New York's New Power of Attorney Law

Last week, Governor Paterson signed a bill postponing the effective date of the new Power of Attorney law from March 1, 2009, to September 1, 2009.

This is mocked-up version of the new Power of Attorney, as it is laid out in the new law. 

I know that the reasoning behind many of the expansive changes is to protect our elderly community from being taken advantage of by unscrupulous agents.  However, I'm not sure that the new Power of Attorney is any more understandable than the old.

Comments?

-Authored by Elizabeth Randisi, a Rochester, New York attorney associated with the law firm WeinsteinMurphy.  Her practice focuses on Trusts and Estates and elder law.

Comments

[jjray]

FYI, the link to the mockup of the new POA form in your post does not work (or at least appears to me to be inoperable). would have liked to see it.

[sameer]

Mortgagor is a party who mortgages property. A mortgagor owes the obligation secured by the mortgage. Generally, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the mortgage. Otherwise, the debtor usually runs the risk of foreclosure of the mortgage by the creditor to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a loan.

Most buyers of real property would have difficulty saving enough money to make an outright purchase of real estate. The use of debt increases a buyer's ability to buy through a combination of down payment and debt. As a result a real estate transaction seldom occurs without buyers relying on borrowed funds.
===============================
mike
========================
attorney directory