Section 5-1511. Termination or revocation of power of attorney; notice

1. A
  power of attorney terminates when:
    (a) the principal dies;
    (b)  the  principal becomes incapacitated, if the power of attorney is
  not durable;
    (c) the principal revokes the power of attorney;
    (d) the principal revokes  the  agent's  authority  and  there  is  no
  co-agent  or  successor  agent, or no co-agent or successor agent who is
  willing or able to serve;
    (e) the agent dies, becomes incapacitated or resigns and there  is  no
  co-agent  or  successor  agent  or no co-agent or successor agent who is
  willing or able to serve;
    (f) the authority of the agent terminates and there is no co-agent  or
  successor agent or no co-agent or successor agent who is willing or able
  to serve;
    (g) the purpose of the power of attorney is accomplished; or
    (h) a court order revokes the power of attorney as provided in section
  5-1510 of this title or in section 81.29 of the mental hygiene law.
    2. An agent's authority terminates when:
    (a) the principal revokes the agent's authority;
    (b) the agent dies, becomes incapacitated or resigns;
    (c)  the  agent's  marriage to the principal is terminated by divorce,
  annulment or declaration  of  nullity,  unless  the  power  of  attorney
  expressly  provides  otherwise.  If the authority of an agent is revoked
  solely by this subdivision, it  shall  be  revived  by  the  principal's
  remarriage to the former spouse; or
    (d) the power of attorney terminates.
    3. A principal may revoke a power of attorney;
    (a) in accordance with the terms of the power of attorney;
    (b)  by delivering a written, signed and dated revocation of the power
  of attorney as follows:
    (1) to the agent, and the  agent  must  comply  with  the  principal's
  revocation  notwithstanding  the  actual  or perceived incapacity of the
  principal unless the  principal  is  subject  to  a  guardianship  under
  article eighty-one of the mental hygiene law; and
    (2)  to  any  third party that the principal has reason to believe has
  received, retained or acted upon, the power of attorney.
    4. Where the power of attorney has been recorded pursuant  to  section
  two  hundred  ninety-four  of the real property law, the principal shall
  also record a written  revocation  pursuant  to  section  three  hundred
  twenty-six  of the real property law. Notwithstanding the recording of a
  revocation, a third party must have actual notice of the revocation  for
  the revocation to be effective.
    5.  Termination of an agent's authority or of the power of attorney is
  not effective as to any third party who has not received  actual  notice
  of  the  termination and acts in good faith under the power of attorney.
  Any action so taken, unless otherwise invalid  or  unenforceable,  shall
  bind  the  principal  and  the  principal's  successors  in  interest. A
  financial institution is deemed to have actual notice after it has had a
  reasonable opportunity to act on a written notice of the  revocation  or
  termination following receipt of the same at its office where an account
  is located.
    6. Unless the principal expressly provides otherwise, the execution of
  a  power  of  attorney  revokes  any  and  all  prior powers of attorney
  executed by the principal.