(1) The death, disability, or incompetence of any principal who has executed a power of attorney in writing, other than a power as described by section 15-14-501, does not revoke or terminate the agency as to the attorney-in-fact, agent, or other person who, without actual knowledge of the death, disability, or incompetence of the principal, acts in good faith under the power of attorney or agency. Any action so taken, unless otherwise invalid or unenforceable, binds the principal and his heirs, devisees, and personal representatives.
An affidavit, executed by the attorney-in-fact or agent, stating that he did not have, atthe time of doing an act pursuant to the power of attorney, actual knowledge of the revocation or termination of the power of attorney by death, disability, or incompetence is, in the absence of fraud, conclusive proof of the nonrevocation or 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.
This section shall not be construed to alter or affect any provision for revocation ortermination contained in the power of attorney.
All powers of attorney executed for real estate and other purposes, pursuant to law,shall be deemed valid until revoked as provided in the terms of the power of attorney or as provided by law.
Source: L. 73: R&RE, p. 1634, § 1. C.R.S. 1963: § 153-5-502. L. 75: (1) and (2) amended, p. 603, § 52, effective July 1. L. 85: (4) added, p. 566, § 13, effective July 1.