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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 and dated by a principal with capacity, with the signature of the principal duly acknowledged in the manner prescribed for the acknowledgment 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 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) 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 certain gift transactions described in section 5-1514 of this title:
(a) a statutory short form power of attorney must contain the authority (SGR) initialed by the principal and be accompanied by a valid statutory 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 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.
This work shall be known as cooperative extension work, carried on in cooperation with the United States department of agriculture, provided for in the Smith-Lever Act, Public Act May 8, 1914, ch. 79, § 1, 38 Stat. 372, compiled in 7 U.S.C. §§ 341-349, and in accordance with the regulations provided for in that act for the conduct of this work, which provide that this work shall include:
(1) Practical demonstration instruction in agriculture and home economics;
(2) Conducting 4-H boys' and girls' clubs for teaching farm and home practices;
(3) Introducing new crops and new systems of farming in various areas of the state, as development in industry necessitates changes in existing crops and systems of farming;
(4) Developing improved methods of marketing farm products; and
(5) In general, improving rural life, with the object of making farming more prosperous and farm life more desirable and attractive.
Cite this article: FindLaw.com - New York Consolidated Laws, General Obligations Law - GOB § 5-1501B. Creation of a valid power of attorney; when effective - last updated January 01, 2021 | https://codes.findlaw.com/ny/general-obligations-law/gob-sect-5-1501b.html
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