Bill Text: NY A10234 | 2021-2022 | General Assembly | Introduced

New York Assembly Bill 10234 (Prior Session Legislation)

Introduced

Bill Title: Provides clarification for the creation of valid statutory short form and other powers of attorney by clarifying when a principal and agent sign a power of attorney and its effectiveness.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-06-03 - substituted by s9209 [A10234 Detail]

Download: New_York-2021-A10234-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          10234

                   IN ASSEMBLY

                                      May 11, 2022
                                       ___________

        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
          -- read once and referred to the Committee on Judiciary

        AN ACT to amend the general obligations law, in  relation  to  providing
          clarification for the creation of valid statutory short form and other
          powers of attorney

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 5-1501B of the general obligations law  is  amended
     2  by adding a new subdivision 5 to read as follows:
     3    5. (a) Notwithstanding any other provision of this section, any statu-
     4  tory  short form power of attorney and any statutory gift rider executed
     5  by a principal in the manner conforming with the law in  effect  at  the
     6  time  shall  remain  valid and enforceable pursuant to section 5-1504 of
     7  this title, even if signed by an agent at a later  date,  including  but
     8  not  limited  to, being signed on or after June thirteenth, two thousand
     9  twenty-one.
    10    (b) Any revocation of a power of attorney that  was  delivered  to  an
    11  agent shall remain in effect pursuant to this subdivision.
    12    § 2. This act shall take effect immediately.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15404-01-2