NY Gen Oblig L § 5-1501 (2021)
2021 New York Laws GOB - General Obligations Article 5 - Creation, Definition and Enforcement of Contractual Obligations Title 15 - Statutory Short Form and Other Powers of Attorney for Financial and Estate Planning 5-1501 - Applications and Definitions.

§  5-1501.  Application  and definitions. 1. This title shall apply to all powers of attorney except powers  of  attorney  excluded  from  this title by section 5-1501C of this title.   2.  As used in this title the following terms shall have the following meanings:  (a)  "Agent"  means   a   person   granted   authority   to   act   as attorney-in-fact  for  the  principal  under  a  power  of attorney, and includes the original agent and any co-agent or successor agent.  Unless the  context  indicates  otherwise,  an "agent" designated in a power of attorney shall mean "attorney-in-fact" for the purposes of  this  title. An  agent  acting under a power of attorney has a fiduciary relationship with the principal.  (b) "Benefits from governmental programs or civil or military service" means any benefit, program or assistance provided  under  a  statute  or governmental   regulation,   including  social  security,  medicare  and medicaid.  (c) "Capacity" means ability to comprehend the nature and consequences of the act of executing and granting, revoking, amending or modifying  a power  of  attorney,  any  provision  in  a  power  of  attorney, or the authority of any person to act as agent under a power of attorney.  (d) "Compensation" means reasonable compensation authorized to be paid to the agent from assets of the principal for services actually rendered by the agent pursuant to the authority granted in a power of attorney.  (e) "Financial institution" means a financial entity,  including,  but not  limited  to:  a  bank,  trust company, national bank, savings bank, federal mutual savings  bank,  savings  and  loan  association,  federal savings   and   loan   association,  federal  mutual  savings  and  loan association, credit union, federal credit union,  branch  of  a  foreign banking  corporation, public pension fund, retirement system, securities broker, securities dealer, securities firm, and insurance company.  (f) "Incapacitated" means to be without capacity.  (g) "Internal Revenue Code" means the United States  Internal  Revenue Code  of  1986, as amended. Such references, however, shall be deemed to constitute references to any corresponding provisions of any  subsequent federal tax code.  (h)  "Monitor"  means  a person appointed in the power of attorney who has the authority to request, receive, and seek to compel the  agent  to provide  a  record  of  all  receipts,  disbursements,  and transactions entered into by the agent on behalf of the principal.  (i) "Person" means  an  individual,  whether  acting  for  himself  or herself,  or as a fiduciary or as an official of any legal, governmental or commercial entity (including, but not limited  to,  any  such  entity identified  in  this  subdivision), corporation, business trust, estate, trust,  partnership,  limited  liability  company,  association,   joint venture,   government,   governmental  subdivision,  government  agency, government entity, government instrumentality,  public  corporation,  or any other legal or commercial entity.  (j)  "Power  of  attorney"  means  a  written  document,  other than a document referred to in section  5-1501C  of  this  title,  by  which  a principal  with capacity designates an agent to act on his or her behalf and includes both a  statutory  short  form  power  of  attorney  and  a non-statutory power of attorney.  (k)  "Principal"  means  an individual who is eighteen years of age or older, acting for himself or herself and not as a  fiduciary  or  as  an official of any legal, governmental or commercial entity, who executes a power of attorney.  (l)  "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.  (m)  "Sign"  means  to  place  any  memorandum, mark or sign, written, printed, stamped, photographed, engraved or otherwise upon an instrument or writing, or to use an electronic signature as that term is defined in subdivision three of section three hundred two of the  state  technology law,  with  the  intent to execute the instrument, writing or electronic record. In accordance with the requirements  of  section  three  hundred seven  of  the  state  technology  law, a power of attorney or any other instrument executed by the principal or agent that is  recordable  under the  real  property  law  shall  not  be  executed  with  an  electronic signature.  (n) "Statutory short form power of attorney" means a power of attorney that  meets  the  requirements  of  paragraphs  (a),  (b)  and  (c)   of subdivision one of section 5-1501B of this title, and that substantially conforms  to the wording of the form set forth in section 5-1513 of this title; provided however, that any section indicated as  "Optional"  that is  not  used  may  be  omitted and replaced by the words "Intentionally Omitted". A given power of attorney substantially conforms to  the  form required  pursuant  to section 5-1513 of this title notwithstanding that the form contains (i) an insignificant  mistake  in  wording,  spelling, punctuation  or  formatting,  or the use of bold or italic type; or (ii) uses language that is essentially the same as, but is not identical  to, the  statutory  form,  including  utilizing  language  from  a  previous statute. The determination of whether there  is  substantial  conformity with the form set forth in section 5-1513 of this title shall not depend on  the  presence  or absence of a particular clause. Failing to include clauses that are not relevant to a given power of attorney shall not  in itself  cause  such  power  of attorney to be found to not substantially conform with the requirements of such form. The  use  of  the  form  set forth  in section 5-1513 of this title is lawful and when used, it shall be construed as a statutory short form power of  attorney.  A  statutory short  form power of attorney may be used to grant authority provided in sections 5-1502A through 5-1502N of this title. A "statutory short  form power of attorney" may contain modifications or additions as provided in section 5-1503 of this title.  (o)  "Non-statutory  power of attorney" means a power of attorney that is not a statutory short form power of attorney.  (p) "Third party" means a financial institution or person other than a principal or an agent.