Practice point: A power of attorney that is coupled with an interest or which has been given in exchange for valuable consideration is irrevocable.
Students should note that, in order for a power to be considered coupled with an interest, the agent must have a personal estate in the thing or matter underlying the power.
Case: Frankel v. J.P. Morgan Chase, NY Slip Op 06476 (2d Dept. 2010)
Here is the opinion.
Tomorrow's issue: Motion practice.
