75-5-501 - Power of attorney not affected by disability or lapse of time -- Agent responsibilities.
75-5-501. Power of attorney not affected by disability or lapse of time -- Agentresponsibilities.
(1) Whenever a principal designates another his attorney-in-fact or agent by a power ofattorney in writing and the writing contains the words "This power of attorney shall not beaffected by disability of the principal," or "This power of attorney shall become effective uponthe disability of the principal," or similar words showing the intent of the principal that theauthority conferred shall be exercisable notwithstanding his disability, the authority of theattorney-in-fact or agent is exercisable by him as provided in the power on behalf of the principalnotwithstanding:
(a) later disability or incapacity of the principal at law or later uncertainty as to whetherthe principal is dead or alive; or
(b) the lapse of time since the execution of the instrument, unless the instrument states atime of termination.
(2) If an attorney-in-fact or agent determines that the principal has become incapacitatedor disabled and the power of attorney by its terms remains in effect or becomes effective as aresult of a principal's incapacity or disability, the attorney-in-fact or agent shall:
(a) notify all interested persons of his status as the power of attorney holder within 30days of the principal's incapacitation, and provide them with his name and address;
(b) provide to any interested persons upon written request, a copy of the power ofattorney;
(c) provide to any interested persons upon written request, an annual accounting of theassets to which the power of attorney applies, unless the power of attorney specifically directsthat the attorney-in-fact or agent is not required to do so; and
(d) notify all interested persons upon the death of the principal.
(3) All interested persons shall be notified within 10 days if the attorney-in-fact or agentchanges. The notification shall be made by the new attorney-in-fact or agent who shall then beaccountable to the interested persons in accordance with Subsection (2).
(4) All acts done by the attorney-in-fact or agent pursuant to the power during any periodof disability or incompetence or uncertainty as to whether the principal is dead or alive have thesame effect and inure to the benefit of and bind the principal or his heirs, devisees, and personalrepresentative as if the principal were alive, competent, and not disabled, except as provided inSection 75-5-503.
(5) A conservator may be appointed for a principal even though the principal has a validpower of attorney in place. If a conservator thereafter is appointed for the principal, theattorney-in-fact or agent, during the continuance of the appointment, shall account to theconservator rather than the principal. The conservator, pursuant to court order as provided inSubsection 75-5-408(1)(d), has the same power the principal would have had if he were notdisabled or incompetent to revoke, suspend, or terminate all or any part of the power of attorneyor agency.
(6) For the purposes of this section, "interested person" means any person entitled to apart of the principal's estate from the principal's will or through the intestacy laws, whichever isapplicable.
Amended by Chapter 241, 2003 General Session