2023 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 › 5-1505 - Standard of Care; Fiduciary Duties; Compelling Disclosure of Record.

§ 5-1505. Standard of care; fiduciary duties; compelling disclosure of
record.  1. Standard of care. In dealing with property of the principal,
an agent shall observe the standard of care that would be observed by  a
prudent person dealing with property of another.
2. Fiduciary duties. (a) An agent acting under a power of attorney has
a  fiduciary  relationship  with  the  principal.  The  fiduciary duties
include but are not limited to each of the following obligations:
(1) To act according to any instructions from the principal or,  where
there are no instructions, in the best interest of the principal, and to
avoid conflicts of interest.
(2)  To  keep  the principal's property separate and distinct from any
other property owned or controlled by the  agent,  except  for  property
that  is  jointly  owned  by  the principal and agent at the time of the
execution of the power of attorney, and property  that  becomes  jointly
owned  after the execution of the power of attorney as the result of the
agent's acquisition of an interest in the principal's property by reason
of the agent's  exercise  of  authority  granted  in  the  modifications
section   of   a  statutory  short  form  power  of  attorney  or  in  a
non-statutory power of attorney. The agent may not  make  gifts  of  the
principal's   property   to   himself   or   herself   without  specific
authorization in a power of attorney.
(3) To keep a record of all receipts, disbursements, and  transactions
entered  into  by  the agent on behalf of the principal and to make such
record and power of attorney available to  the  principal  or  to  third
parties  at  the  request  of  the  principal. The agent shall make such
record and a copy of the power of attorney available within fifteen days
of a written request by any of the following:
(i) a monitor;
(ii) a co-agent or successor agent acting under the power of attorney;
(iii) a government entity, or official thereof, investigating a report
that the principal may be in need of protective or  other  services,  or
investigating a report of abuse or neglect;
(iv)  a  court  evaluator  appointed  pursuant to section 81.09 of the
mental hygiene law;
(v) a guardian  ad  litem  appointed  pursuant  to  section  seventeen
hundred fifty-four of the surrogate's court procedure act;
(vi)  the  guardian  or conservator of the estate of the principal, if
such record has not already been provided  to  the  court  evaluator  or
guardian ad litem; or
(vii)  the  personal  representative  of  the  estate  of  a  deceased
principal if such record has not already been provided to  the  guardian
or conservator of the estate of the principal.
The failure of the agent to make the record available pursuant to this
paragraph  may  result  in a special proceeding under subdivision one of
section 5-1510 of this title.
(b) The agent may be subject to liability  for  conduct  or  omissions
which violate any fiduciary duty.
(c) The agent is not liable to third parties for any act pursuant to a
power  of attorney if the act was authorized at the time and the act did
not violate subdivision one or two of this section.
3. Resignation. (a) An agent who has signed the power of attorney  may
resign  by  giving  written  notice  to  the  principal  and the agent's
co-agent, successor agent or the monitor, if one has been named, or  the
principal's  guardian  if  one  has  been  appointed.  If  no  co-agent,
successor agent, monitor or guardian is  known  to  the  agent  and  the
principal  is  incapacitated  or  the  agent  has  notice  of  any facts
indicating the principal's incapacity, the agent may give written notice

to a government entity having authority to protect the  welfare  of  the
principal, or may petition the court to approve the resignation.
(b)  The  principal  may  provide for alternative means for an agent's
resignation in the power of attorney.