Alaska State Legislature

Home
Bill & Laws
Bills
HB 254 Detail
FullText

txt

HB 254: "An Act relating to powers of attorney; relating to the uniform probate code; and providing for an effective date."

00 HOUSE BILL NO. 254 01 "An Act relating to powers of attorney; relating to the uniform probate code; and 02 providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 13.06.050(1) is repealed and reenacted to read: 05 (1) "agent" means a person granted authority to act for a principal 06 under a power of attorney, whether denominated an agent, attorney-in-fact, or 07 otherwise; "agent" includes an original agent, coagent, successor agent, and a person 08 to which an agent's authority is delegated; 09 * Sec. 2. AS 13.06.050(46) is amended to read: 10 (46) "state" means a state of the United States, the District of 11 Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or a 12 territory or insular possession subject to the jurisdiction of the United States; 13 * Sec. 3. AS 13.06.050 is amended by adding new paragraphs to read: 14 (57) "durable," with respect to a power of attorney, means not

01 terminated by the principal's incapacity; 02 (58) "electronic" means relating to technology having 03 electrical, digital, magnetic, wireless, optical, electromagnetic, or similar 04 capabilities; 05 (59) "power of attorney" means a writing or other record that 06 grants authority to an agent to act in the place of the principal, whether or 07 not the term "power of attorney" is used; "power of attorney" does not 08 include a power exercisable by the principal in a fiduciary capacity or 09 exercisable only by will; 10 (60) "principal" means an individual who grants authority to 11 an agent in a power of attorney; 12 (61) "record" means information that is inscribed on a 13 tangible medium or that is stored in an electronic or other medium and is 14 retrievable in perceivable form; 15 (62) "sign" means, with present intent to authenticate or 16 adopt a record, 17 (A) to execute or adopt a tangible symbol; or 18 (B) to attach to or logically associate with the record an 19 electronic sound, symbol, or process. 20 * Sec. 4. AS 13.26.332 is amended to read: 21 Sec. 13.26.332. Statutory form power of attorney. A person who wishes to 22 designate another as attorney-in-fact or agent by a power of attorney may execute a 23 statutory power of attorney set out in substantially the following form: 24 GENERAL POWER OF ATTORNEY 25 THE POWERS GRANTED FROM THE PRINCIPAL TO THE 26 AGENT OR AGENTS IN THE FOLLOWING DOCUMENT ARE 27 VERY BROAD. THEY MAY INCLUDE THE POWER TO 28 DISPOSE, SELL, CONVEY, AND ENCUMBER YOUR REAL AND 29 PERSONAL PROPERTY. ACCORDINGLY, THE FOLLOWING 30 DOCUMENT SHOULD ONLY BE USED AFTER CAREFUL 31 CONSIDERATION. IF YOU HAVE ANY QUESTIONS ABOUT

01 THIS DOCUMENT, YOU SHOULD SEEK COMPETENT ADVICE. 02 YOU MAY REVOKE THIS POWER OF ATTORNEY AT 03 ANY TIME. 04 Pursuant to AS 13.26.338 - 13.26.353, I, (Name of principal), of 05 (Address of principal), do hereby appoint (Name and address of agent 06 or agents), my attorney(s)-in-fact to act as indicated below in my name, 07 place, and stead in any way which I myself could do, if I were 08 personally present, with respect to the following matters, as each of 09 them is defined in AS 13.26.344, to the full extent that I am permitted 10 by law to act through an agent: 11 THE AGENT OR AGENTS YOU HAVE APPOINTED WILL 12 HAVE ALL THE POWERS LISTED BELOW UNLESS YOU DRAW 13 A LINE THROUGH A CATEGORY; AND INITIAL THE BOX 14 OPPOSITE THAT CATEGORY 15 (A) real estate transactions ( ) 16 (B) transactions involving tangible personal 17 property, chattels, and goods ( ) 18 (C) bonds, shares, and commodities transactions ( ) 19 (D) banking transactions ( ) 20 (E) business operating transactions ( ) 21 (F) insurance transactions ( ) 22 (G) estate transactions ( ) 23 (H) [GIFT TRANSACTIONS ( ) 24 (I)] claims and litigation ( ) 25 (I) [(J)] personal relationships and affairs ( ) 26 (J) [(K)] benefits from government programs 27 and civil or military service ( ) 28 (K) [(L)] records, reports, and statements ( ) 29 (L) [(M)] delegation ( ) 30 (M) [(N)] voter registration and absentee ballot requests ( ) 31 (N) retirement plans ( )

01 (O) all other matters, including those specified as follows: ( ) 02 _________________________________________________________ 03 _________________________________________________________ 04 _________________________________________________________ 05 GRANT OF SPECIFIC AUTHORITY (OPTIONAL) 06 The agent or agents you have appointed WILL NOT have 07 the power to do any of the following acts UNLESS you INITIAL 08 the box opposite that category: 09 ( ) Create, amend, revoke, or terminate an inter vivos trust 10 ( ) Make a gift, subject to the limitations of AS 13.26.344(h) and 11 any special instructions in this power of attorney. 12 IF YOU HAVE APPOINTED MORE THAN ONE AGENT, 13 CHECK ONE OF THE FOLLOWING: 14 ( ) Each agent may exercise the powers conferred separately, without 15 the consent of any other agent. 16 ( ) All agents shall exercise the powers conferred jointly, with the 17 consent of all other agents. 18 TO INDICATE WHEN THIS DOCUMENT SHALL 19 BECOME EFFECTIVE, CHECK ONE OF THE FOLLOWING: 20 ( ) This document shall become effective upon the date of my 21 signature. 22 ( ) This document shall become effective upon the date of my 23 disability and shall not otherwise be affected by my disability. 24 IF YOU HAVE INDICATED THAT THIS DOCUMENT 25 SHALL BECOME EFFECTIVE ON THE DATE OF YOUR 26 SIGNATURE, CHECK ONE OF THE FOLLOWING: 27 ( ) This document shall not be affected by my subsequent disability. 28 ( ) This document shall be revoked by my subsequent disability. 29 IF YOU HAVE INDICATED THAT THIS DOCUMENT 30 SHALL BECOME EFFECTIVE UPON THE DATE OF YOUR 31 SIGNATURE AND WANT TO LIMIT THE TERM OF THIS

01 DOCUMENT, COMPLETE THE FOLLOWING: 02 This document shall only continue in effect for ________ ( ) years 03 from the date of my signature. 04 NOTICE OF REVOCATION OF THE POWERS GRANTED 05 IN THIS DOCUMENT 06 You may revoke one or more of the powers granted in this document. 07 Unless otherwise provided in this document, you may revoke a specific 08 power granted in this power of attorney by completing a special power 09 of attorney that includes the specific power in this document that you 10 want to revoke. Unless otherwise provided in this document, you may 11 revoke all the powers granted in this power of attorney by completing a 12 subsequent power of attorney. 13 NOTICE TO THIRD PARTIES 14 A third party who relies on the reasonable representations of an 15 attorney-in-fact as to a matter relating to a power granted by a properly 16 executed statutory power of attorney does not incur any liability to the 17 principal or to the principal's heirs, assigns, or estate as a result of 18 permitting the attorney-in-fact to exercise the authority granted by the 19 power of attorney. A third party who fails to honor a properly executed 20 statutory form power of attorney may be liable to the principal, the 21 attorney-in-fact, the principal's heirs, assigns, or estate for a civil 22 penalty, plus damages, costs, and fees associated with the failure to 23 comply with the statutory form power of attorney. If the power of 24 attorney is one which becomes effective upon the disability of the 25 principal, the disability of the principal is established by an affidavit, as 26 required by law. 27 IN WITNESS WHEREOF, I have hereunto signed my name 28 this ____ day of ________ , ____. 29 _________________________________________________________ 30 Signature of Principal 31 Acknowledged before me at _________________________________

01 ________________________on ______________________________. 02 Signature of Officer or Notary 03 * Sec. 5. AS 13.26.344(a) is amended to read: 04 (a) In a statutory form power of attorney, the language conferring general 05 authority with respect to real estate transactions shall be construed to mean that, as to 06 an estate or interest in land of the principal, whether in the estate or elsewhere, the 07 principal authorizes the agent to 08 (1) accept as a gift or as security for a loan, demand, buy, lease, 09 receive, or otherwise acquire either ownership or possession of any estate or interest in 10 land; 11 (2) sell, exchange, convey, quitclaim, release, surrender, mortgage, 12 encumber, partition or consent to the partitioning, [REVOKE, CREATE OR MODIFY 13 A TRUST,] grant options concerning, lease or sublet, or otherwise to dispose of, an 14 estate or interest in land; 15 (3) release in whole or in part, assign the whole or a part of, satisfy in 16 whole or in part, and enforce a mortgage, encumbrance, lien, or other claim to land 17 that exists, or is claimed to exist, in favor of the principal; 18 (4) do any act of management or of conservation with respect to an 19 estate or interest in land owned, or claimed to be owned, by the principal, including by 20 way of illustration, but not of restriction, power to insure against any casualty, 21 liability, or loss, obtain or regain possession or protect the estate or interest, pay, 22 compromise, or contest taxes or assessments, or apply for refunds in connection with a 23 payment, compromise, or tax, purchase supplies, hire assistance of labor, and make 24 repairs or alterations in the structures or land; 25 (5) use, develop, modify, alter, replace, remove, erect, or install 26 structures or other improvements on land in which the principal has, or claims to have, 27 an estate or interest; 28 (6) demand, receive, or obtain money or any other thing of value to 29 which the principal is, or may become, or may claim to be entitled as the proceeds of 30 an interest in land or of one or more of the transactions enumerated in this subsection; 31 conserve, invest, disburse, or use anything so received for purposes enumerated in this

01 subsection; and reimburse the agent for an expenditure properly made in the execution 02 of the powers conferred by the statutory form power of attorney; 03 (7) participate in any reorganization with respect to real property and 04 receive and hold any shares of stock or instrument of similar character received under 05 a plan of reorganization, and act with respect to a plan of reorganization, including by 06 way of illustration, but not of restriction, power to sell or otherwise to dispose of 07 shares, to exercise or to sell an option, conversion, or similar right, and to vote in 08 person by the granting of a proxy; 09 (8) agree and contract, in any manner, and with any person and on any 10 terms that the agent may select, for the accomplishment of any of the purposes 11 enumerated in this subsection, and perform, rescind, reform, release, or modify an 12 agreement or contract made by or on behalf of the principal; 13 (9) execute, acknowledge, seal, and deliver a deed, revocation, 14 declaration or modification of trust, mortgage, lease, notice, check, or other instrument 15 that the agent considers useful for the accomplishment of any of the purposes 16 enumerated in this subsection; 17 (10) prosecute, defend, submit to arbitration, settle, and propose or 18 accept a compromise with respect to, a claim existing in favor of, or against, the 19 principal based on or involving a real estate transaction or intervene in any related 20 action; 21 (11) hire, discharge, and compensate an attorney, accountant, expert 22 witness, or assistant when the agent considers that action to be desirable for the proper 23 execution of a power described in this subsection, and for the keeping of records about 24 that action; and 25 (12) do any other act or acts that the principal can do through an agent 26 with respect to any estate or interest in land. 27 * Sec. 6. AS 13.26.344(b) is amended to read: 28 (b) In a statutory form power of attorney, the language conferring general 29 authority with respect to tangible personal property, chattels, and goods transactions 30 shall be construed to mean that, as to tangible personal property, chattels, or goods 31 owned by the principal, whether located in the state or elsewhere, the principal

01 authorizes the agent to 02 (1) accept as a gift, or as a security for a loan, reject, demand, buy, 03 receive, or otherwise acquire either ownership or possession of chattels or goods or an 04 interest in the tangible personal property, chattels, or goods; 05 (2) sell, exchange, convey, release, surrender, mortgage, encumber, 06 pledge, hypothecate, pawn, [REVOKE, CREATE, OR MODIFY A TRUST,] grant 07 options concerning, lease or sublet to others, or otherwise dispose of tangible personal 08 property, chattels, or goods or an interest in them; 09 (3) release in whole or in part, assign the whole or a part of, satisfy in 10 whole or in part, and enforce a mortgage, encumbrance, lien, or other claim that exists, 11 or is claimed to exist, in favor of the principal with respect to any tangible personal 12 property, chattels, or goods or an interest in them; 13 (4) do any act of management or of conservation with respect to any 14 tangible personal property, chattels, or goods or to an interest in any tangible personal 15 property, chattels, or goods owned, or claimed to be owned, by the principal, including 16 by way of illustration, but not of restriction, power to insure against any casualty, 17 liability, or loss, obtain or regain possession, or protect the tangible personal property, 18 chattels, or goods or an interest in them, pay, compromise, or contest taxes or 19 assessments, apply for refunds in connection with a payment, compromise, or tax, 20 move from place to place, store for hire or on a gratuitous bailment, use, alter, and 21 make repairs or alterations of any tangible personal property, chattels, or goods, or an 22 interest in them; 23 (5) demand, receive, and obtain money or any other thing of value to 24 which the principal is, or may become, or may claim to be, entitled as the proceeds of 25 any tangible personal property, chattels, or goods or of an interest in them, or of one or 26 more of the transactions enumerated in this subsection, conserve, invest, disburse, or 27 use anything so received for purposes enumerated in this subsection, and reimburse 28 the agent for any expenditures properly made in the execution of the powers conferred 29 by the power of attorney; 30 (6) agree and contract, in any manner, and with any person and on any 31 terms that the agent may select, for the accomplishment of the purposes enumerated in

01 this subsection, and perform, rescind, reform, release, or modify any agreement or 02 contract or any other similar agreement or contract made by or on behalf of the 03 principal; 04 (7) execute, acknowledge, seal, and deliver a conveyance, revocation, 05 declaration or modification of [TRUST,] mortgage, lease, notice, check or other 06 instrument that the agent considers useful for the accomplishment of the purposes 07 enumerated in this subsection; 08 (8) prosecute, defend, submit to arbitration, settle, and propose or 09 accept a compromise with respect to, a claim existing in favor of, or against, the 10 principal based on or involving a transaction involving tangible personal property, 11 chattels, or goods, or intervene in an action or proceeding; 12 (9) hire, discharge, and compensate an attorney, accountant, expert 13 witness, or assistant when the agent considers the action to be desirable to the proper 14 execution of a power described in this subsection, and for the keeping of records about 15 that action; 16 (10) do any other act or acts that the principal can do through an agent 17 with respect to any chattels or goods or interest in any tangible personal property, 18 chattels, or goods. 19 * Sec. 7. AS 13.26.344(c) is amended to read: 20 (c) In a statutory form power of attorney, the language conferring general 21 authority with respect to bonds, shares, and commodities transactions shall be 22 construed to mean that, with respect to a bond, share, or commodity of the principal, 23 whether in the state or elsewhere, the principal authorizes the agent to 24 (1) accept as a gift, or as a security for a loan, reject, demand, buy, 25 receive, or otherwise acquire either ownership or possession of, a bond, share, or 26 instrument of similar character including, by way of illustration, but not of restriction, 27 stock in a corporation organized under 43 U.S.C. 1601 et seq. (Alaska Native Claims 28 Settlement Act), commodity interest, or an instrument with respect to a bond, share, or 29 instruments of similar character, together with the interest, dividends, proceeds, or 30 other distributions connected with a bond, share, or instrument of a similar character; 31 (2) sell, exchange, transfer, release, surrender, hypothecate, pledge,

01 [REVOKE, CREATE, OR MODIFY A TRUST,] grant options concerning, loan, trade 02 in, or otherwise dispose of a bond, share, instrument of similar character, commodity 03 interest, or a related instrument; 04 (3) release, assign the whole or part of, satisfy in whole or in part, and 05 enforce a pledge, encumbrance, lien, or other claim as to a bond, share, instrument of 06 similar character, commodity interest, or a related interest, when the pledge, 07 encumbrance, lien, or other claim is owned, or claimed to be owned, by the principal; 08 (4) do any act of management or of conservation with respect to a 09 bond, share, instrument of similar character, commodity interest, or a related 10 instrument, owned or claimed to be owned by the principal or in which the principal 11 has or claims to have an interest, including by way of illustration, but not of 12 restriction, power to insure against a casualty, liability, or loss, obtain or regain 13 possession or protect the principal's interest, pay, compromise, or contest taxes or 14 assessments, apply for a refund in connection with a payment, compromise, or tax, 15 consent to and participate in a reorganization, recapitalization, liquidation, merger, 16 consolidation, sale or lease or other change in or revival of a corporation or other 17 association, or in the financial structure of a corporation or other association, or in the 18 priorities, voting rights, or other special rights with respect to a corporation or 19 association, become a depositor with a protective, reorganization or similar committee 20 of the bond, share, other instrument of similar character, commodity interest or a 21 related instrument, belonging to the principal, make a payment reasonably incident to 22 them, and exercise or sell an option, conversion, or similar right, or vote in person or 23 by the granting of a proxy for the accomplishment of the purposes enumerated in this 24 subsection; 25 (5) carry in the name of a nominee selected by the agent evidence of 26 the ownership of a bond, share, other instrument of similar character, commodity 27 interest, or related instrument belonging to the principal; 28 (6) employ, in any way believed to be desirable by the agent, a bond, 29 share, other instrument of similar character, commodity interest, or a related 30 instrument, in which the principal has or claims to have an interest, for the protection 31 or continued operation of a speculative or margin transaction personally begun or

01 personally guaranteed, in whole or in part, by the principal; 02 (7) demand, receive, or obtain money or any other thing of value to 03 which the principal is, or may claim to be, entitled as the proceeds of an interest in a 04 bond, share, other instrument of similar character, commodity interest or a related 05 instrument, or of one or more of the transactions enumerated in this subsection, 06 conserve, invest, disburse, or use anything so received for purposes enumerated in this 07 subsection; and reimburse the agent for an expenditure properly made in the execution 08 of the powers conferred by the statutory form power of attorney; 09 (8) agree and contract, in any manner, and with a broker or other 10 person, and on terms that the agent may select, for the accomplishment of the purposes 11 enumerated in this subsection, and perform, rescind, reform, release, or modify the 12 agreement or contract or other similar agreement made by or on behalf of the 13 principal; 14 (9) execute, acknowledge, seal, and deliver a consent, agreement, 15 authorization, assignment, revocation, declaration or modification of [TRUST,] notice, 16 waiver of notice, check, or other instrument that the agent considers useful for the 17 accomplishment of the purposes enumerated in this subsection; 18 (10) execute, acknowledge and file a report or certificate required by 19 law or regulation; 20 (11) prosecute, defend, submit to arbitration, settle, and propose or 21 accept a compromise with respect to, a claim existing in favor of, or against, the 22 principal based on or involving a bond, share, or commodity transactions, or intervene 23 in a related action or proceeding; 24 (12) hire, discharge, and compensate an attorney, accountant, expert 25 witness, or assistant when the agent considers that action to be desirable for the proper 26 execution of the powers described in this subsection, and for the keeping of records 27 about that action; and 28 (13) do any other act or acts that the principal can do through an agent, 29 with respect to an interest in a bond, share, or other instrument of similar character, 30 commodity, or instrument with respect to a commodity. 31 * Sec. 8. AS 13.26.344(d) is amended to read:

01 (d) In a statutory form power of attorney, the language conferring general 02 authority with respect to banking transactions shall be construed to mean that, as to a 03 banking transaction engaged in by the principal, whether in the state or elsewhere, the 04 principal authorizes the agent to 05 (1) continue, modify, or terminate a deposit account or other banking 06 arrangement made by or on the behalf of the principal before the execution of the 07 power of attorney; 08 (2) open, either in the name of the agent alone or in the name of the 09 principal alone, or in both their names jointly, a deposit account of any type in a 10 financial institution selected by the agent, hire a safe deposit box or vault space, and 11 enter into contracts for the procuring of other services made available by the 12 institution that the agent considers desirable; 13 (3) make, sign, and deliver checks or drafts for any purpose, and 14 withdraw funds or property of the principal deposited with or left in the custody of a 15 financial institution, wherever located, either before or after the execution of the 16 power of attorney; 17 (4) prepare financial statements concerning the assets and liabilities or 18 income and expenses of the principal, and deliver the statements to a financial 19 institution or person whom the agent believes to be reasonably entitled to them; 20 (5) receive statements, vouchers, notices, or other documents from a 21 financial institution and act with respect to them; 22 (6) have free access to a safe deposit box or vault to which the 23 principal would have access if personally present; 24 (7) borrow money as the agent may determine, give security out of the 25 assets of the principal as the agent considers necessary for the borrowing, and pay, 26 renew, or extend the time of payment of a financial institution by any other procedure 27 made available by the institution; 28 (8) make, assign, endorse, discount, guarantee, use, and negotiate 29 promissory notes, bills of exchange, checks, drafts, credit and debit cards, electronic 30 transaction authorizations, or other negotiable or nonnegotiable paper of the 31 principal, or payable to the principal or to the principal's order, receive the cash or

01 other proceeds of them; and accept any bill of exchange or draft drawn by any person 02 upon the principal, and pay it when due; 03 (9) receive for the principal and deal in and with a negotiable or 04 nonnegotiable instrument in which the principal has or claims to have an interest; 05 (10) apply for and receive letters of credit or traveler's checks from a 06 banker or banking institution selected by the agent, giving indemnity or other 07 agreements in connection with the applications or receipts that the agent considers 08 desirable or necessary; 09 (11) consent to an extension in the time of payment with respect to 10 commercial paper or a banking transaction in which the principal has an interest or by 11 which the principal is, or might be, affected in any way; 12 (12) pay, compromise, or contest taxes or assessments and apply for 13 refunds in connection with the payment, compromise, or contest; 14 (13) demand, receive, or obtain money or any other thing of value to 15 which the principal is, or may become, or may claim to be entitled as the proceeds of 16 any banking transaction conducted by the principal or by the agent in the execution of 17 the powers described in this subsection, or partly by the principal and partly by the 18 agent; conserve, invest, disburse, or use anything received for purposes enumerated in 19 this subsection, and reimburse the agent for an expenditure properly made in the 20 execution of the powers conferred by the statutory form power of attorney; 21 (14) execute, acknowledge, seal, and deliver an instrument, in the 22 name of the principal or otherwise, that the agent considers useful for the 23 accomplishment of a purpose enumerated in this subsection; 24 (15) prosecute, defend, submit to arbitration, settle, and propose or 25 accept a compromise with respect to, a claim existing in favor of, or against, the 26 principal based on or involving a banking transaction, or intervene in an action or 27 proceeding relating to a banking transaction; 28 (16) hire, discharge, and compensate an attorney, accountant, expert 29 witness, or assistant when the agent considers that the action is desirable for the proper 30 execution of the powers described in this subsection, and for the keeping of records 31 about that action; and

01 (17) do any other act or acts that the principal can do through an agent 02 in connection with a banking transaction that does or might in any way affect the 03 financial or other interests of the principal. 04 * Sec. 9. AS 13.26.344(e) is amended to read: 05 (e) In a statutory form power of attorney, the language conferring general 06 authority with respect to business operating transactions shall be construed to mean 07 that, with respect to a business in which the principal has an interest, whether in the 08 state or elsewhere, the principal authorizes the agent 09 (1) to the extent that an agent is permitted by law to act for a principal, 10 to discharge and perform any duty or liability and exercise any right, power, privilege, 11 or option that the principal has, or claims to have, under a contract of partnership, 12 whether as a general or special partner, enforce the terms of the partnership agreement 13 for the protection of the principal that the agent considers desirable or necessary, and 14 defend, submit to arbitration, settle, or compromise an action to which the principal is 15 a party because of membership in a partnership; 16 (2) to exercise in person or by proxy or enforce a right, power, 17 privilege, or option that the principal has as the holder of a bond, share, or other 18 instrument of similar character, and defend, submit to arbitration, settle, or 19 compromise an action to which the principal is a party because of a bond, share, or 20 other instrument of similar character; 21 (3) with respect to a business enterprise that is owned solely by the 22 principal, 23 (A) continue, modify, renegotiate, extend and terminate a 24 contractual arrangement made with a person, firm, association, or corporation 25 by or on behalf of the principal; 26 (B) determine the policy of the enterprise as to the location of 27 the site or sites to be used for its operation, the nature and extent of the 28 business to be undertaken by it, the methods of manufacturing, selling, 29 merchandising, financing, accounting, and advertising to be employed in its 30 operation, the amount and types of insurance to be carried, the mode of 31 securing compensation and dealing with accountants, attorneys, and employees

01 required for its operation, agree and contract, in any manner, and with any 02 person and on any terms, that the agent considers desirable or necessary to 03 carry out any or all of the decisions of the agent as to policy, and perform, 04 rescind, reform, release, or modify an agreement or contract or any other 05 similar agreement or contract made by or on behalf of the principal; 06 (C) change the name or form of organization under which the 07 business is operated and enter into a partnership agreement with others or 08 organize a corporation to take over the operation of the business, or any part of 09 it, that the agent considers desirable or necessary; 10 (D) demand and receive all money that is or may become due 11 to the principal, or that may be claimed by the principal or on the principal's 12 behalf, in the operation of the enterprise, and control and disburse the funds in 13 the operation of the enterprise in any way that the agent considers desirable or 14 necessary, and engage in banking transactions that the agent considers 15 desirable or necessary to carry out the execution of the powers of the agent 16 described in this subparagraph; 17 (4) prepare, sign, file, and deliver all reports, compilations of 18 information, returns, and other papers with respect to a business operating transaction 19 of the principal that is required by a government agency or that the agent considers 20 desirable or necessary for any purpose, and make any payments with respect to the 21 agency; 22 (5) pay, compromise, or contest taxes or assessments and do any act or 23 acts that the agent considers desirable or necessary to protect the principal from illegal 24 or unnecessary taxation, fines, penalties, or assessments in connection with the 25 business operations; 26 (6) demand, receive, or obtain money or any other thing of value to 27 which the principal is or may claim to be entitled as the proceeds of a business 28 operation of the principal, conserve, invest, disburse, and use anything so received for 29 purposes enumerated in this subsection, and reimburse the agent for expenditures 30 properly made in the execution of the powers conferred by the statutory form power of 31 attorney;

01 (7) execute, acknowledge, seal, and deliver a deed, assignment, 02 mortgage, lease, notice, consent, agreement, authorization check, or other instrument 03 that the agent considers useful for the accomplishment of any of the purposes 04 enumerated in this subsection; 05 (8) prosecute, defend, submit to arbitration, settle, and propose or 06 accept a compromise with respect to, a claim existing in favor of, or against, the 07 principal based on or involving a business operating transaction or intervene in a 08 related action; 09 (9) hire, discharge, and compensate an attorney, accountant, expert 10 witness, or assistant when the agent reasonably believes that the action is desirable for 11 the proper execution of the powers described in this subsection, and for the keeping of 12 records about that action; 13 (10) to operate, buy, sell, enlarge, reduce, or terminate an 14 ownership interest; 15 (11) to put additional capital into an entity or business in which 16 the principal has an interest; 17 (12) to join in a plan of reorganization, consolidation, conversion, 18 domestication, or merger of the entity or business; 19 (13) to sell or liquidate all or part of an entity or business; and 20 (14) to establish the value of an entity or business under a buy-out 21 agreement to which the principal is a party; and 22 (15) [AND (10)] do any other act or acts that the principal can do 23 through an agent in connection with a business operated by the principal that the agent 24 considers desirable or necessary for the furtherance or protection of the interests of the 25 principal. 26 * Sec. 10. AS 13.26.344(f) is amended to read: 27 (f) In a statutory form power of attorney, the language conferring general 28 authority with respect to insurance transactions shall be construed to mean that, as to a 29 contract of insurance in which the principal has an interest, whether in the state or 30 elsewhere, the principal authorizes the agent to 31 (1) continue, pay the premium or assessment on, modify, rescind,

01 release, or terminate any contract of life, accident, health, disability, or liability 02 insurance, or any combination of insurance, procured by or on behalf of the principal 03 before the creation of the agency that insures either the principal or any other person 04 without regard to whether the principal is or is not a beneficiary under the insurance 05 coverage; 06 (2) procure new, different, or additional contracts on the life of the 07 principal or protecting the principal with respect to ill health, disability, accident, or 08 liability of any sort, select the amount, the type of insurance contract, and the mode of 09 payment under each policy, pay the premium or assessment on, modify, rescind, 10 release, or terminate a contract so procured by the agent; and designate the beneficiary 11 of the contract of insurance, except that the agent cannot be the beneficiary unless the 12 agent is spouse, child, grandchild, parent, brother, or sister of the principal; 13 (3) apply for and receive a loan on the security of the contract of 14 insurance, whether for the payment of a premium or for the procuring of cash; 15 surrender and receive the cash surrender value; exercise an election as to beneficiary 16 or mode of payment, change the manner of paying premiums, change or convert the 17 type of insurance contract with respect to any insurance that the principal has, or 18 claims to have, as to any power described in this subsection; and change the 19 beneficiary of a contract of insurance, except that the agent cannot be the new 20 beneficiary unless the agent is spouse, child, grandchild, parent, brother, or sister of 21 the principal; 22 (4) demand, receive, or obtain money or any other thing of value to 23 which the principal is, or may become, or may claim to be entitled as the proceeds of a 24 contract of insurance or of one or more of the transactions enumerated in this 25 subsection; conserve, invest, disburse, or use anything received for purposes 26 enumerated in this subsection and reimburse the agent for expenditures properly made 27 in the execution of the powers conferred by the statutory form power of attorney; 28 (5) apply for and procure available government aid in the guaranteeing 29 or paying of premiums of a contract of insurance on the life of the principal; 30 (6) sell, assign, hypothecate, borrow upon, or pledge the interest of the 31 principal in any contract of insurance;

01 (7) pay, from the proceeds of an insurance contract or otherwise, 02 compromise, or contest, and apply for refunds in connection with, a tax or assessment 03 levied by a taxing authority with respect to a contract of insurance or the proceeds of 04 or liability accruing by reason of a tax or assessment; 05 (8) agree and contract, in any manner and with any person and on any 06 terms that the agent may select, for the accomplishment of the purposes enumerated in 07 this subsection, and perform, rescind, reform, release, or modify any agreement or 08 contract; 09 (9) execute, acknowledge, seal, and deliver any consent, demand, 10 request, application, agreement, indemnity, authorization, assignment, pledge, notice, 11 check, receipt, waiver, or other instrument that the agent considers useful for the 12 accomplishment of a purpose enumerated in this subsection; 13 (10) continue, procure, pay the premium or assessment on, modify, 14 rescind, release, terminate, or otherwise deal with any contract of insurance, other than 15 those enumerated in (1) and (2) of this subsection, or any combination of insurance; 16 and do any act with respect to the contract or with respect to its proceeds or 17 enforcement that the agent considers desirable or necessary for the promotion or 18 protection of the interests of the principal; 19 (11) prosecute, defend, submit to arbitration, settle, and propose or 20 accept a compromise with respect to a claim existing in favor of, or against, the 21 principal based on or involving an insurance transaction, or intervene in an action 22 relating to an insurance transaction; 23 (12) hire, discharge, and compensate an attorney, accountant, expert 24 witness, or assistant when the agent considers the action to be desirable for the proper 25 execution of a power described in this subsection, and for the keeping of records about 26 that action; [AND] 27 (13) exercise investment powers available under a contract of 28 insurance or annuity; and 29 (14) do any other act or acts that the principal can do through an agent 30 in connection with procuring, supervising, managing, modifying, enforcing, and 31 terminating contracts of insurance in which the principal is the insured or has an

01 interest. 02 * Sec. 11. AS 13.26.344(h) is repealed and reenacted to read: 03 (h) In a statutory form power of attorney, unless the power of attorney 04 otherwise provides, the language conferring general authority with respect to gift 05 transactions shall be construed to mean that the principal authorizes the agent only 06 (1) to make a gift of the principal's property only as the agent 07 determines is consistent with the principal's objectives if actually known by the agent 08 and, if unknown, as the agent determines is consistent with the principal's best interest 09 based on all relevant factors, including 10 (A) the value and nature of the principal's property; 11 (B) the principal's foreseeable obligations and need for 12 maintenance; 13 (C) minimization of taxes, including income, estate, 14 inheritance, generation-skipping transfer, and gift taxes; 15 (D) eligibility for a benefit, a program, or assistance under a 16 statute or regulation; and 17 (E) the principal's personal history of making or joining in 18 making gifts; 19 (2) subject to (1) of this subsection, to make outright to, or for the 20 benefit of, a person, a gift of any of the principal's property, including by the exercise 21 of a presently exercisable general power of appointment held by the principal, in an 22 amount for each donee not to exceed the annual dollar limits of the federal gift tax 23 exclusion under 26 U.S.C. 2503(b) (Internal Revenue Code), as amended, without 24 regard to whether the federal gift tax exclusion applies to the gift, or if the principal's 25 spouse agrees to consent to a split gift under 26 U.S.C. 2513 (Internal Revenue Code), 26 as amended, in an amount for each donee not to exceed twice the annual federal gift 27 tax exclusion limit; and 28 (3) subject to (1) of this subsection, to consent, under 26 U.S.C. 2513 29 (Internal Revenue Code), as amended, to the splitting of a gift made by the principal's 30 spouse in an amount for each donee not to exceed the aggregate annual gift tax 31 exclusions for both spouses.

01 * Sec. 12. AS 13.26.344(j) is amended to read: 02 (j) In a statutory form power of attorney, the language conferring general 03 authority with respect to personal relationships is neither dependent on, nor limited 04 by, authority that an agent may or may not have with respect to gifts under 05 AS 13.26.332 - 13.26.359, and shall be construed to mean that, as to real and personal 06 property owned by the principal, whether in the state or elsewhere, the principal 07 authorizes the agent to 08 (1) do all acts necessary to maintain the customary standard of living 09 of the spouse, children, [AND] other dependents of the principal, whether living 10 when the power of attorney is executed or later born, and individuals whom the 11 principal has customarily supported or indicated the intent to support, including 12 by way of illustration and not by way of restriction, power to provide living quarters 13 by purchase, by lease, or by other contract, or by any payment of the operating costs, 14 including interest, amortization payments, repairs, and taxes, of premises owned by 15 the principal and occupied by the principal's family or dependents, to provide normal 16 domestic help for the operation of the household, to provide usual vacations and usual 17 travel expenses, to provide usual educational facilities, [AND] to provide funds for all 18 the current living costs of the spouse, children, and other dependents, including, 19 among other things, shelter, clothing, food, and incidentals, and to make periodic 20 payments of child support and other family maintenance required by a court or 21 governmental agency or an agreement to which the principal is a party; 22 (2) provide, whenever necessary, medical, dental, and surgical care, 23 hospitalization, and custodial care for the spouse, children, and other dependents of the 24 principal; 25 (3) continue whatever provision has been made by the principal for the 26 principal's spouse, children, and other dependents, with respect to automobiles, or 27 other means of transportation, including by way of illustration, but not by way of 28 restriction, power to license, insure, and replace automobiles owned by the principal 29 and customarily used by the spouse, children, or other dependents of the principal; 30 (4) continue whatever charge accounts have been opened for the 31 convenience of the principal's spouse, children, or other dependents, open any new

01 accounts that the agent considers desirable to accomplish the purposes enumerated in 02 this subsection, and pay the items charged on these accounts by a person authorized or 03 permitted by the principal to make the charges; 04 (5) continue the discharge of any services or duties assumed by the 05 principal to a parent, relative, or friend of the principal; 06 (6) supervise, enforce, defend, or settle any claim by or against the 07 principal arising out of property damages or personal injuries suffered by or caused by 08 the principal, or under any circumstance that the resulting loss will or may fall on the 09 principal; 10 (7) continue payments incidental to the membership or affiliation of 11 the principal in a church, club, society, order, or other organization, or continue 12 contributions to the organization; 13 (8) demand, receive, or obtain money or any other thing of value to 14 which the principal is or may become or may claim to be entitled as remuneration for 15 services performed, or as a stock dividend or distribution, or as interest or principal 16 upon indebtedness, or as a periodic distribution of profits from any partnership or 17 business in which the principal has or claims an interest, and endorse, collect, or 18 otherwise realize upon an instrument for the payment received; 19 (9) prepare, execute, and file all tax, social security, unemployment 20 insurance, and information returns required by the laws of the United States or of any 21 state or subdivision, or of any foreign government; prepare, execute, and file all other 22 papers and instruments that the agent considers desirable or necessary for the 23 safeguarding of the principal against excess or illegal taxation or against penalties 24 imposed for claimed violation of a law or regulation; and pay, compromise, or contest 25 or apply for refunds in connection with a tax or assessment for which the principal is 26 or may be liable; 27 (10) use an asset of the principal to perform a power enumerated in 28 this subsection, including by way of illustration and not by way of restriction, power 29 to draw money by check or otherwise from a bank deposit of the principal, to sell land 30 or a chattel, bond, share, commodity interest, or other asset of the principal, to borrow 31 money, and to pledge as security for the loan any asset, including insurance, that

01 belongs to the principal; 02 (11) execute, acknowledge, verify, seal, file, and deliver an 03 application, consent, petition, notice, release, waiver, agreement, or other instrument 04 that the agent considers useful to accomplish a purpose enumerated in this subsection; 05 (12) prosecute, defend, submit to arbitration, settle, and propose or 06 accept a compromise with respect to a claim existing in favor of, or against, the 07 principal based on or involving a transaction enumerated in this subsection, or 08 intervene in any action or proceeding related to a transaction; 09 (13) hire, discharge, and compensate an attorney, accountant, expert 10 witness, or assistant when the agent considers the action to be desirable for the proper 11 execution of any of the powers described in this subsection, and for the keeping of 12 records, about that action; [AND] 13 (14) do any other act or acts that the principal can do through an agent, 14 for the welfare of the spouse, children, or dependents of the principal or for the 15 preservation and maintenance of the other personal relationships of the principal to a 16 parent, relative, friend, or organization; and 17 (15) act as the principal's personal representative under 42 U.S.C. 18 1320d (Health Insurance Portability and Accountability Act and secs. 1171 - 19 1179, Social Security Act), as amended, and applicable regulations, in making 20 decisions related to the past, present, or future payment for the provision of 21 health care consented to by the principal or anyone authorized under the law of 22 this state to consent to health care on behalf of the principal. 23 * Sec. 13. AS 13.26.344(k) is amended to read: 24 (k) In a statutory form power of attorney, the language conferring general 25 authority with respect to benefits from government programs or civil or [AND] 26 military service shall be construed to mean that, whether the benefits from the 27 government programs or civil or military service have accrued to the principal in the 28 state or elsewhere, the principal authorizes the agent to 29 (1) prepare and execute vouchers, applications, requests, forms, and 30 other legal documents in the name of the principal for all benefits, bonuses, dividends, 31 allowances, and reimbursements payable under any government program or military

01 service of the United States, a state, or a subdivision, including allowances and 02 reimbursements for transportation of the individuals described in (j)(1) of this 03 section, and for shipment of their household effects, and receive, endorse, and 04 collect the proceeds of a check payable to the order of the principal drawn on the 05 treasurer or other fiscal officer or depositary of the United States, a state, or a 06 subdivision; 07 (2) take possession and order the removal and shipment of property of 08 the principal from any post, warehouse, depot, dock, or other place or storage or 09 safekeeping and execute and deliver any release, voucher, receipt, bill of lading, 10 shipping ticket, certificate, or other instrument that the agent considers desirable or 11 necessary for that purpose; 12 (3) prepare, file, and prosecute the claim of the principal to any benefit 13 or assistance to which the principal is, or claims to be, entitled under the provisions of 14 a statute or regulation of the United States, a state, or a subdivision; 15 (4) receive the financial proceeds of a claim of the type described in 16 this subsection; conserve, invest, disburse or use anything received for purposes 17 enumerated in this subsection; and reimburse the agent for expenditures properly made 18 in the execution of the powers conferred by the statutory form power of attorney; 19 (5) prosecute, defend, submit to arbitration, settle, and propose or 20 accept a compromise with respect to a claim existing in favor of, or against, the 21 principal based on or involving a benefit from a government program or military 22 service, or intervene in an action relating to a claim; 23 (6) hire, discharge, or compensate an attorney, accountant, expert 24 witness, or assistant when the agent considers that action to be desirable for the proper 25 execution of any of the powers described in this subsection; [AND] 26 (7) enroll in, apply for, select, reject, change, amend, or 27 discontinue, on the principal's behalf, a benefit or program; and 28 (8) do any other act or acts that the principal can do through an agent, 29 and that [WHICH] the agent considers desirable or necessary to assure to the principal 30 and to the dependents of the principal [,] the maximum possible benefit from the 31 government programs or civil or military service of the United States, a state, or a

01 subdivision. 02 * Sec. 14. AS 13.26.344 is amended by adding a new subsection to read: 03 (q) In a statutory form power of attorney, the language conferring authority 04 with respect to retirement plans shall be construed to mean that the principal 05 authorizes the agent to 06 (1) select the form and timing of payments under a retirement plan and 07 withdraw benefits from a plan; 08 (2) make a rollover, including a direct trustee-to-trustee rollover, of 09 benefits from one retirement plan to another; 10 (3) establish a retirement plan in the principal's name; 11 (4) make contributions to a retirement plan; 12 (5) exercise investment powers available under a retirement plan; and 13 (6) borrow from, sell assets to, or purchase assets from a retirement 14 plan. 15 * Sec. 15. AS 13.26 is amended by adding a new section to read: 16 Sec. 13.26.346. Validity of power of attorney executed in another state. A 17 power of attorney executed other than in this state is valid in this state if, 18 when the power of attorney was executed, the execution complied with 19 (1) the law of the jurisdiction where the power of attorney 20 was executed; or 21 (2) the requirements for a military power of attorney under 22 10 U.S.C. 1044b, as amended. 23 * Sec. 16. AS 13.26.347 is amended to read: 24 Sec. 13.26.347. Validity of modified statutory form power of attorney. A 25 power of attorney that satisfies the requirements of AS 13.26.332 - 13.26.344 is not 26 prevented from being a statutory form power of attorney by the fact that it also 27 contains additional language that 28 (1) eliminates from the power of attorney one or more of the powers 29 enumerated in one or more of the subsections of AS 13.26.344 with respect to a 30 section of the statutory form power of attorney that is not eliminated by the principal; 31 (2) supplements one or more of the powers enumerated in one or more

01 of the subsections of AS 13.26.344 with respect to a section of the statutory form 02 power of attorney that is not eliminated by the principal by specifically listing 03 additional powers of the agent; [OR] 04 (3) makes an additional provision that is not substantially inconsistent 05 with the other provisions of the statutory form power of attorney; or 06 (4) relieves an agent of liability for breach of a duty under 07 AS 13.26.349, except to the extent the provision 08 (A) relieves the agent of liability for breach of 09 duty committed dishonestly, with an improper motive, or 10 with reckless indifference to the purposes of the power of 11 attorney or the best interest of the principal; or 12 (B) was inserted as a result of an abuse of a 13 confidential or fiduciary relationship with the principal. 14 * Sec. 17. AS 13.26 is amended by adding new sections to read: 15 Sec. 13.26.348. Agent's acceptance and liability. (a) Except as otherwise 16 provided in the power of attorney, a person accepts appointment as an 17 agent under a power of attorney by exercising authority or performing 18 duties as an agent or by any other assertion or conduct indicating 19 acceptance. 20 (b) An agent that violates a provision in AS 13.26.332 - 13.26.359 is 21 liable to the principal or the principal's successors in interest for the 22 amount required to 23 (1) restore the value of the principal's property to what it 24 would have been had the violation not occurred; and 25 (2) reimburse the principal or the principal's successors in 26 interest for the attorney fees and costs paid on the agent's behalf. 27 Sec. 13.26.349. Agent's duties. (a) Notwithstanding provisions in the 28 power of attorney, an agent that has accepted appointment shall 29 (1) act in accordance with the principal's reasonable 30 expectations to the extent actually known by the agent and, otherwise, in 31 the principal's best interest;

01 (2) act in good faith; and 02 (3) act only within the scope of authority granted in the 03 power of attorney. 04 (b) Except as otherwise provided in the power of attorney, an agent 05 that has accepted appointment shall 06 (1) act loyally for the principal's benefit; 07 (2) act so as not to create a conflict of interest that impairs 08 the agent's ability to act impartially in the principal's best interest; 09 (3) act with the care, competence, and diligence ordinarily 10 exercised by agents in similar circumstances; 11 (4) keep a record of all receipts, disbursements, and 12 transactions made on behalf of the principal; 13 (5) cooperate with a person that has authority to make health 14 care decisions for the principal to carry out the principal's reasonable 15 expectations to the extent actually known by the agent and, otherwise, act 16 in the principal's best interest; and 17 (6) attempt to preserve the principal's estate plan, to the 18 extent actually known by the agent, if preserving the plan is consistent 19 with the principal's best interest based on all relevant factors, including 20 (A) the value and nature of the principal's property; 21 (B) the principal's foreseeable obligations and need for 22 maintenance; 23 (C) minimization of taxes, including income, estate, 24 inheritance, generation-skipping transfer, and gift taxes; and 25 (D) eligibility for a benefit, a program, or assistance 26 under a statute or regulation. 27 (c) An agent that acts in good faith is not liable to any beneficiary of 28 the principal's estate plan for failure to preserve the plan. 29 (d) An agent that acts with care, competence, and diligence for the 30 best interest of the principal is not liable solely because the agent also

01 benefits from the act or has an individual or conflicting interest in relation 02 to the property or affairs of the principal. 03 (e) If an agent is selected by the principal because of special skills or 04 expertise possessed by the agent or in reliance on the agent's 05 representation that the agent has special skills or expertise, the special 06 skills or expertise must be considered in determining whether the agent 07 has acted with care, competence, and diligence under the circumstances. 08 (f) Absent a breach of duty to the principal, an agent is not liable if 09 the value of the principal's property declines. 10 (g) An agent that exercises authority to delegate to another person 11 the authority granted by the principal or that engages another person on 12 behalf of the principal is not liable for an act, error of judgment, or default 13 of that person if the agent exercises care, competence, and diligence in 14 selecting and monitoring the person. 15 (h) Except as otherwise provided in the power of attorney, an agent 16 is not required to disclose receipts, disbursements, or transactions 17 conducted on behalf of the principal unless ordered by a court or requested 18 by the principal, a guardian, a conservator, another fiduciary acting for the 19 principal, a governmental agency having authority to protect the welfare of 20 the principal, or, upon the death of the principal, the personal 21 representative or successor in interest of the principal's estate. If so 22 requested, within 30 days the agent shall comply with the request or 23 provide a writing or other record substantiating why additional time is 24 needed and shall comply with the request within an additional 30 days. 25 * Sec. 18. AS 13.26.350(b) is amended to read: 26 (b) An act done by an agent [ATTORNEY-IN-FACT] under a power 27 granted in a power of attorney under AS 13.26.332 - 13.26.344 during a 28 period of disability, incompetence, or uncertainty as to whether the 29 principal is dead or alive has the same effect and enures to the benefit of 30 and binds a principal and the principal's distributees, devisees, legatees,

01 and personal representatives as if the principal were competent and not 02 disabled. If a conservator is later appointed for the principal, during the 03 continuance of the appointment, the agent is accountable to the conservator as 04 well as to the principal [THE ATTORNEY-IN-FACT SHALL ACCOUNT TO 05 THE CONSERVATOR RATHER THAN TO THE PRINCIPAL]. The 06 conservator has the same power the principal would have if the principal 07 were not disabled or incompetent to revoke, suspend, or terminate the 08 power of attorney. 09 * Sec. 19. AS 13.26 is amended by adding new sections to read: 10 Sec. 13.26.351. Judicial relief. (a) The following persons may 11 petition a court in accordance with the provisions of AS 13.26.165 - 12 13.26.324 to construe a power of attorney, review the agent's conduct, and 13 grant appropriate relief: 14 (1) the principal or the agent; 15 (2) the principal's attorney or other legal representative; 16 (3) a guardian, conservator, or other fiduciary acting for the 17 principal; 18 (4) a person authorized to make health care decisions for the 19 principal; 20 (5) the principal's spouse, parent, or descendant; 21 (6) an individual who would qualify as a presumptive heir of 22 the principal; 23 (7) a person named as a beneficiary to receive any property, 24 benefit, or contractual right on the principal's death or as a beneficiary of a 25 trust created by or for the principal that has a financial interest in the 26 principal's estate; 27 (8) the Department of Health and Social Services, the 28 Department of Administration, or other governmental agency having 29 statutory authority to protect the welfare of the principal; 30 (9) the principal's caregiver, custodian, or another person

01 that demonstrates sufficient interest in the principal's welfare; and 02 (10) a person asked to accept the power of attorney. 03 (b) Upon motion by the principal, the court shall dismiss a petition 04 filed under this section, unless the court finds that the principal lacks 05 capacity to revoke the agent's authority or the power of attorney. 06 Sec. 13.26.352. Relationship to other laws. (a) AS 13.26.332 - 07 13.26.359 do not supersede any other law applicable to a financial institution or other 08 entity, and the other law controls if inconsistent with AS 13.26.332 - 13.26.359. 09 (b) The remedies in AS 13.26.332 - 13.26.359 are not exclusive and do not 10 abrogate any right or remedy under the law of this state. 11 * Sec. 20. AS 13.26.353(b) is amended to read: 12 (b) A third party who relies on the reasonable representations of an attorney- 13 in-fact designated under AS 13.26.332 - 13.26.347 [AS 13.26.332 - 13.26.344] as to a 14 matter relating to a power granted by a properly executed statutory form power of 15 attorney does not incur a liability to the principal or the principal's heirs, assigns, or 16 estate as a result of permitting the attorney-in-fact to exercise the authority granted by 17 the power of attorney. 18 * Sec. 21. AS 13.26 is amended by adding a new section to read: 19 Sec. 13.26.354. Acceptance of power of attorney. (a) A third party asked to 20 accept a power of attorney may request, and rely upon, without further investigation 21 (1) an agent's certification under penalty of perjury of any factual 22 matter concerning the principal, agent, or power of attorney; 23 (2) an English translation of the power of attorney if the power of 24 attorney contains, in whole or in part, language other than English; and 25 (3) an opinion of counsel as to any matter of law concerning the power 26 of attorney if the person making the request provides in a writing or other record the 27 reason for the request. 28 (b) An English translation or an opinion of counsel requested under this 29 section must be provided at the principal's expense unless the request is made more 30 than seven business days after the power of attorney is presented for acceptance. 31 (c) For purposes of this section, a person that conducts activities through

01 employees is without actual knowledge of a fact relating to a principal, agent, or 02 power of attorney if the employee conducting the transaction involving the power of 03 attorney is without actual knowledge of the fact. 04 (d) Except as otherwise provided in (e) of this section, 05 (1) a person shall accept an acknowledged power of attorney or request 06 a certification, a translation, or an opinion of counsel under (a) of this section not later 07 than seven business days after presentation of the power of attorney for acceptance; 08 (2) if a person requests a certification, a translation, or an opinion of 09 counsel under (a) of this section, the person shall accept the power of attorney not later 10 than five business days after receipt of the certification, translation, or opinion of 11 counsel; and 12 (3) a person may not require an additional or different form of power 13 of attorney for authority granted in the power of attorney presented. 14 (e) A person is not required to accept an acknowledged power of attorney if 15 (1) the person is not otherwise required to engage in a transaction with 16 the principal in the same circumstances; 17 (2) engaging in a transaction with the agent or principal in the same 18 circumstances would be inconsistent with federal law; 19 (3) the person has actual knowledge of the termination of the agent's 20 authority or of the power of attorney before exercise of the power; 21 (4) a request for a certification, a translation, or an opinion of counsel 22 under (a) of this section is refused; 23 (5) the person in good faith believes that the power is not valid or that 24 the agent does not have the authority to perform the act requested, whether or not a 25 certification, a translation, or an opinion of counsel under (a) of this section has been 26 requested or provided; or 27 (6) the person makes, or has actual knowledge that another person has 28 made, a report to Department of Health and Social Services or other governmental 29 agency, stating a good faith belief that the principal may be subject to physical or 30 financial abuse, neglect, exploitation, or abandonment by the agent or a person acting 31 for or with the agent.

01 (f) A person that refuses in violation of this section to accept an acknowledged 02 power of attorney is subject to 03 (1) a court order mandating acceptance of the power of attorney; and 04 (2) liability for reasonable attorney fees and costs incurred in any 05 action or proceeding that confirms the validity of the power of attorney or mandates 06 acceptance of the power of attorney. 07 * Sec. 22. AS 13.26 is amended by adding a new section to read: 08 Sec. 13.26.355. Termination of power of attorney; agent's resignation; 09 notice. (a) Except as provided in AS 13.26.356, a power of attorney terminates when 10 (1) the principal dies; 11 (2) the principal becomes incapacitated, if the power of 12 attorney is not durable; 13 (3) the principal revokes the power of attorney; 14 (4) the power of attorney provides that it terminates; 15 (5) the purpose of the power of attorney is accomplished; or 16 (6) the principal revokes the agent's authority or the agent 17 dies, becomes incapacitated, or resigns, and the power of attorney does not 18 provide for another agent to act under the power of attorney. 19 (b) Unless the power of attorney provides a different method for an 20 agent's resignation, an agent may resign by giving notice to the principal 21 and, if the principal is incapacitated, 22 (1) to the conservator or guardian, if one has been appointed 23 for the principal, and a coagent or successor agent; or 24 (2) if there is no person described in (1) of this subsection, to 25 (A) the principal's custodian or caregiver; 26 (B) another person reasonably believed by the agent to 27 have sufficient interest in the principal's welfare; or 28 (C) a governmental agency having statutory authority 29 to protect the welfare of the principal. 30 * Sec. 23. AS 13.26 is amended by adding a new section to article 5 to read: 31 Sec. 13.26.359. Definitions. In AS 13.26.332 - 13.26.359,

01 (1) "benefits from government programs or civil or military service" 02 means a benefit, a program, or assistance provided under a statute or regulation, 03 including Social Security, Medicare, and Medicaid; 04 (2) "good faith" means honesty in fact; and 05 (3) "retirement plan" means a plan or account created by an employer, 06 the principal, or another individual to provide retirement benefits or deferred 07 compensation of which the principal is a participant, beneficiary, or owner, including a 08 plan or account under the following sections of 26 U.S.C. (Internal Revenue Code): 09 (A) an individual retirement account under 26 U.S.C. 408 10 (Internal Revenue Code), as amended; 11 (B) a Roth IRA under 26 U.S.C. 408A (Internal Revenue 12 Code), as amended; 13 (C) an individual retirement account under 26 U.S.C. 408(q) 14 (Internal Revenue Code), as amended; 15 (D) an annuity or custodial account under 26 U.S.C. 403(b) 16 (Internal Revenue Code), as amended; 17 (E) a pension, profit-sharing, stock bonus, or other retirement 18 plan qualified under 26 U.S.C. 401(a) (Internal Revenue Code), as amended; 19 (F) a plan under 26 U.S.C. 457(b) (Internal Revenue Code), as 20 amended; and 21 (G) a nonqualified deferred compensation plan under 26 U.S.C. 22 409A (Internal Revenue Code), as amended. 23 * Sec. 24. AS 13.26.353(c) is repealed. 24 * Sec. 25. The uncodified law of the State of Alaska is amended by adding a new section to 25 read: 26 APPLICABILITY. This Act 27 (1) applies to a power of attorney created on or after the effective date of this 28 Act; 29 (2) applies to a judicial proceeding concerning a power of attorney 30 commenced on or after the effective date of this Act; 31 (3) applies to a judicial proceeding concerning a power of attorney

01 commenced before the effective date of this Act, unless the court finds that application of a 02 provision of this Act would substantially interfere with the effective conduct of the judicial 03 proceeding or prejudice the rights of a party, in which case, that provision does not apply, and 04 the superseded law applies; and 05 (4) does not apply to an act done before the effective date of this Act. 06 * Sec. 26. This Act takes effect January 1, 2015.