What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Recommit, enacting clause stricken
- Advanced to third reading
- 2nd report cal.
- 1st report cal.531
- Referred to judiciary
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general obligations law, in relation to powers of attorney for financial estate planning; and directing the law revision commission to study the implementation of such powers of attorney
Purpose of bill
To provide technical amendments to revise Ch. 644 '08 in regard to the execution of powers of attorney and ensure that language is used in a consistent way throughout the statute.
Summary of specific provisions
The process of revoking a power of attorney is clarified in subdivision 3 of §5-1511. Furthermore, paragraph (e) of subdivision 1 is revised so subsequently drafted powers of attorney do not automatically revoke previously drafted powers of attorney. In addition, the ability of agents to act separately or jointly is also clarified in paragraph (e) of this section.
The definition of a power of attorney is refined in subdivision 10 of
§5-1501 of the general obligations law, and the language regarding "statutory major gifts rider" is now used consistently throughout the statute. The gift making capacity of a power of attorney without a statutory major gifts rider is further clarified in this section as a maximum of $500 each year.
Justification
Ch. 644 '08 provides a comprehensive revision to the power of attorney laws in New York State. To ensure a smooth transition, the enactment date of Ch. 644 '08 was extended from March 1, 2009 to September 1, 2009 by Ch. 4 '09.
The technical changes and clarifications made by this bill are necessary in order to facilitate the transition of the comprehensive changes to the power of attorney laws made by Ch. 644 '08.
Legislative history
New bill, 2009.
Fiscal implications for state and local governments
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.