Legal Question in Banking Law in New York
What is the statute in NY that banks need to follow in accepting out of state Power of Attorney? We have a small bank in NY saying we have to appear in person with the POA to be accepted. Live in FL and don't have plans on going to NY so it would be a great expense to do so. Have been able to get other institutions (including banks) to accept the POA either notarized, medallion signature guarantees or letter from an attorney. In trying to research this, I only get the statute concerning the NY short form POA - what is the statute for banks to accept an out of state one?
Asked on 12/12/16, 9:38 am
1 Answer from Attorneys
Peter Wagner
The Law Office of Peter J. Wagner, P.C.
New York General Obligations Law � 5-1504
Answered on 12/19/16, 6:08 am
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