Laws of New York (Last Updated: November 21, 2014) |
GOB General Obligations |
Article 5. CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL OBLIGATIONS |
Title 15. STATUTORY SHORT FORM AND OTHER POWERS OF ATTORNEY FOR FINANCIAL ESTATE PLANNING |
Section 5-1506. Compensation
Latest version.
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1. An agent is not entitled to receive compensation from the assets of the principal for responsibilities performed under a power of attorney unless the principal specifically provides for compensation in the power of attorney. 2. An agent shall be entitled to receive reimbursement from the assets of the principal for reasonable expenses actually incurred in connection with the performance of the agent's responsibilities.