2021 Power of Attorney Changes: A Step in the Right Direction
Together, Chapter 323 of the Laws of 2020 and Chapter 84 of the Laws of 2021 have made a number of revisions to the General Obligations Law regarding powers of attorney, and this article will cover the most significant of them.
September 10, 2021 at 02:20 PM
8 minute read
Substantially Conform
The 2009 statutory form (with small modifications in 2010) was a major change from prior forms. Among other things, it introduced the "Caution to the Principal" and "Important Information for the Agent" sections to the statutory form, which are intended to warn principals of the consequences of executing a power of attorney and notify agents of their powers, duties, and responsibilities. That version of GOL 5-1505B(1)(d) required that a statutory power of attorney contain the "exact wording" of both the "Caution to the Principal" and "Important Information for the Agent" sections from the concurrent version of GOL 5-1513. As a result, a small typo in either section, or use of a 2009 version of the form instead of the 2010 version of the form, could invalidate the entire power of attorney, a harsh punishment.
The new version of GOL 5-1505B(1)(d) changes the exact wording requirement to instead only require the wording of these sections to "substantially conform" to the statutory wording. GOL 5-1501(n) now specifically states that "insignificant" typos or formatting errors, or the use of a prior version of these sections, may still be considered to substantially conform. This will assist in ease of use, especially by non-attorneys or attorneys not experienced in estate planning.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllTrending Stories
- 1'No Finer Work': New York City Council Confirms Next Corporation Counsel
- 2Here’s What Litigators Want For Christmas
- 3Reported Refusal to Officiate Gay Wedding Prompts Review by NY Judicial Misconduct Watchdog
- 4Frozen-Potato Producers Face Profiteering Allegations in Surge of Antitrust Class Actions
- 5CooperSurgical Class Action Survives Motion to Dismiss
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250