564-E:113 Agent's Authority and Agent's Acceptance or Declination. –
(a) A person designated as agent under a general power of attorney shall have no authority to act as agent unless, at any time prior to exercising the power granted under the general power of attorney and not necessarily at the time the general power of attorney is signed by the principal, the person has signed (other than by electronic signature) and affixed to the general power of attorney an acknowledgment in substantially the following form:
I, ______________________________ , have read the attached power of attorney and am the person identified as the agent for the principal. I hereby acknowledge that when I act as agent, I am given power under the power of attorney to make decisions about money, property, or both belonging to the principal, and to spend the principal's money, property, or both on the principal's behalf, in accordance with the terms of the power of attorney. When acting as agent, I have duties (called "fiduciary duties") to act in accordance with the principal's reasonable expectations to the extent actually known by me and, otherwise, in the principal's best interest, to act in good faith, and to act only within the scope of authority granted in the power of attorney, as well as other duties imposed by law to the extent not provided otherwise in the power of attorney. As an agent, I am not entitled to use the money or property for my own benefit or to make gifts to myself or others unless the power of attorney specifically gives me the authority to do so. As an agent, my authority under the power of attorney will end when the principal dies and I will not have authority to manage or dispose of any property or administer the estate of the principal. If I violate a fiduciary duty under the power of attorney, I may be liable for damages and may be subject to criminal prosecution. If there is anything about the power of attorney, or my duties under it, that I do not understand, I understand that I should seek professional advice.
(b) A person accepts appointment as an agent under a power of attorney by substantially complying with the method of acceptance provided in the terms of the power of attorney or, if the terms of the power of attorney do not provide a method or if the method provided is not expressly made exclusive, by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance. A person designated as agent under a power of attorney has no duties unless the person has accepted the appointment.
(c) A person that has not yet accepted appointment as an agent under a power of attorney may decline the appointment.
Source. 2017, 178:1, eff. Jan. 1, 2018. 2021, 206:2, Pt. VI, Sec. 4, eff. July 1, 2021.