N.Y. Gen. Oblig. Law § 5-1501

§ 5-1501. Application and definitions. 1. This title shall apply to\nall powers of attorney except powers of attorney excluded from this\ntitle by section 5-1501C of this title.\n 2. As used in this title the following terms shall have the following\nmeanings:\n (a) "Agent" means a person granted authority to act as\nattorney-in-fact for the principal under a power of attorney, and\nincludes the original agent and any co-agent or successor agent. Unless\nthe context indicates otherwise, an "agent" designated in a power of\nattorney shall mean "attorney-in-fact" for the purposes of this title.\nAn agent acting under a power of attorney has a fiduciary relationship\nwith the principal.\n (b) "Benefits from governmental programs or civil or military service"\nmeans any benefit, program or assistance provided under a statute or\ngovernmental regulation, including social security, medicare and\nmedicaid.\n (c) "Capacity" means ability to comprehend the nature and consequences\nof the act of executing and granting, revoking, amending or modifying a\npower of attorney, any provision in a power of attorney, or the\nauthority of any person to act as agent under a power of attorney.\n (d) "Compensation" means reasonable compensation authorized to be paid\nto the agent from assets of the principal for services actually rendered\nby the agent pursuant to the authority granted in a power of attorney.\n (e) "Financial institution" means a financial entity, including, but\nnot limited to: a bank, trust company, national bank, savings bank,\nfederal mutual savings bank, savings and loan association, federal\nsavings and loan association, federal mutual savings and loan\nassociation, credit union, federal credit union, branch of a foreign\nbanking corporation, public pension fund, retirement system, securities\nbroker, securities dealer, securities firm, and insurance company.\n (f) "Incapacitated" means to be without capacity.\n (g) "Internal Revenue Code" means the United States Internal Revenue\nCode of 1986, as amended. Such references, however, shall be deemed to\nconstitute references to any corresponding provisions of any subsequent\nfederal tax code.\n (h) "Monitor" means a person appointed in the power of attorney who\nhas the authority to request, receive, and seek to compel the agent to\nprovide a record of all receipts, disbursements, and transactions\nentered into by the agent on behalf of the principal.\n (i) "Person" means an individual, whether acting for himself or\nherself, or as a fiduciary or as an official of any legal, governmental\nor commercial entity (including, but not limited to, any such entity\nidentified in this subdivision), corporation, business trust, estate,\ntrust, partnership, limited liability company, association, joint\nventure, government, governmental subdivision, government agency,\ngovernment entity, government instrumentality, public corporation, or\nany other legal or commercial entity.\n (j) "Power of attorney" means a written document, other than a\ndocument referred to in section 5-1501C of this title, by which a\nprincipal with capacity designates an agent to act on his or her behalf.\n (k) "Principal" means an individual who is eighteen years of age or\nolder, acting for himself or herself and not as a fiduciary or as an\nofficial of any legal, governmental or commercial entity, who executes a\npower of attorney.\n (l) "Record" means information that is inscribed on a tangible medium\nor that is stored in an electronic or other medium and is retrievable in\nperceivable form.\n (m) "Sign" means to place any memorandum, mark or sign, written,\nprinted, stamped, photographed, engraved or otherwise upon an instrument\nor writing, or to use an electronic signature as that term is defined in\nsubdivision three of section three hundred two of the state technology\nlaw, with the intent to execute the instrument, writing or electronic\nrecord. In accordance with the requirements of section three hundred\nseven of the state technology law, a power of attorney or any other\ninstrument executed by the principal or agent that is recordable under\nthe real property law shall not be executed with an electronic\nsignature.\n (n) "Statutory gifts rider" or "SGR" means a document by which the\nprincipal may supplement a statutory short form power of attorney to\nauthorize certain gift transactions, other than those permitted by\nsubdivision fourteen of section 5-1502I of this title. The document must\nmeet the requirements of subdivision nine of section 5-1514 of this\ntitle, and contain the exact wording of the form set forth in\nsubdivision ten of section 5-1514 of this title. A mistake in wording,\nsuch as in spelling, punctuation or formatting, or the use of bold or\nitalic type, shall not prevent a statutory gifts rider from being deemed\na statutory gifts rider, but the wording of the form set forth in\nsubdivision ten of section 5-1514 of this title shall govern. The use of\nthe form set forth in subdivision ten of section 5-1514 of this title is\nlawful and when used, it shall be construed as a statutory gifts rider.\nA statutory gifts rider may contain modifications or additions as\nprovided in section 5-1503 of this title as such modifications or\nadditions relate to all gift transactions. The statutory gifts rider\nmust be executed in the manner provided in section 5-1514 of this title,\nsimultaneously with the statutory short form power of attorney in which\nthe authority (SGR) is initialed by the principal. A statutory gifts\nrider and the statutory short form power of attorney it supplements must\nbe read together as a single instrument.\n (o) "Statutory short form power of attorney" means a power of attorney\nthat meets the requirements of paragraphs (a), (b) and (c) of\nsubdivision one of section 5-1501B of this title, and that contains the\nexact wording of the form set forth in section 5-1513 of this title. A\nmistake in wording, such as in spelling, punctuation or formatting, or\nthe use of bold or italic type, shall not prevent a power of attorney\nfrom being deemed a statutory short form power of attorney, but the\nwording of the form set forth in section 5-1513 of this title shall\ngovern. The use of the form set forth in section 5-1513 of this title is\nlawful and when used, it shall be construed as a statutory short form\npower of attorney. A statutory short form power of attorney may be used\nto grant authority provided in sections 5-1502A through 5-1502N of this\ntitle. A "statutory short form power of attorney" may contain\nmodifications or additions as provided in section 5-1503 of this title,\nbut in no event may it be modified to grant any authority provided in\nsection 5-1514 of this title. If the authority (SGR) on the statutory\nshort form is initialed by the principal, the statutory short form power\nof attorney must be executed in the manner provided in section 5-1501B\nof this title, simultaneously with the statutory gifts rider. A\nstatutory short form power of attorney and a statutory gifts rider which\nsupplements it must be read together as a single instrument.\n (p) "Non-statutory power of attorney" means a power of attorney that\nis not a statutory short form power of attorney.\n (q) "Third party" means a financial institution or person other than a\nprincipal or an agent.\n