General Obligations Law 5-1507 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5-1506 Compensation up TITLE 15 Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning next SECTION 5-1508 Co-agents and successor agents Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5-1507 Signature of agent General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 15 § 5-1507. Signature of agent. 1. (a) In any transaction where the agent is acting pursuant to a power of attorney and where the hand-written signature of the agent or principal is required, the agent shall disclose the principal and agent relationship by: (1) signing "(name of agent) as agent for (name of principal)"; or (2) signing "(name of principal) by (name of agent), as agent"; or (3) any similar written disclosure of the principal and agent relationship. (b) A third party shall incur no liability for accepting a signature that does not meet the requirements of this subdivision. 2. When the agent engages in a transaction on behalf of the principal, the agent is attesting that: (a) the agent has actual authority to engage in the transaction; (b) the agent does not have, at the time of the transaction, actual notice of the termination or revocation of the power of attorney, or notice of any facts indicating that the power of attorney has been terminated or revoked; (c) if the power of attorney is one which terminates upon the principal's incapacity, the agent does not have, at the time of the transaction actual notice of the principal's incapacity, or notice of any facts indicating the principal's incapacity. (d) the agent does not have, at the time of the transaction, actual notice that the power of attorney has been modified in any way that would affect the ability of the agent to engage in the transaction, or notice of any facts indicating that the power of attorney has been so modified. 3. The attestation of the agent pursuant to subdivision two of this section is not effective as to any third party who had actual notice that the power of attorney had terminated or been revoked prior to the transaction.