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.