UNAPPROVED DRAFT BILL -- Subject to Change Without Notice!
BILL NO.
INTRODUCED BY
(Primary Sponsor)
A BILL FOR AN ACT ENTITLED: "AN ACT REQUIRING THAT IF A POWER OF ATTORNEY IS REVOKED OR MODIFIED, NOTICE MUST BE PROVIDED TO THE ATTORNEY-IN-FACT OR AGENT NAMED IN THE ORIGINAL POWER OF ATTORNEY; AND AMENDING SECTION 72-5-502, MCA."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 72-5-502, MCA, is amended to read:
"72-5-502. Power of attorney not revoked until notice -- notice of revocation or modification. (1) The death of a principal who has executed a written power of attorney, durable or otherwise, does not revoke or terminate the agency as to the attorney-in-fact, agent, or other person who, without actual knowledge of the death 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 successors in interest of the principal.
(2) The disability or incapacity of a principal who has previously executed a power of attorney that is not a durable power does not revoke or terminate the agency as to the attorney-in-fact or other person who, without actual knowledge of the disability or incapacity of the principal, acts in good faith under the power. Any action so taken in good faith, unless otherwise invalid or unenforceable, binds the principal and his the principal's successors in interest.
(3) As to acts undertaken in good faith reliance thereon on a power of attorney, an affidavit executed by the attorney-in-fact or agent stating that he the attorney-in-fact or agent did not have, at the time of exercise of the power, actual knowledge of the termination of the power by revocation or of the principal's death, disability, or incapacity is 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 that is recordable, the affidavit when authenticated for record is likewise recordable.
(4) This section does not affect any provision in a power of attorney for its termination by expiration of time or occurrence of an event other than express revocation or a change in the principal's capacity.
(5) When a principal revokes or otherwise modifies an existing written power of attorney, the principal shall notify the attorney-in-fact or agent named in the original power of attorney of the revocation or modification by providing to the attorney-in-fact or agent a copy of the revocation or modification. The copy must be provided in a timely manner and must be either hand-delivered or sent by first-class mail, postage prepaid, to the person to be notified."
- END -
Latest Version of LC 318 (LC0318.01)
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