- December 20, 1996
- New York Managers and Agents
- New Power of Attorney Forms Effective January 1, 1997
Three different varieties of new Power of Attorney forms, required by changes in the NY General Obligations Law, are available through the reference section at the end of this Bulletin. The changes go into effect January 1, 1997. No previous statutory forms executed on or after January 1, 1997 should be accepted, but statutory forms executed and acknowledged prior to the effective date are acceptable on the forms in effect at the time of execution and acknowledgment (and not the new ones).
These are being sent to the printer, and should be available for distribution through normal channels soon.
The three types of Statutory Short Form Power of Attorney are:
Durable, effective at a future time.
This language in the forms is plainer than the last version, and an option for a single initial of powers granted has been added (that was the biggest complaint about the 1994 revision). There is also an arrow pointing out where the principal is to sign.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.