N.Y. General Obligations Law § 5-1502b: Construction--chattel and goods transactions

§ 5-1502B. Construction--chattel and goods transactions. In a

statutory short form power of attorney, the language conferring general

authority with respect to "chattel and goods 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 receive, or otherwise to acquire either ownership or

possession of, any chattel or goods or any interest in any chattel or

goods;

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

to release, to surrender, to mortgage, to incumber, to pledge, to

hypothecate, to pawn, to create, modify or revoke a trust to grant

options concerning, to lease or to sublet to others, or otherwise to

dispose of any chattel or goods or any interest in any chattel or goods;

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, which exists,

or is claimed to exist, in favor of the principal, with respect to any

chattel or goods or any interest in any chattel or goods;

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

chattel or goods or to any interest in any chattel or goods 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 chattel

or goods or interest in any chattel or goods, by action, proceeding or

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

apply for refunds in connection therewith, to move from place to place,

to store for hire or on a gratuitous bailment, to use, to alter, and to

make repairs or alterations of any such chattel or goods, or interest in

any chattel or goods;

5. 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 a chattel

or goods or of any interest in any chattel or goods, 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;

6. 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;

7. To execute, to acknowledge, to seal and to deliver any conveyance,

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

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

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

8. 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 chattel or goods transaction or to intervene

in any action or proceeding relating thereto;

9. 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

10. 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 chattel or goods or interest in

any chattel or goods.

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

obligations law shall be exercisable equally with respect to any chattel

or goods or interest in any chattel or goods 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.