N.Y. General Obligations Law § 5-1502a: Construction--real estate transactions

§ 5-1502A. Construction--real estate transactions. In a statutory

short form power of attorney, the language conferring general authority

with respect to "real estate transactions," must be construed to mean

that the principal authorizes the agent:

1. To accept as a gift, or as security for a loan, to reject, to

demand, to buy, to lease, to receive, or otherwise to acquire either

ownership or possession of any estate or interest in land;

2. To sell, to exchange, to convey either with or without covenants,

to quit-claim, to release, to surrender, to mortgage, to incumber, to

partition or to consent to the partitioning, to create, modify or revoke

a trust to grant options concerning, to lease or to sublet, or otherwise

to dispose of, any estate or interest in land;

3. To release in whole or in part, to assign the whole or a part of,

to satisfy in whole or in part, and to enforce by action, proceeding or

otherwise, any mortgage, incumbrance, lien or other claim to land which

exists, or is claimed to exist, in favor of the principal;

4. To do any act of management or of conservation with respect to any

estate or interest in land owned, or claimed to be owned, by the

principal, including by way of illustration, but not of restriction,

power to insure against any casualty, liability or loss, to obtain or to

regain possession or to protect such estate or interest by action,

proceeding or otherwise, to pay, to compromise or to contest taxes or

assessments, to apply for refunds in connection therewith, to purchase

supplies, to hire assistance or labor and to make repairs or alterations

in the structures or lands;

5. To utilize in any way, to develop, to modify, to alter, to replace,

to remove, to erect or to install structures or other improvements upon

any land in which the principal has, or claims to have, any estate or

interest;

6. To demand, to receive, to obtain by action, proceeding or

otherwise, any money, or other thing of value to which the principal is,

or may become, or may claim to be entitled as the proceeds of an

interest in land or of one or more of the transactions enumerated in

this section, to conserve, to invest, to disburse or to utilize anything

so received for purposes enumerated in this section, and to reimburse

the agent for any expenditures properly made by him in the execution of

the powers conferred on him by the statutory short form power of

attorney;

7. To participate in any reorganization with respect to real property

and to receive and to hold any shares of stock or instrument of similar

character received in accordance with such plan of reorganization, and

to act with respect thereto, including by way of illustration, but not

of restriction, power to sell or otherwise to dispose of such shares, or

any of them, to exercise or to sell any option, conversion or similar

right with respect thereto, and to vote thereon in person or by the

granting of a proxy;

8. To agree and to contract, in any manner, and with any person and on

any terms, which the agent may select, for the accomplishment of any of

the purposes enumerated in this section, and to perform, to rescind, to

reform, to release or to modify any such agreement or contract or any

other similar agreement or contract made by or on behalf of the

principal;

9. To execute, to acknowledge, to seal and to deliver any deed,

creation, modification or revocation of a trust, mortgage, lease,

notice, check or other instrument which the agent may think useful for

the accomplishment of any of the purposes enumerated in this section;

10. To prosecute, to defend, to submit to alternative dispute

resolution, to settle, and to propose or to accept a compromise with

respect to, any claim existing in favor of, or against, the principal

based on or involving any real estate transaction or to intervene in any

action or proceeding relating thereto;

11. To hire, to discharge, and to compensate any attorney, accountant,

expert witness or other assistant or assistants when the agent shall

think such action to be desirable for the proper execution by him of any

of the powers described in this section, and for the keeping of needed

records thereof; and

12. In general, and in addition to all the specific acts in this

section enumerated, to do any other act or acts, which the principal can

do through an agent, with respect to any estate or interest in land.

All powers described in this section 5-1502A of the general

obligations law shall be exercisable equally with respect to any estate

or interest in land owned by the principal at the giving of the power of

attorney or thereafter acquired, and whether located in the state of New

York or elsewhere.