New Power of Attorney Law
by David Goldfarb Goldfarb Abrandt & Salzman LLPPower of Attorney Law
Chapter 323 of the Laws of 2020 was signed by Governor Cuomo on 12/15/20. It will be effective 180 days after it was signed into law (June 13, 2021). The signing Memo indicates there will be a Chapter Amendment that has been agreed on by the Governor and the Legislature
These are the Major Changes:
- “SUBSTANTIALLY CONFORMS TO THE WORDING” REPLACES “EXACT WORDING”
- STATUTORY GIFTS RIDER ELIMINATED
- SIGNING REQUIREMENTS
- Can be signed at the direction of the Principal.
- After the Chapter Amendment, will require two witnesses (one of whom can be the notary) for all Powers of Attorney.
- CHANGES TO CONSTRUCTION SECTIONS
- ACCEPTANCE OF AND RELIANCE TIME LINE
- DAMAGES AND ATTORNEY FEES
- CHANGES TO THE FORM (gift transactions, modification section, witnessing, agents acting together)
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