As used in this part 6: “Agency” means the relationship between the principal and the principal’s agent. “Agency instrument” means the written power of attorney or other written instrument of agency governing the relationship between the principal and agent. An agency is subject to the provisions of this part 6 to the extent the agency […]
The principal may specify in the agency instrument: The event upon which or time when the agency begins and terminates; The mode of revocation or amendment of the agency instrument; and The rights, powers, duties, limitations, immunities, and other terms applicable to the agent and to all third parties dealing with the agent. The provisions […]
(Deleted by amendment, L. 2009, (HB 09-1198), ch. 106, p. 422, § 9, effective January 1, 2010.) Any agency created by an agency instrument continues until the principal ceased to exist, regardless of the length of time that elapses, unless the agency instrument states an earlier termination date. The principal may amend or revoke the […]
Unless otherwise agreed by the principal and agent in the agency instrument, an agent is under no duty to exercise the powers granted by the agency or to assume control of or responsibility for any of the principal’s property or affairs. Whenever the agent exercises the powers granted by the agency, the agent shall use […]
Any third party who acts in good-faith reliance on an agency instrument that is duly notarized shall be fully protected and released to the same extent as if such third party dealt directly with the principal as a fully competent person. Upon demand of any third party, the agent shall furnish an affidavit that states […]
This part 6 does not in any way invalidate any agency or power of attorney executed or any act of any agent, guardian, or conservator done or affect any claim, right, or remedy that accrued prior to January 1, 1995. Source: L. 94: Entire part added, p. 1076, § 1, effective January 1, 1995.
