How Pa.'s Power Of Attorney Law Impacts Commercial Leases
Law360, New York ( September 15, 2015, 11:13 AM EDT) -- New Pennsylvania legislation that went into effect as of Jan. 1, 2015 brought changes to the landscape of Pennsylvania's already unique confession of judgment laws. House Bill 1429 was unanimously passed by the Pennsylvania House and Senate and was signed into law by former Governor Tom Corbett on July 2, 2014, (as Act 95). HB 1429 revises Title 20, Chapter 56 of the Pennsylvania Consolidated Statutes (20 Pa. Cons. Stat. §§5601–5612). This chapter deals with the use of powers of attorney for, in relevant part, property transactions. In the wake of the new law, leases containing a confession of judgment provision will need to be reviewed and standard clauses for new leases and amendments will need to be revised to comply with the new requirements....
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