Dozens of prominent New York law firms are warning that a new state power-of-attorney statute designed to discourage fraud in elder law and estate planning could create “unnecessary confusion and disruption” in several well-established areas of commercial transactions.
The firms argue in a recently released analysis that the statute’s provisions for executing a power of attorney form for elder care purposes do not apply to the creation of valid proxies for the voting of shares of stock held by investors of New York corporations and non-New York corporations.
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