§ 15-14-710 — Termination of power of attorney or agent's authority

(1) A
power of attorney terminates when:

(a) The principal dies;

(b) The principal becomes incapacitated, if the power of attorney is not
durable;

(c) The principal revokes the power of attorney;

(d) The power of attorney provides that it terminates;

(e) The express purpose of the power of attorney is accomplished; or

(f) The principal revokes the agent's authority or the agent dies, becomes
incapacitated, or resigns, and the power of attorney does not provide for another
agent to act under the power of attorney.

(1.5) In the case of a power of attorney in existence on December 31, 2009,
incapacitated shall mean an individual with an incapacity as specified in section
15-14-702 (5)(a) and not as specified in section 15-14-702 (5)(b) unless, on that date,
this part 7 applies to the power of attorney as provided in section 15-14-745 (2).

(2) An agent's authority terminates when:

(a) The principal revokes the authority;

(b) The agent dies, becomes incapacitated, or resigns;

(c) An action is filed for the dissolution or annulment of the agent's marriage
to the principal or their legal separation, unless the power of attorney otherwise
provides; or

(d) The power of attorney terminates.

(3) Unless the power of attorney otherwise provides, an agent's authority is
exercisable until the authority terminates under subsection (2) of this section,
notwithstanding a lapse of time since the execution of the power of attorney.

(4) Termination of an agent's authority or of a power of attorney is not
effective as to the agent or another person that, without actual knowledge of the
termination, acts in good faith under the power of attorney. An act so performed,
unless otherwise invalid or unenforceable, binds the principal and the principal's
successors in interest.

(5) Incapacity of the principal of a power of attorney that is not durable does
not revoke or terminate the power of attorney as to an agent or other person that,
without actual knowledge of the incapacity, acts in good faith under the power of
attorney. An act so performed, unless otherwise invalid or unenforceable, binds the
principal and the principal's successors in interest.

(6) The execution of a power of attorney does not revoke a power of attorney
previously executed by the principal unless the subsequent power of attorney
provides that the previous power of attorney is revoked or that all other powers of
attorney are revoked.

Legislative History

Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 388, � 1, effective April 9.