General Obligations Law § 5-1506 · Title 15. Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning
Compensation
Verbatim from the official edition
Text — Law content up to date as of July 24, 2026, as published by the New York State Senate (Open Legislation)
§ 5-1506. Compensation. 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.
Source of truth
- Edition
- Law content up to date as of July 24, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/GOB5-1506
- Text hash
- sha256 e1b47c7caed7eb573e98b2ce7521d720fa473c6f1acd5aaedd93a7ad404e3446
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.