The New York Power of Attorney law has been revamped, effective June 12, 2021. All businesses, including banks, must accept a properly executed power of attorney unless there is a good reason to reject it. A notice of rejection, including a list of the reasons for rejection, must be given within 7 business days. Failure to follow the required procedures, or an unjustified rejection, can lead to a claim for money damages and attorney’s fees. This presentation will describe the new requirements and discuss the procedures that a bank should follow in order to avoid liability. Banks must establish policies and procedures to deal with the new law and train all employees in it before the June 12 implementation date to avoid the risk of liability.

Business Law Section Meeting (AM2021) NYSBA Annual Meeting

Introduction

When it comes to legacy auction houses, two dominate the market – Sotheby’s and Christie’s. But, as the NFT market starts challenging some of these traditional structures, it will be interesting to see how they compete. Two memorabilia companies, Funko and Topps, also just entered the NFT market.

Voice of B2B, Daniel Litwin, hosted Asher Rubinstein, Partner Gallet, at Dreyer & Berkey LLP, whose primary practice is around asset protection, trusts & estates, as well as representing high net-worth individuals like art collectors, designers, wine importers & producers, on Marketscale TV to discuss the NFT market and how it compares to the traditional auctions that exist today.

“I think that both of them are realizing that competition is on the horizon,” he said of Sotheby’s and Christie’s. Rubinstein noted the competition comes in the form of smaller, newer auction spaces that are dealing in the digital art spaces.

NFTs are going to challenge the traditional auction houses. One of the main ways they will do this is to allow buyers that aren’t millionaires to make bids on art.

“I think what we’re seeing here is the democratization of the art world,” Rubinstein said.