(1) A power of attorney terminates when:
The principal dies;
The principal becomes incapacitated, if the power of attorney is not durable;
The principal revokes the power of attorney;
The power of attorney provides that it terminates;
The express purpose of the power of attorney is accomplished; or
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:
The principal revokes the authority;
The agent dies, becomes incapacitated, or resigns;
An action is filed for the dissolution or annulment of the agent's marriage to theprincipal or their legal separation, unless the power of attorney otherwise provides; or (d) The power of attorney terminates.
Unless the power of attorney otherwise provides, an agent's authority is exercisableuntil the authority terminates under subsection (2) of this section, notwithstanding a lapse of time since the execution of the power of attorney.
Termination of an agent's authority or of a power of attorney is not effective as to theagent 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.
Incapacity of the principal of a power of attorney that is not durable does not revokeor 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.
The execution of a power of attorney does not revoke a power of attorney previouslyexecuted 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.
Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 388, § 1, effective April 9.