N.Y. GOB. LAW § 5-1501 : NY Code - Section 5-1501: Definitions

Search N.Y. GOB. LAW § 5-1501 : NY Code - Section 5-1501: Definitions

As used in this title the following terms shall
  have the following meanings:
    1. "Agent" means a person granted authority to act as attorney-in-fact
  for  the  principal under a power of attorney, and includes the original
  agent and any co-agent or successor agent. Unless the context  indicates
  otherwise,  an  "agent"  designated  in  a  power of attorney shall mean
  "attorney-in-fact" for the purposes of this title. An agent acting under
  a power of attorney has a fiduciary relationship with the principal.
    2. "Benefits from governmental programs or civil or military  service"
  means  any  benefit,  program  or assistance provided under a statute or
  governmental  regulation,  including  social  security,   medicare   and
  medicaid.
    3.  "Capacity" means ability to comprehend the nature and consequences
  of the act of executing and granting, revoking, amending or modifying  a
  power  of  attorney,  any  provision  in  a  power  of  attorney, or the
  authority of any person to act as agent under a power of attorney.
    4. "Compensation" means reasonable compensation authorized to be  paid
  to the agent from assets of the principal for services actually rendered
  by the agent pursuant to the authority granted in a power of attorney.
    5.  "Financial  institution"  means a financial entity, including, but
  not limited to: a bank, trust  company,  national  bank,  savings  bank,
  federal  mutual  savings  bank,  savings  and  loan association, federal
  savings  and  loan  association,  federal  mutual   savings   and   loan
  association,  credit  union,  federal  credit union, branch of a foreign
  banking corporation, public pension fund, retirement system,  securities
  broker, securities dealer, securities firm, and insurance company.
    6. "Incapacitated" means to be without capacity.
    7.  "Internal  Revenue  Code" means the United States Internal Revenue
  Code of 1986, as amended. Such references, however, shall be  deemed  to
  constitute  references to any corresponding provisions of any subsequent
  federal tax code.
    8. "Monitor" means a person appointed in the power of attorney who has
  the authority to request, receive, and  seek  to  compel  the  agent  to
  provide  a  record  of  all  receipts,  disbursements,  and transactions
  entered into by the agent on behalf of the principal.
    9. "Person"  means  an  individual,  whether  acting  for  himself  or
  herself,  or as a fiduciary or as an official of any legal, governmental
  or commercial entity (including, but not limited  to,  any  such  entity
  identified  in  this  subdivision), corporation, business trust, estate,
  trust,  partnership,  limited  liability  company,  association,   joint
  venture,   government,   governmental  subdivision,  government  agency,
  government entity, government instrumentality,  public  corporation,  or
  any other legal or commercial entity.
    10.  "Power of attorney" means a written document by which a principal
  with capacity designates an agent to act on his or her behalf.
    11. "Principal" means an individual who is eighteen years  of  age  or
  older who executes a power of attorney.
    12.  "Record" means information that is inscribed on a tangible medium
  or that is stored in an electronic or other medium and is retrievable in
  perceivable form.
    13. "Sign" means to place  any  memorandum,  mark  or  sign,  written,
  printed, stamped, photographed, engraved or otherwise upon an instrument
  or writing, or to use an electronic signature as that term is defined in
  subdivision  three  of section three hundred two of the state technology
  law, with the intent to execute the instrument,  writing  or  electronic
  record.  In  accordance  with  the requirements of section three hundred
  seven of the state technology law, a power  of  attorney  or  any  other
  instrument  executed  by the principal or agent that is recordable under

  the  real  property  law  shall  not  be  executed  with  an  electronic
  signature.
    14.  "Statutory major gifts rider" or "SMGR" means a document by which
  the principal may supplement a statutory short form power of attorney to
  authorize major gift transactions and other transfers,  that  meets  the
  requirements  of  subdivision  nine of section 5-1514 of this title, and
  that contains the exact wording of the form set forth in subdivision ten
  of section 5-1514 of this title. The  use  of  the  form  set  forth  in
  subdivision ten of section 5-1514 of this title is lawful and when used,
  it  shall  be  construed  as  a statutory major gifts rider. A statutory
  major gifts rider may contain modifications or additions as provided  in
  section  5-1503  of this title as such modifications or additions relate
  to major gift transactions and  other  transfers.  The  statutory  major
  gifts rider must be executed in the manner provided in section 5-1514 of
  this  title,  simultaneously  with  the  statutory  short  form power of
  attorney in which the authority (SMGR) is initialed by the principal.  A
  statutory  major  gifts  rider  and  the  statutory  short form power of
  attorney it supplements must be read together as a single instrument.
    15. "Statutory short form power of attorney" means a power of attorney
  that  meets  the  requirements  of  paragraphs  (a),  (b)  and  (c)   of
  subdivision  one of section 5-1501B of this title, and that contains the
  exact wording of the form set forth in section 5-1513 of this title. The
  use of the form set forth in section 5-1513 of this title is lawful  and
  when  used,  it  shall  be  construed as a statutory short form power of
  attorney. A statutory short form power of attorney may be used to  grant
  authority  provided in sections 5-1502A through 5-1502N of this title. A
  "statutory short form power of attorney" may  contain  modifications  or
  additions  as  provided in section 5-1503 of this title, but in no event
  may it be modified to grant any authority provided in section 5-1514  of
  this  title.  If  the  authority  (SMGR)  on the statutory short form is
  initialed by the principal, the statutory short form power  of  attorney
  must  be  executed  in  the  manner  provided in section 5-1501B of this
  title, simultaneously with the statutory major gifts rider. A  statutory
  short  form  power  of  attorney and a statutory major gifts rider which
  supplements it must be read together as a single instrument.
    16. "Third party" means a financial institution or person.