N.Y. Estates, Powers and Trusts Law 10-2.1 – Power
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§ 10-2.1 Power
Terms Used In N.Y. Estates, Powers and Trusts Law 10-2.1
- Donor: The person who makes a gift.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
A power is an authority to do any act in relation to property, including the creation or revocation of an estate therein or a charge thereon, which the donor of the power might himself do, except that the term, as used in this article, does not apply to a power of attorney to convey property in the name of the owner, regulated by other statutes.