General Obligations Law 5-1506 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5-1505 Standard of care; fiduciary duties; compelling disclosure of record up TITLE 15 Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning next SECTION 5-1507 Signature of agent Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5-1506 Compensation General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 15 § 5-1506. Compensation. 1. An agent is not entitled to receive compensation from the assets of the principal for responsibilities performed under a power of attorney unless the principal specifically provides for compensation in the power of attorney. 2. An agent shall be entitled to receive reimbursement from the assets of the principal for reasonable expenses actually incurred in connection with the performance of the agent's responsibilities.