New York Power of Attorney Forms - compliancy With New York's general Obligations Law is significant

Attorney - New York Power of Attorney Forms - compliancy With New York's general Obligations Law is significant

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

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There are a wide range 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 someone else city or state. In some circumstances, you may need to have a house matter handle a financial matter on your behalf. Power of attorney forms are widely used in a range of commercial, real estate, and other types of transactions.

In New York, the law regarding the form and operation 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 include all of the language required by the 2009 amendments to New York's normal Obligations Law.

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 cheap equivalent thereof. Second, it must be signed and notarized by both the private who granted it (called the "principal" in the statute) and the attorney-in-fact (called the "agent" in the statute). Third, it must include the exact cautionary language set forth in New York normal Obligations Law, §5-15136 ("Caution to the Principal" and "Important facts for the Agent").

Under New York law, the operation 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 former powers were given to the same or distinct agents or whether they cover the same or unrelated subject matters.

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