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Category Archive: Power of Attorney Law

  1. New York Business Is Threatened By The Worst Law Of The Decade

    On Sep­tem­ber 1st a new power of attor­ney law became effec­tive in New York State and I think it may win the prize for “The Worst Law of the Decade”. With­out mean­ing to effect com­mer­cial trans­ac­tions, sev­eral months ago this eso­teric and extremely tech­ni­cal law was amended by the leg­is­la­ture and signed by the Gov­er­nor. While New York law­mak­ers had good inten­tions, they wanted to pro­tect senior cit­i­zens from being abused in con­nec­tion with the grant­ing of pow­ers of attor­ney, the actual law goes far beyond what was intended and is a dis­as­ter. Because of a series of draft­ing errors and omis­sions, the law inad­ver­tently expands the new power of attor­ney rules to include rou­tine com­mer­cial and busi­ness trans­ac­tions. Accord­ing to the TriBar Opin­ion Com­mit­tee (a well respected non-partisan legal panel) the new power of attor­ney law threat­ens to bring New York com­merce and bank­ing to a halt. [read full story]

    Posted in: Law, Politics, Power of Attorney Law, Public Policy