Section 59-12-8 – When power of attorney is effective.
59-12-8. When power of attorney is effective. (1)A power of attorney is effective when executed unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contingency. (2)If a power of attorney becomes effective upon the occurrence of a future […]
Section 59-12-9 – Termination of power of attorney or agent’s authority.
59-12-9. 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 purpose of a limited or special power of attorney […]
Section 59-12-10 – Coagents and successor agents.
59-12-10. Coagents and successor agents. (1)A principal may designate two or more persons to act as co-agents. If two or more persons are appointed as co-agents, and unless the power of attorney otherwise provides, the concurrence of a majority is required on all acts connected with the power of attorney. This restriction does not apply […]
Section 59-12-11 – Reimbursement and compensation of agent.
59-12-11. Reimbursement and compensation of agent. An agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal. An agent is entitled to reasonable compensation for services rendered on behalf of the principal unless the power of attorney otherwise provides. Any compensation shall be reasonable under the circumstances. Source: SL 2020, ch […]
Section 59-12-12 – Agent’s acceptance.
59-12-12. Agent’s acceptance. Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance. Source: SL 2020, ch 214, § 12.
Section 59-12-13 – Agent’s duties.
59-12-13. Agent’s duties. (1)Notwithstanding provisions in the power of attorney, an agent that has accepted appointment shall: (a)Act in accordance with the principal’s reasonable expectations to the extent actually known by the agent and otherwise in the principal’s best interest; (b)Act in good faith; (c)Act only within the scope of authority granted in the power […]
Section 59-12-4 – Execution of power of attorney.
59-12-4. Execution of power of attorney. A power of attorney shall be signed by the principal or in the principal’s conscious presence by another individual directed by the principal to sign the principal’s name on the power of attorney. Any signature under this section shall be acknowledged before a notary public or other individual authorized […]
Section 59-12-5 – Validity of power of attorney.
59-12-5. Validity of power of attorney. (1)A power of attorney executed in this state on or after July 1, 2020, is valid if its execution complies with §59-12-4. (2)A power of attorney executed in this state before July 1, 2020, is valid if its execution complied with the law of this state as it existed […]
Section 59-12-6 – Meaning and effect of power of attorney.
59-12-6. Meaning and effect of power of attorney. The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of attorney was executed. Source: […]
Section 59-12-7 – Nomination of conservator or guardian–Relation of agent to court-appointed fiduciary.
59-12-7. Nomination of conservator or guardian–Relation of agent to court-appointed fiduciary. (1)In a power of attorney, a principal may nominate a conservator or guardian for consideration by the court. Except for good cause shown or disqualification, the court shall make its appointment in accordance with the principal’s most recent nomination. A guardian appointed under this […]