Estate of Sylvia P. Goldman, Deceased, Marsha Goldberg and Linda Tanenbaum, Co-executrices - Page 14

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           that no valid gift was made.  The court stated that "an agent may                          
           not make a gift to himself or a third party of the money or                                
           property which is the subject of the agency relationship."                                 
           Semmler v. Naples, supra [citations omitted].                                              
                  In Porges v. United States Mortgage and Trust Co., 96 N.E.                          
           424, 426 (1911), the New York Court of Appeals invalidated an                              
           agent's transfer of his principal's money to himself.  The court                           
           held that a power of attorney cannot be "enlarged by implication                           
           or construction" to authorize a transfer of the principal's                                
           property to the agent.  Porges v. United States Mortgage and                               
           Trust Co., supra at 427 [emphasis added].  It further held that a                          
           power of attorney is to be construed:                                                      
                  according to the natural meaning of the words in view                               
                  of the purpose of the agency and the needs to its                                   
                  fulfillment.  The authority within it under such                                    
                  construction is not to be broadened or extended and the                             
                  sole right of a court is to ascertain, through the rule                             
                  stated, and apply the authority.  [Porges v. United                                 
                  States Mortgage and Trust Co., supra at 426; cf. Matter                             
                  of Zalewski, 55 N.E. 2d 184, 187 (1944); 3 NY Jur.                                  
                  Agency and Independent Contractors sec. 66 (1979).]                                 
                  Petitioner's power of attorney authorized the attorney-in-                          
           fact to "do anything he or she considers necessary and proper to                           
           conduct this business with the Bank".  [Emphasis added.]  "[T]his                          
           business" refers to the explicit grant of authority to open and                            
           close accounts, deposit and withdraw money, and write checks.                              
                  Applying the holdings of New York's lower courts and                                
           considering the New York Court of Appeals' holding in Porges that                          
           powers of attorney are not to be "enlarged by implication or                               

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