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

§ 5-1502G. Construction--estate transactions. In a statutory short

form power of attorney, the language conferring general authority with

respect to "estate transactions," must be construed to mean that the

principal authorizes the agent:

1. To the extent that an agent is permitted by law thus to act for a

principal, to apply for and to procure, in the name of the principal,

letters of administration, letters testamentary, letters of trusteeship,

or any other type of authority, either judicial or administrative, to

act as a fiduciary of any sort;

2. To the extent that an agent is permitted by law thus to act for a

principal, to represent and to act for the principal in all ways and in

all matters affecting any estate of a decedent, absentee, infant or

incompetent, or any trust or other fund, out of which the principal is

entitled, or claims to be entitled, to some share or payment, or with

respect to which the principal is a fiduciary;

3. Subject to the provisions of paragraph (d) of section 2-1.11 of the

estates, powers and trusts law, to accept, to reject, to receive, to

receipt for, to sell, to assign, to release, to pledge, to exchange, or

to consent to a reduction in or modification of, any share in or payment

from any estate, trust or other fund;

4. To demand, 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 by reason of the death testate or intestate of any

person or of any testamentary disposition or of any trust or by reason

of the administration of the estate of a decedent or absentee or of the

guardianship of an infant or incompetent or the administration of any

trust or other fund, to initiate, to participate in and to oppose any

proceeding, judicial or otherwise, for the ascertainment of the meaning,

validity or effect of any deed, will, declaration of trust, or other

transaction affecting in any way the interest of the principal, to

initiate, to participate in and to oppose any proceeding, judicial or

otherwise, for the removal, substitution or surcharge of a fiduciary, 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;

5. To prepare, to sign, to file and to deliver all reports,

compilations of information, returns or papers with respect to any

interest had or claimed by or on behalf of the principal in any estate,

trust, or other fund, to pay, to compromise or to contest, and to apply

for refunds in connection with, any tax or assessment, with respect to

any interest had or claimed by or on behalf of the principal in any

estate, trust or other fund or by reason of the death of any person, or

with respect to any property in which such interest is had or claimed;

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 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 verify, to seal, to file and to

deliver any consent, designation, pleading, notice, demand, election,

conveyance, release, assignment, check, pledge, waiver, admission of

service, notice of appearance or other instrument which the agent may

think useful for the accomplishment of any of the purposes enumerated in

this section;

8. To submit to alternative dispute resolution or to settle, and to

propose or to accept a compromise with respect to any controversy or

claim which affects the estate of a decedent, absentee, infant or

incompetent, or the administration of a trust or other fund, in any one

of which the principal has, or claims to have, an interest, and to do

any and all acts which the agent shall think to be desirable or

necessary in effectuating such compromise;

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 the estate of a decedent, absentee,

infant or incompetent, or the administration of a trust or other fund,

in any one of which the principal has, or claims to have, an interest,

or with respect to which the principal is a fiduciary.

All powers described in this section shall be exercisable equally with

respect to any estate of a decedent, absentee, infant or incompetent, or

the administration of any trust or other fund, in which the principal is

interested at the giving of the power of attorney or may thereafter

become interested, regardless of whether the estate, trust or other fund

is specifically identified at the giving of the power of attorney and

whether located in the state of New York or elsewhere.