Bill Summary

by Powell Co Sponsors: Berman, Rader, Spano CS Sponsors: Judiciary Committee

Powers of Attorney: Provides additional exceptions to applicability of specified power of attorney provisions; provides that an original power of attorney may recorded in official records; adds exceptions to provision that prohibits agent who has accepted appointment from delegating authority to third person; authorizes third person to require an agent to execute affidavit stating that agent's authority was not terminated because of certain circumstances; revises form for affidavits; requires third person who rejects power of attorney for certain reasons to state reason for rejection in writing; provides for notice to broker-dealer; revises provisions relating to when notary may sign principal's name to documents; clarifies that certain gift amounts are based on calendar year; specifies that broker-dealer does not have duty to inquire into certain actions by an agent & is not liable for relying in good faith on an agent's actions; provides that agent acquires general authority regarding securities held by broker-dealer. Effective Date: upon becoming a law

   H Civil Justice Subcommittee
   H Judiciary Committee