New York Power of Attorney Forms - Compliance With New York's General Obligations Law is Essential

A Power of Attorney form is a legal form by which you (as the "principal") appoint another person (your "agent") to perform certain acts on your behalf. You may authorize another person to sign legal documents or to handle various financial matters for you. Power of attorney forms are used in many different situations, and can be signed without hiring a lawyer.

There are a wide variety of situations that may necessitate a power of attorney. For example, you may need to have a financial matter, such as a real estate transaction, handled in another city or state. In some circumstances, you may need to have a family matter handle a financial matter on your behalf. Power of attorney forms are widely used in a variety of commercial, real estate, and other types of transactions.

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In New York, the law regarding the form and execution of powers of attorney was amended in 2009 to address concerns that they were being abused. It is important that any New York power of attorney form contain all of the language required by the 2009 amendments to New York's General Obligations Law.

New York Power of Attorney Forms - Compliance With New York's General Obligations Law is Essential

The statute sets forth three requirements for any New York power of attorney to be valid. First, the power of attorney form must be typed or printed in a font no smaller than 12 points or, if in writing, the reasonable equivalent thereof. Second, it must be signed and notarized by both the individual who granted it (called the "principal" in the statute) and the attorney-in-fact (called the "agent" in the statute). Third, it must contain the exact cautionary language set forth in New York General Obligations Law, §5-15136 ("Caution to the Principal" and "Important Information for the Agent").

Under New York law, the execution of a power of attorney form automatically results in the revocation of all prior powers of attorney previously signed by the same person. The revocation of prior powers of attorney occurs without regard to whether the previous powers were given to the same or different agents or whether they cover the same or unrelated subject matters.

New York Power of Attorney Forms - Compliance With New York's General Obligations Law is Essential

Marc A. Rapaport is a New York attorney and the founder of http://www.ASAPLegalForms.com, a provider of legal forms for business and personal use. You may download a New York power of attorney form at http://www.asaplegalforms.com/Powers_of_Attorney_New%20York.php

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