(a) A power of attorney terminates when the:
(1) principal dies;
(2) principal becomes incapacitated, if the power of attorney is not durable;
(3) principal revokes the power of attorney;
(4) power of attorney provides that it terminates;
(5) purpose of the power of attorney is accomplished; or
(6) 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.
(b) An agent's authority terminates when the:
(1) principal revokes the authority;
(2) agent dies, becomes incapacitated, or resigns;
(3) agent's authority is revoked pursuant to Section 62-2-507, unless the power of attorney otherwise provides; or
(4) power of attorney terminates.
(c) Unless the power of attorney otherwise provides and subject to Section 62-8-109, an agent's authority is exercisable until the agent's authority terminates under subsection (b), notwithstanding a lapse of time since the execution of the power of attorney.
(d) 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.
(e) 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.
(f) 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.
(g) Unless otherwise provided in the power of attorney, a revocation of a power of attorney must be executed in accordance with Sections 62-8-105 and 62-8-106 and, if the power of attorney has been recorded, then the revocation also must be recorded in the same county as the recorded power of attorney.
HISTORY: 2016 Act No. 279 (S.778), Section 1, eff January 1, 2017.