New York · General Obligations Law §§5-1501B, 5-1504New York power of attorney at closing: two witnesses, the agent's acknowledgment and the 10-business-day rule

To be valid, a New York statutory short form or non-statutory power of attorney executed in the state must be typed or printed in at least 12-point type; signed, initialed and dated by the principal, with the signature acknowledged like a deed and witnessed by two people who aren't named as agents or gift recipients – the notary may be one of them; signed and dated by each agent with the agent's signature acknowledged; and it must substantially conform to the statutory "Caution to the Principal" and "Important Information for the Agent" (Gen. Oblig. Law §5-1501B(1)). The power takes effect as to an agent on the date the agent's signature is acknowledged (§5-1501B(3)). A third party presented with an original or attorney-certified copy of a properly executed statutory short form must, within ten business days, honor it, reject it in writing with the reasons – sent to the principal and the agent – or ask the agent for an acknowledged affidavit that it's in full force; after a written response to a rejection, it has seven business days to honor it or finally reject it (§5-1504(3)). A person that in good faith accepts an acknowledged and witnessed power may rely on it, and may request an agent's certification or an opinion of counsel (§5-1504(1)).