It seems that the change in season is slowly bringing about a change in the volume of transactions, as we are seeing increased applications for commercial deals. Lets hope this trend continues through the winter and beyond.
In this issue, we discuss the main changes to the Statutory Short Form Power of Attorney. Hopefully the legislature got it right this time.
- Anthony Chiellino, President
Revisions to New York's Statutory Short Form Power of Attorney and Statutory Gifts Rider
In this fall newsletter, we wanted to "highlight" some of the revisions to the General Obligations Law in connection with New York's Statutory Short Form Power of Attorney ('POA") and Statutory Gifts Rider ("SGR") which took effect on September 12, 2010.
As to the time period between September 1, 2009 and September 11, 2010 and the applicable versions of the POA and Statutory Major Gifts Rider ('SMGR"), forms for any POA and SMGR executed between September 1, 2009 and September 11, 2010 by the Principal and Agent(s) appointed, with their signatures acknowledged by September 11, 2010, remain valid. For any POA and SMGR executed between this time period between September 1, 2009 and September 11, 2010, "if there are multiple, primary Ag
ents with several authority, only the primary Agent(s) executing these forms with his/her/their signatures acknowledged no later than September 11, 2010 may act thereunder. If there are multiple primary Agents with joint authority, "all of the primary Agents must have executed these forms with their signatures acknowledged no later than September 11, 2010, for any of them to act thereunder." "Successor Agents not executing these forms with their signatures acknowledged no later than September 11, 2010 may not act thereunder."
Please note that you can still rely on an older statutory form of POA provided that the older statutory from was the statutory form in use and effective on the date of its execution.
If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Michael Alfieri, Esq. at (212) 651-1200 or [email protected].
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at [email protected].