§ 15-14-501 — When power of attorney not affected by disability

(1) Whenever
a principal designates another his attorney-in-fact or agent by a power of attorney
in writing and the writing contains the words This power of attorney shall not be
affected by disability of the principal. or This power of attorney shall become
effective upon the disability of the principal. or similar words showing the intent of
the principal that the authority conferred shall be exercisable notwithstanding his
disability, the authority of the attorney-in-fact or agent is exercisable by him as
provided in the power on behalf of the principal notwithstanding later disability or
incapacity of the principal at law or later uncertainty as to whether the principal is
dead or alive. The authority of the attorney-in-fact or agent to act on behalf of the
principal shall be set forth in the power and may relate to any act, power, duty,
right, or obligation which the principal has or after acquires relating to the principal
or any matter, transaction, or property, real or personal, tangible or intangible. The
authority of the agent with regard to medical treatment decisions on behalf of a
principal is set forth in sections 15-14-503 to 15-14-509. The attorney-in-fact or
agent, however, is subject to the same limitations imposed upon court-appointed
guardians contained in section 15-14-312 (1)(a). Additionally, the principal may
expressly empower his attorney-in-fact or agent to renounce and disclaim interests
and powers, to make gifts, in trust or otherwise, and to release and exercise powers
of appointment. All acts done by the attorney-in-fact or agent pursuant to the
power during any period of disability or incompetence or uncertainty as to whether
the principal is dead or alive have the same effect and inure to the benefit of and
bind the principal or his heirs, devisees, and personal representative as if the
principal were alive, competent, and not disabled. If a guardian or conservator
thereafter is appointed for the principal, the attorney-in-fact or agent, during the
continuance of the appointment, shall consult with the guardian on matters
concerning the principal's personal care or account to the conservator on matters
concerning the principal's financial affairs. The conservator has the same power the
principal would have had if he were not disabled or incompetent to revoke, suspend,
or terminate all or any part of the power of attorney or agency as it relates to
financial matters. Subject to any limitation or restriction of the guardian's powers or
duties set forth in the order of appointment and endorsed on the letters of
guardianship, a guardian has the same power to revoke, suspend, or terminate all or
any part of the power of attorney or agency as it relates to matters concerning the
principal's personal care that the principal would have had if the principal were not
disabled or incompetent, except with respect to medical treatment decisions made
by an agent pursuant to sections 15-14-506 to 15-14-509; however, such exception
shall not preclude a court from removing an agent in the event an agent becomes
incapacitated, or is unwilling or unable to serve as an agent.

(2) An affidavit, executed by the attorney-in-fact or agent, stating that he did
not have, at the time of doing an act pursuant to the power of attorney, actual
knowledge of the termination of the power of attorney by death is, in the absence
of fraud, conclusive proof of the nontermination of the power at that time. If the
exercise of the power requires execution and delivery of any instrument which is
recordable, the affidavit when authenticated for record is likewise recordable.

Legislative History

Source: L. 73: R&RE, p. 1633, � 1. C.R.S. 1963: � 153-5-501. L. 77: Entire section amended, p. 836, � 25, effective July 1. L. 83: (1) amended, p. 661, � 1, effective April 26. L. 91: (1) amended, p. 1451, � 17, effective May 31. L. 92: (1) amended, p. 1978, � 1, effective June 4.