An Energy of Attorney form is a legal form by which you (as the "principal") make another man (your "agent") to do particular functions on your own behalf. You may authorize another individual to sign legal documents or to handle various financial matters for you. Strength of attorney forms are signed without hiring a lawyer, and can be used in a variety of scenarios.
There are a large variety of scenarios that might necessitate a strength of attorney. For example, you may need to have a financial issue, like a real-estate transaction, handled in another city or state. In some circumstances, you may have to have a family matter handle a financial matter on your behalf. Strength of attorney forms are widely found in a variety of commercial, property, and other kinds of transactions.
In New York, regulations regarding the form and execution of forces of lawyer was changed in 2009 to tackle concerns that these were being abused. It is vital that any New York power of attorney form contain all the language required by the 2009 changes to New York's General Obligations Law.
Under Ny law, the performance of the strength of the ttorney form automatically leads to the revocation of a ll earlier powers of a ttorney previously signed by exactly the same person. The annulment of prior powers of attorney occurs without regard to whether the previous powers were given to the same or different agents or whether they protect the same or unrelated subject matters.
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The statute sets out three demands for any New York power of attorney to be valid. First, the strength of lawyer form has to be typed or printed in a font no smaller than 12 points or, if in writing, the equivalent thereof. 2nd, it should be authorized and notarized by the person who granted it (called the "principal" in the law) and the attorney-in-fact (called the "broker" in the law). Next, it must include the precise cautionary language set out in New York General Obligations Law, 5-15136 ("Caution to the Principal" and "Important Info for the Agent").