“2009 Amendments to New York Power of Attorney Law”

On September 1, 2009, amendments (the “Amendments”) to New York State’s power of attorney law became effective. The Amendments were drafted, and adopted by the legislature, with a view to protecting New York State’s elderly population from fraud associated with powers of attorney in the context of financial and estate planning.  However, because the application of the Amendments is not limited to powers of attorney used for financial and estate planning purposes, the Amendments have created a number of uncertainties for commercial transactions involving powers of attorney.   

This Stroock Special Bulletin examines key issues surrounding the Amendments.