NY Gen Oblig L § 5-1511 (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 5-1511 - Termination or Revocation of Power of Attorney; Notice.

§ 5-1511. Termination or revocation of power of attorney; notice. 1. A power of attorney terminates when:  (a) the principal dies;  (b)  the  principal becomes incapacitated, if the power of attorney is not durable;  (c) the principal revokes the power of attorney;  (d) the principal revokes  the  agent's  authority  and  there  is  no co-agent  or  successor  agent, or no co-agent or successor agent who is willing or able to serve;  (e) the agent dies, becomes incapacitated or resigns and there  is  no co-agent  or  successor  agent  or no co-agent or successor agent who is willing or able to serve;  (f) the authority of the agent terminates and there is no co-agent  or successor agent or no co-agent or successor agent who is willing or able to serve;  (g) the purpose of the power of attorney is accomplished; or  (h) a court order revokes the power of attorney as provided in section 5-1510 of this title or in section 81.29 of the mental hygiene law.   2. An agent's authority terminates when:  (a) the principal revokes the agent's authority;  (b) the agent dies, becomes incapacitated or resigns;  (c)  the agent's marriage to the principal is terminated by divorce or annulment, as defined in subparagraph two of paragraph  (f)  of  section 5-1.4  of  the  estates,  powers  and  trusts  law,  unless the power of attorney expressly provides otherwise. If the authority of an  agent  is revoked  solely  by  this  subdivision,  it  shall  be  revived  by  the principal's remarriage to the former spouse; or  (d) the power of attorney terminates.   3. A principal may revoke a power of attorney:  (a) in accordance with the terms of the power of attorney; or  (b) by delivering a revocation of the power of attorney to  the  agent in  person or by sending a signed and dated revocation by mail, courier, electronic transmission or facsimile to the agent's last known  address. The  agent  must  comply with the principal's revocation notwithstanding the actual or perceived incapacity of the principal unless the principal is subject to a guardianship under  article  eighty-one  of  the  mental hygiene law.   4. Where a power of attorney has been recorded pursuant to section two hundred  ninety-four  of the real property law, the principal shall also record the revocation in the office in which the power  of  attorney  is recorded  pursuant  to  section  three  hundred  twenty-six  of the real property law,  provided  the  revocation  complies  with  section  three hundred seven of the state technology law.   5. (a) Termination of an agent's authority or of the power of attorney is  not  effective  as  to  any  third party who has not received actual notice of the termination and acts in good  faith  under  the  power  of attorney.   Any   action   so   taken,   unless   otherwise  invalid  or unenforceable, shall bind the principal and the  principal's  successors in  interest.  A  financial  institution is deemed to have actual notice after it has had a reasonable opportunity to act on a written notice  of the  revocation  or  termination  following  receipt  of the same at its office where an account is located.  (b) Termination of an agent's authority or of the power of attorney is not effective as to the agent until the agent has received a  revocation as  required by subdivision three of this section. An agent is deemed to have received a revocation when it has been delivered to  the  agent  in person,  or  within  a  reasonable  time after it has been sent by mail,  courier,  electronic  transmission  or  facsimile  in  accordance   with subdivision three of this section.   6.  The  execution of a power of attorney does not revoke any power of attorney previously executed by the principal.