N.Y. General Obligations Law 5-1503 – Modifications of the statutory short form power of attorney
§ 5-1503. Modifications of the statutory short form power of attorney. A power of attorney which satisfies the requirements of paragraphs (a), (b) and (c) of subdivision one of section 5-1501B and section 5-1513 of this title is not prevented from being a "statutory short form power of attorney", by the fact that it also contains additional language at the section labeled "modifications" which:
Terms Used In N.Y. General Obligations Law 5-1503
- Agent: means a person granted authority to act as attorney-in-fact for the principal under a power of attorney, and includes the original agent and any co-agent or successor agent. See N.Y. General Obligations Law 5-1501
- Power of attorney: means a written document, other than a document referred to in section 5-1501C of this title, by which a principal with capacity designates an agent to act on his or her behalf and includes both a statutory short form power of attorney and a non-statutory power of attorney. See N.Y. General Obligations Law 5-1501
- 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
- Principal: means an individual who is eighteen years of age or older, acting for himself or herself and not as a fiduciary or as an official of any legal, governmental or commercial entity, who executes a power of attorney. See N.Y. General Obligations Law 5-1501
- Statutory short form power of attorney: means a power of attorney that meets the requirements of paragraphs (a), (b) and (c) of subdivision one of section 5-1501B of this title, and that substantially conforms to the wording of the form set forth in section 5-1513 of this title; provided however, that any section indicated as "Optional" that is not used may be omitted and replaced by the words "Intentionally Omitted". See N.Y. General Obligations Law 5-1501
1. Eliminates from the statutory short form power of attorney one or more of the powers enumerated in one or more of the constructional sections of this title with respect to a subdivision of the statutory short form power of attorney, affirmatively chosen by the principal; or
2. Supplements one or more of the powers enumerated in one or more of the constructional sections in this title with respect to a subdivision of the statutory short form power of attorney, affirmatively chosen by the principal, by specifically listing additional powers of the agent; or
3. Makes some additional provision which is not inconsistent with the other provisions of the statutory short form power of attorney, including a provision revoking one or more powers of attorney previously executed by the principal.