acknowledgment)
 
  (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
  principal'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
  principal  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  give
  major  gifts  to  yourself  or  anyone  else  unless  the  principal has
  specifically granted you that authority in this Power of Attorney or  in
  a Statutory Major Gifts Rider attached to this Power of Attorney. If you
  have  that  authority, you must act according to any instructions of the
  principal 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.
 
  (o) AGENT'S SIGNATURE AND ACKNOWLEDGMENT OF APPOINTMENT:
    It is not required that the principal and the  agent(s)  sign  at  the
  same time, nor that multiple agents sign at the same time.
 
  I/we,   ___________________________________________,   have   read   the
  foregoing Power of  Attorney.  I  am/we  are  the  person(s)  identified
  therein as agent(s) for the principal named therein.
 
  I/we acknowledge my/our legal responsibilities.
 
  Agent(s) sign(s) here:==>__________________________________________
 
  (acknowledgment(s))"
    
    * NB Effective September 1, 2009