N.Y. GOB. LAW § 5-1501B : NY Code - Section 5-1501B: Creation of a valid power of attorney; when effective

Search N.Y. GOB. LAW § 5-1501B : NY Code - Section 5-1501B: Creation of a valid power of attorney; when effective

1.
  To  be  valid,  a  statutory  short  form  power  of  attorney,   or   a
  non-statutory   power   of  attorney,  executed  in  this  state  by  an
  individual, must:
    (a) Be typed or printed using letters which are legible  or  of  clear
  type  no less than twelve point in size, or, if in writing, a reasonable
  equivalent thereof.
    (b) Be signed and  dated  by  a  principal  with  capacity,  with  the
  signature  of  the  principal duly acknowledged in the manner prescribed
  for the acknowledgement of a conveyance of real property.
    (c) Be signed and dated by any agent acting on behalf of the principal
  with the  signature  of  the  agent  duly  acknowledged  in  the  manner
  prescribed  for  the acknowledgement of a conveyance of real property. A
  power of attorney executed pursuant  to  this  section  is  not  invalid
  solely  because  there  has  been  a  lapse  of time between the date of
  acknowledgment of the  signature  of  the  principal  and  the  date  of
  acknowledgement  of  the  signature of the agent acting on behalf of the
  principal or because the principal became incapacitated during any  such
  lapse of time.
    (d) Contain the exact wording of the:
    (1)  "Caution to the Principal" in paragraph (a) of subdivision one of
  section 5-1513 of this title; and
    (2)  "Important  Information  for  the  Agent"  in  paragraph  (n)  of
  subdivision one of section 5-1513 of this title.
    2. In addition to the requirements of subdivision one of this section,
  to be valid for the purpose of authorizing the agent to make any gift or
  other transfer described in section 5-1514 of this title:
    (a)  a  statutory  short  form  power  of  attorney  must  contain the
  authority (SMGR) initialed by the principal  and  be  accompanied  by  a
  valid statutory major gifts rider; and
    (b) a non-statutory power of attorney must be executed pursuant to the
  requirements  of  paragraph (b) of subdivision nine of section 5-1514 of
  this title.
    3. (a) The date on which an agent's signature is acknowledged  is  the
  effective  date  of  the  power  of attorney as to that agent; provided,
  however, that if two or more agents are designated to act together,  the
  power  of  attorney  takes effect when all the agents so designated have
  signed the power of attorney with their signatures acknowledged.
    (b) If the power of attorney states that  it  takes  effect  upon  the
  occurrence  of  a  date or a contingency specified in the document, then
  the power of attorney takes effect only when  the  date  or  contingency
  identified  in the document has occurred, and the signature of the agent
  acting on behalf of the principal has been acknowledged. If the document
  requires that a person or persons named or otherwise identified  therein
  declare,  in writing, that the identified contingency has occurred, such
  a declaration satisfies the requirement of this paragraph without regard
  to whether the specified contingency has occurred.
    4. Nothing in this title shall be construed to  bar  the  use  of  any
  other  or  different form of power of attorney desired by a person other
  than an individual as the term person is defined in  section  5-1501  of
  this title.