CSHB 254(L&C): "An Act relating to powers of attorney; relating to the uniform probate code; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 254(L&C) 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 AS 13.06.050(1) is repealed and reenacted to read: 05 (1) "agent" means a person granted authority to act for a principal 06 under a power of attorney, whether denominated an agent,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; in this paragraph, "incapacity" has the 02 meaning given in AS 13.26.359; 03 (58) "electronic" means relating to technology having 04 electrical, digital, magnetic, wireless, optical, electromagnetic, or similar 05 capabilities; 06 (59) "power of attorney" means a writing or other record that 07 grants authority to an agent to act in the place of the principal, whether or 08 not the term "power of attorney" is used; 09 (60) "principal" means an individual who grants authority to 10 an agent in a power of attorney; 11 (61) "record" means information that is inscribed on a 12 tangible medium or that is stored in an electronic or other medium and is 13 retrievable in perceivable form; 14 (62) "sign" means, with present intent to authenticate or 15 adopt a record, 16 (A) to execute or adopt a tangible symbol; or 17 (B) to attach to or logically associate with the record an 18 electronic sound, symbol, or process. 19 * Sec. 4. AS 13.26.332 is amended to read: 20 Sec. 13.26.332. Statutory form power of attorney. A person who wishes to 21 designate another as [ATTORNEY-IN-FACT OR] agent by a power of attorney may 22 execute a statutory power of attorney set out in substantially the following form: 23 GENERAL POWER OF ATTORNEY 24 THE POWERS GRANTED FROM THE PRINCIPAL TO THE 25 AGENT OR AGENTS IN THE FOLLOWING DOCUMENT ARE 26 VERY BROAD. THEY MAY INCLUDE THE POWER TO 27 DISPOSE, SELL, CONVEY, AND ENCUMBER YOUR REAL AND 28 PERSONAL PROPERTY. ACCORDINGLY, THE FOLLOWING 29 DOCUMENT SHOULD ONLY BE USED AFTER CAREFUL 30 CONSIDERATION. IF YOU HAVE ANY QUESTIONS ABOUT 31 THIS DOCUMENT, YOU SHOULD SEEK COMPETENT ADVICE.
01 YOU MAY REVOKE THIS POWER OF ATTORNEY AT 02 ANY TIME. 03 Pursuant to AS 13.26.338 - 13.26.359 [AS 13.26.338 - 04 13.26.353], I, (Name of principal), of (Address of principal), do hereby 05 appoint (Name and address of agent or agents), my agent(s) 06 [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 INITIAL THE BOXES BELOW TO INDICATE THE 12 POWERS YOU WANT TO GIVE YOUR AGENT OR AGENTS. 13 INITIAL THE BOX FOR "YES" THAT IS OPPOSITE A 14 CATEGORY BELOW TO GIVE YOUR AGENT OR AGENTS 15 THE POWER IN THAT CATEGORY. INITIAL THE BOX FOR 16 "NO" THAT IS OPPOSITE A CATEGORY BELOW TO 17 INDICATE THAT YOU ARE NOT GIVING YOUR AGENT OR 18 AGENTS THE POWER IN THAT CATEGORY. INITIAL A 19 BOX FOR EVERY CATEGORY [THE AGENT OR AGENTS YOU 20 HAVE APPOINTED WILL HAVE ALL THE POWERS LISTED 21 BELOW UNLESS YOU DRAW A LINE THROUGH A 22 CATEGORY, AND INITIAL THE BOX OPPOSITE THAT 23 CATEGORY]. 24 YES NO 25 (A) real estate transactions ( ) ( ) 26 (B) transactions involving tangible personal 27 property, chattels, and goods ( ) ( ) 28 (C) bonds, shares, and commodities transactions ( ) ( ) 29 (D) banking transactions ( ) ( ) 30 (E) business operating transactions ( ) ( ) 31 (F) insurance transactions ( ) ( )
01 (G) estate transactions ( ) ( ) 02 (H) [GIFT TRANSACTIONS ( ) ( ) 03 (I)] claims and litigation ( ) ( ) 04 (I) [(J)] personal relationships and affairs ( ) ( ) 05 (J) [(K)] benefits from government programs 06 and civil or military service ( ) ( ) 07 (K) [(L)] records, reports, and statements ( ) ( ) 08 (L) [(M)] delegation ( ) ( ) 09 (M) [(N)] voter registration and absentee 10 ballot requests ( ) ( ) 11 (N) retirement plans ( ) ( ) 12 (O) all other matters, including those 13 specified as follows: ( ) ( ) 14 _________________________________________________________ 15 _________________________________________________________ 16 _________________________________________________________ 17 GRANT OF SPECIFIC AUTHORITY (OPTIONAL) 18 The agent or agents you have appointed WILL NOT have 19 the power to do any of the following acts UNLESS you INITIAL 20 the box opposite that category: 21 ( ) create, amend, revoke, or terminate an inter vivos trust; 22 ( ) make a gift, subject to the limitations of AS 13.26.344(h) and 23 any special instructions in this power of attorney; 24 ( ) create or change a beneficiary designation. 25 IF YOU HAVE APPOINTED MORE THAN ONE AGENT, 26 CHECK ONE OF THE FOLLOWING: 27 ( ) Each agent may exercise the powers conferred separately, without 28 the consent of any other agent. 29 ( ) All agents shall exercise the powers conferred jointly, with the 30 consent of all other agents. 31 TO INDICATE WHEN THIS DOCUMENT SHALL
01 BECOME EFFECTIVE, CHECK ONE OF THE FOLLOWING: 02 ( ) This document shall become effective upon the date of my 03 signature. 04 ( ) This document shall become effective upon the date of my 05 incapacity [DISABILITY] and shall not otherwise be affected by my 06 incapacity [DISABILITY]. 07 IF YOU HAVE INDICATED THAT THIS DOCUMENT 08 SHALL BECOME EFFECTIVE ON THE DATE OF YOUR 09 SIGNATURE, CHECK ONE OF THE FOLLOWING: 10 ( ) This document shall not be affected by my subsequent incapacity 11 [DISABILITY]. 12 ( ) This document shall be revoked by my subsequent incapacity 13 [DISABILITY]. 14 IF YOU HAVE INDICATED THAT THIS DOCUMENT 15 SHALL BECOME EFFECTIVE UPON THE DATE OF YOUR 16 SIGNATURE AND WANT TO LIMIT THE TERM OF THIS 17 DOCUMENT, COMPLETE THE FOLLOWING: 18 This document shall only continue in effect for ________ ( ) years 19 from the date of my signature. 20 NOTICE OF REVOCATION OF THE POWERS GRANTED 21 IN THIS DOCUMENT 22 You may revoke one or more of the powers granted in this document. 23 Unless otherwise provided in this document, you may revoke a specific 24 power granted in this power of attorney by completing a special power 25 of attorney that includes the specific power in this document that you 26 want to revoke. Unless otherwise provided in this document, you may 27 revoke all the powers granted in this power of attorney by completing a 28 subsequent power of attorney. 29 NOTICE TO THIRD PARTIES 30 A third party who relies on the reasonable representations of an agent 31 [ATTORNEY-IN-FACT] as to a matter relating to a power granted by
01 a properly executed statutory form power of attorney does not incur 02 any liability to the principal or to the principal's heirs, assigns, or estate 03 as a result of permitting the agent [ATTORNEY-IN-FACT] to exercise 04 the authority granted by the power of attorney. A third party who fails 05 to honor a properly executed statutory form power of attorney may be 06 liable to the principal, the agent [ATTORNEY-IN-FACT], the 07 principal's heirs, assigns, or estate for a civil penalty, plus damages, 08 costs, and fees associated with the failure to comply with the statutory 09 form power of attorney. If the power of attorney is one which becomes 10 effective upon the incapacity [DISABILITY] of the principal, the 11 incapacity [DISABILITY] of the principal is established by an 12 affidavit, as required by law. 13 IN WITNESS WHEREOF, I have hereunto signed my name 14 this ____ day of ________ , ____. 15 _________________________________________________________ 16 Signature of Principal 17 Acknowledged before me at _________________________________ 18 ________________________on ______________________________. 19 Signature of Officer or Notary 20 * Sec. 5. AS 13.26.335 is amended to read: 21 Sec. 13.26.335. Additional optional provisions to statutory form power of 22 attorney. Each of the following provisions may be included in a statutory form power 23 of attorney: 24 (1) [REPEALED. 25 (2)] YOU MAY DESIGNATE AN ALTERNATE 26 AGENT [ATTORNEY-IN-FACT]. ANY ALTERNATE YOU 27 DESIGNATE WILL BE ABLE TO EXERCISE THE SAME 28 POWERS AS THE AGENT(S) YOU NAMED AT THE BEGINNING 29 OF THIS DOCUMENT. IF YOU WISH TO DESIGNATE AN 30 ALTERNATE OR ALTERNATES, COMPLETE THE FOLLOWING: 31 If the agent(s) named at the beginning of this document is unable or
01 unwilling to serve or continue to serve, then I appoint the following 02 agent to serve with the same powers: 03 First alternate or successor agent [ATTORNEY-IN-FACT] 04 _________________________________________________________ 05 (Name and address of alternate) 06 _________________________________________________________ 07 Second alternate or successor agent [ATTORNEY-IN-FACT] 08 _________________________________________________________ 09 (Name and address of alternate) 10 (3) YOU MAY NOMINATE A GUARDIAN OR 11 CONSERVATOR. IF YOU WISH TO NOMINATE A GUARDIAN 12 OR CONSERVATOR, COMPLETE THE FOLLOWING: 13 In the event that a court decides that it is necessary to appoint a 14 guardian or conservator for me, I hereby nominate (Name and address 15 of person nominated) to be considered by the court for appointment to 16 serve as my guardian or conservator, or in any similar representative 17 capacity. 18 * Sec. 6. AS 13.26.341 is amended to read: 19 Sec. 13.26.341. Applicability of provisions of statutory form power of 20 attorney. In the instrument set out in AS 13.26.332 - 13.26.335, 21 (1) if the principal has appointed more than one person to act as 22 [ATTORNEY-IN-FACT OR] agent and failed to check whether the agents may act 23 "jointly" or "severally," the agents are required to act jointly; 24 (2) if the principal has failed to indicate when the instrument shall 25 become effective, the instrument shall become effective upon the date of the 26 principal's signature; 27 (3) if the principal has indicated that the instrument shall become 28 effective upon the date of the principal's signature or has failed to indicate when the 29 instrument shall become effective and has failed to indicate the effect of the principal's 30 subsequent incapacity [DISABILITY] on the instrument, the instrument shall be 31 revoked by the subsequent incapacity [DISABILITY] of the principal;
01 (4) if the principal has failed to indicate a specific term for the 02 instrument, the instrument shall continue in effect until revoked. 03 * Sec. 7. 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 state 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, 15 or other instrument that the agent considers useful for the accomplishment of any of 16 the purposes 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. 8. 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, 05 [REVOCATION, DECLARATION OR MODIFICATION OF TRUST,] mortgage, 06 lease, notice, check or other instrument that the agent considers useful for the 07 accomplishment of the purposes 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. 9. 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 16 OF TRUST,] notice, waiver of notice, check, or other instrument that the agent 17 considers useful for the accomplishment of the purposes enumerated in this 18 subsection; 19 (10) execute, acknowledge and file a report or certificate required by 20 law or regulation; 21 (11) prosecute, defend, submit to arbitration, settle, and propose or 22 accept a compromise with respect to, a claim existing in favor of, or against, the 23 principal based on or involving a bond, share, or commodity transactions, or intervene 24 in a related action or proceeding; 25 (12) hire, discharge, and compensate an attorney, accountant, expert 26 witness, or assistant when the agent considers that action to be desirable for the proper 27 execution of the powers described in this subsection, and for the keeping of records 28 about that action; and 29 (13) do any other act or acts that the principal can do through an agent, 30 with respect to an interest in a bond, share, or other instrument of similar character, 31 commodity, or instrument with respect to a commodity.
01 * Sec. 10. AS 13.26.344(d) is amended to read: 02 (d) In a statutory form power of attorney, the language conferring general 03 authority with respect to banking transactions shall be construed to mean that, as to a 04 banking transaction engaged in by the principal, whether in the state or elsewhere, the 05 principal authorizes the agent to 06 (1) continue, modify, or terminate a deposit account or other banking 07 arrangement made by or on the behalf of the principal before the execution of the 08 power of attorney; 09 (2) open, either in the name of the agent alone or in the name of the 10 principal alone, or in both their names jointly, a deposit account of any type in a 11 financial institution selected by the agent, hire a safe deposit box or vault space, and 12 enter into contracts for the procuring of other services made available by the 13 institution that the agent considers desirable; 14 (3) make, sign, and deliver checks or drafts for any purpose, and 15 withdraw funds or property of the principal deposited with or left in the custody of a 16 financial institution, wherever located, either before or after the execution of the 17 power of attorney; 18 (4) prepare financial statements concerning the assets and liabilities or 19 income and expenses of the principal, and deliver the statements to a financial 20 institution or person whom the agent believes to be reasonably entitled to them; 21 (5) receive statements, vouchers, notices, or other documents from a 22 financial institution and act with respect to them; 23 (6) have free access to a safe deposit box or vault to which the 24 principal would have access if personally present; 25 (7) borrow money as the agent may determine, give security out of the 26 assets of the principal as the agent considers necessary for the borrowing, and pay, 27 renew, or extend the time of payment of a financial institution by any other procedure 28 made available by the institution; 29 (8) make, assign, endorse, discount, guarantee, use, and negotiate 30 promissory notes, bills of exchange, checks, drafts, credit and debit cards, electronic 31 transaction authorizations, or other negotiable or nonnegotiable paper of the
01 principal, or payable to the principal or to the principal's order, receive the cash or 02 other proceeds of them; and accept any bill of exchange or draft drawn by any person 03 upon the principal, and pay it when due; 04 (9) receive for the principal and deal in and with a negotiable or 05 nonnegotiable instrument in which the principal has or claims to have an interest; 06 (10) apply for and receive letters of credit or traveler's checks from a 07 banker or banking institution selected by the agent, giving indemnity or other 08 agreements in connection with the applications or receipts that the agent considers 09 desirable or necessary; 10 (11) consent to an extension in the time of payment with respect to 11 commercial paper or a banking transaction in which the principal has an interest or by 12 which the principal is, or might be, affected in any way; 13 (12) pay, compromise, or contest taxes or assessments and apply for 14 refunds in connection with the payment, compromise, or contest; 15 (13) demand, receive, or obtain money or any other thing of value to 16 which the principal is, or may become, or may claim to be entitled as the proceeds of 17 any banking transaction conducted by the principal or by the agent in the execution of 18 the powers described in this subsection, or partly by the principal and partly by the 19 agent; conserve, invest, disburse, or use anything received for purposes enumerated in 20 this subsection, and reimburse the agent for an expenditure properly made in the 21 execution of the powers conferred by the statutory form power of attorney; 22 (14) execute, acknowledge, seal, and deliver an instrument, in the 23 name of the principal or otherwise, that the agent considers useful for the 24 accomplishment of a purpose enumerated in this subsection; 25 (15) prosecute, defend, submit to arbitration, settle, and propose or 26 accept a compromise with respect to, a claim existing in favor of, or against, the 27 principal based on or involving a banking transaction, or intervene in an action or 28 proceeding relating to a banking transaction; 29 (16) hire, discharge, and compensate an attorney, accountant, expert 30 witness, or assistant when the agent considers that the action is desirable for the proper 31 execution of the powers described in this subsection, and for the keeping of records
01 about that action; and 02 (17) do any other act or acts that the principal can do through an agent 03 in connection with a banking transaction that does or might in any way affect the 04 financial or other interests of the principal. 05 * Sec. 11. AS 13.26.344(e) is amended to read: 06 (e) In a statutory form power of attorney, the language conferring general 07 authority with respect to business operating transactions shall be construed to mean 08 that, with respect to a business in which the principal has an interest, whether in the 09 state or elsewhere, the principal authorizes the agent 10 (1) to the extent that an agent is permitted by law to act for a principal, 11 to discharge and perform any duty or liability and exercise any right, power, privilege, 12 or option that the principal has, or claims to have, under a contract of partnership, 13 whether as a general or special partner, enforce the terms of the partnership agreement 14 for the protection of the principal that the agent considers desirable or necessary, and 15 defend, submit to arbitration, settle, or compromise an action to which the principal is 16 a party because of membership in a partnership; 17 (2) to exercise in person or by proxy or enforce a right, power, 18 privilege, or option that the principal has as the holder of a bond, share, or other 19 instrument of similar character, and defend, submit to arbitration, settle, or 20 compromise an action to which the principal is a party because of a bond, share, or 21 other instrument of similar character; 22 (3) with respect to a business enterprise that is owned solely by the 23 principal, to 24 (A) continue, modify, renegotiate, extend and terminate a 25 contractual arrangement made with a person, firm, association, or corporation 26 by or on behalf of the principal; 27 (B) determine the policy of the enterprise as to the location of 28 the site or sites to be used for its operation, the nature and extent of the 29 business to be undertaken by it, the methods of manufacturing, selling, 30 merchandising, financing, accounting, and advertising to be employed in its 31 operation, the amount and types of insurance to be carried, the mode of
01 securing compensation and dealing with accountants, attorneys, and employees 02 required for its operation, agree and contract, in any manner, and with any 03 person and on any terms, that the agent considers desirable or necessary to 04 carry out any or all of the decisions of the agent as to policy, and perform, 05 rescind, reform, release, or modify an agreement or contract or any other 06 similar agreement or contract made by or on behalf of the principal; 07 (C) change the name or form of organization under which the 08 business is operated and enter into a partnership agreement with others or 09 organize a corporation to take over the operation of the business, or any part of 10 it, that the agent considers desirable or necessary; 11 (D) demand and receive all money that is or may become due 12 to the principal, or that may be claimed by the principal or on the principal's 13 behalf, in the operation of the enterprise, and control and disburse the funds in 14 the operation of the enterprise in any way that the agent considers desirable or 15 necessary, and engage in banking transactions that the agent considers 16 desirable or necessary to carry out the execution of the powers of the agent 17 described in this subparagraph; 18 (4) to prepare, sign, file, and deliver all reports, compilations of 19 information, returns, and other papers with respect to a business operating transaction 20 of the principal that is required by a government agency or that the agent considers 21 desirable or necessary for any purpose, and make any payments with respect to the 22 agency; 23 (5) to pay, compromise, or contest taxes or assessments and do any act 24 or acts that the agent considers desirable or necessary to protect the principal from 25 illegal or unnecessary taxation, fines, penalties, or assessments in connection with the 26 business operations; 27 (6) to demand, receive, or obtain money or any other thing of value to 28 which the principal is or may claim to be entitled as the proceeds of a business 29 operation of the principal, conserve, invest, disburse, and use anything so received for 30 purposes enumerated in this subsection, and reimburse the agent for expenditures 31 properly made in the execution of the powers conferred by the statutory form power of
01 attorney; 02 (7) to execute, acknowledge, seal, and deliver a deed, assignment, 03 mortgage, lease, notice, consent, agreement, authorization check, or other instrument 04 that the agent considers useful for the accomplishment of any of the purposes 05 enumerated in this subsection; 06 (8) to prosecute, defend, submit to arbitration, settle, and propose or 07 accept a compromise with respect to, a claim existing in favor of, or against, the 08 principal based on or involving a business operating transaction or intervene in a 09 related action; 10 (9) to hire, discharge, and compensate an attorney, accountant, expert 11 witness, or assistant when the agent reasonably believes that the action is desirable for 12 the proper execution of the powers described in this subsection, and for the keeping of 13 records about that action; 14 (10) to operate, buy, sell, enlarge, reduce, or terminate an 15 ownership interest; 16 (11) to put additional capital into an entity or business in which 17 the principal has an interest; 18 (12) to join in a plan of reorganization, consolidation, conversion, 19 domestication, or merger of the entity or business; 20 (13) to sell or liquidate all or part of an entity or business; and 21 (14) to establish the value of an entity or business under a buy-out 22 agreement to which the principal is a party; and 23 (15) to [AND (10)] do any other act or acts that the principal can do 24 through an agent in connection with a business operated by the principal that the agent 25 considers desirable or necessary for the furtherance or protection of the interests of the 26 principal. 27 * Sec. 12. AS 13.26.344(f) is amended to read: 28 (f) In a statutory form power of attorney, the language conferring general 29 authority with respect to insurance transactions shall be construed to mean that, as to a 30 contract of insurance in which the principal has an interest, whether in the state or 31 elsewhere, the principal authorizes the agent to
01 (1) continue, pay the premium or assessment on, modify, rescind, 02 release, or terminate any contract of life, accident, health, disability, or liability 03 insurance, or any combination of insurance, procured by or on behalf of the principal 04 before the creation of the agency that insures either the principal or any other person 05 without regard to whether the principal is or is not a beneficiary under the insurance 06 coverage; 07 (2) procure new, different, or additional contracts on the life of the 08 principal or protecting the principal with respect to ill health, disability, accident, or 09 liability of any sort, select the amount, the type of insurance contract, and the mode of 10 payment under each policy, pay the premium or assessment on, modify, rescind, 11 release, or terminate a contract so procured by the agent; and designate the beneficiary 12 of the contract of insurance, except that the agent cannot be the beneficiary unless the 13 agent is spouse, child, grandchild, parent, brother, or sister of the principal; 14 (3) apply for and receive a loan on the security of the contract of 15 insurance, whether for the payment of a premium or for the procuring of cash; 16 surrender and receive the cash surrender value; exercise an election as to beneficiary 17 or mode of payment, change the manner of paying premiums, change or convert the 18 type of insurance contract with respect to any insurance that the principal has, or 19 claims to have, as to any power described in this subsection; and change the 20 beneficiary of a contract of insurance, except that the agent cannot be the new 21 beneficiary unless the agent is spouse, child, grandchild, parent, brother, or sister of 22 the principal; 23 (4) demand, receive, or 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 a 25 contract of insurance or of one or more of the transactions enumerated in this 26 subsection; conserve, invest, disburse, or use anything received for purposes 27 enumerated in this subsection and reimburse the agent for expenditures properly made 28 in the execution of the powers conferred by the statutory form power of attorney; 29 (5) apply for and procure available government aid in the guaranteeing 30 or paying of premiums of a contract of insurance on the life of the principal; 31 (6) sell, assign, hypothecate, borrow upon, or pledge the interest of the
01 principal in any contract of insurance; 02 (7) pay, from the proceeds of an insurance contract or otherwise, 03 compromise, or contest, and apply for refunds in connection with, a tax or assessment 04 levied by a taxing authority with respect to a contract of insurance or the proceeds of 05 or liability accruing by reason of a tax or assessment; 06 (8) agree and contract, in any manner and with any person and on any 07 terms that the agent may select, for the accomplishment of the purposes enumerated in 08 this subsection, and perform, rescind, reform, release, or modify any agreement or 09 contract; 10 (9) execute, acknowledge, seal, and deliver any consent, demand, 11 request, application, agreement, indemnity, authorization, assignment, pledge, notice, 12 check, receipt, waiver, or other instrument that the agent considers useful for the 13 accomplishment of a purpose enumerated in this subsection; 14 (10) continue, procure, pay the premium or assessment on, modify, 15 rescind, release, terminate, or otherwise deal with any contract of insurance, other than 16 those enumerated in (1) and (2) of this subsection, or any combination of insurance; 17 and do any act with respect to the contract or with respect to its proceeds or 18 enforcement that the agent considers desirable or necessary for the promotion or 19 protection of the interests of the principal; 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 an insurance transaction, or intervene in an action 23 relating to an insurance transaction; 24 (12) hire, discharge, and compensate an attorney, accountant, expert 25 witness, or assistant when the agent considers the action to be desirable for the proper 26 execution of a power described in this subsection, and for the keeping of records about 27 that action; [AND] 28 (13) exercise investment powers available under a contract of 29 insurance or annuity; and 30 (14) do any other act or acts that the principal can do through an agent 31 in connection with procuring, supervising, managing, modifying, enforcing, and
01 terminating contracts of insurance in which the principal is the insured or has an 02 interest. 03 * Sec. 13. AS 13.26.344(h) is repealed and reenacted to read: 04 (h) In a statutory form power of attorney, unless the power of attorney 05 otherwise provides, the language conferring specific authority with respect to gift 06 transactions shall be construed to mean that the principal authorizes the agent only 07 (1) to make a gift of the principal's property only as the agent 08 determines is consistent with the principal's objectives if actually known by the agent 09 and, if unknown, as the agent determines is consistent with the principal's best interest 10 based on all relevant factors, including 11 (A) the value and nature of the principal's property; 12 (B) the principal's foreseeable obligations and need for 13 maintenance; 14 (C) minimization of taxes, including income, estate, 15 inheritance, generation-skipping transfer, and gift taxes; 16 (D) eligibility for a benefit, a program, or assistance under a 17 statute or regulation; and 18 (E) the principal's personal history of making or joining in 19 making gifts; 20 (2) subject to (1) of this subsection, to make outright to, or for the 21 benefit of, a person, a gift of any of the principal's property, including by the exercise 22 of a presently exercisable general power of appointment held by the principal, in an 23 amount for each donee not to exceed the annual dollar limits of the federal gift tax 24 exclusion under 26 U.S.C. 2503(b) (Internal Revenue Code), as amended, without 25 regard to whether the federal gift tax exclusion applies to the gift, or if the principal's 26 spouse agrees to consent to a split gift under 26 U.S.C. 2513 (Internal Revenue Code), 27 as amended, in an amount for each donee not to exceed twice the annual federal gift 28 tax exclusion limit; in this paragraph, "presently exercisable general power of 29 appointment," with respect to property or a property interest subject to a 30 power of appointment, means power exercisable at the time in question to 31 vest absolute ownership in the principal individually, the principal's
01 estate, the principal's creditors, or the creditors of the principal's estate; 02 the term includes a power of appointment not exercisable until the 03 occurrence of a specified event, the satisfaction of an ascertainable 04 standard, or the passage of a specified period only after the occurrence of 05 the specified event, the satisfaction of the ascertainable standard, or the 06 passage of the specified period; the term does not include a power 07 exercisable in a fiduciary capacity or only by will; and 08 (3) subject to (1) of this subsection, to consent, under 26 U.S.C. 2513 09 (Internal Revenue Code), as amended, to the splitting of a gift made by the principal's 10 spouse in an amount for each donee not to exceed the aggregate annual gift tax 11 exclusions for both spouses. 12 * Sec. 14. AS 13.26.344(j) is amended to read: 13 (j) In a statutory form power of attorney, the language conferring general 14 authority with respect to personal relationships is neither dependent on, nor limited 15 by, authority that an agent may or may not have with respect to gifts under 16 AS 13.26.332 - 13.26.359, and shall be construed to mean that, as to real and personal 17 property owned by the principal, whether in the state or elsewhere, the principal 18 authorizes the agent to 19 (1) do all acts necessary to maintain the customary standard of living 20 of the spouse, children, [AND] other dependents of the principal, whether living 21 when the power of attorney is executed or later born, and individuals whom the 22 principal has customarily supported or indicated the intent to support, including 23 by way of illustration and not by way of restriction, power to provide living quarters 24 by purchase, by lease, or by other contract, or by any payment of the operating costs, 25 including interest, amortization payments, repairs, and taxes, of premises owned by 26 the principal and occupied by the principal's family or dependents, to provide normal 27 domestic help for the operation of the household, to provide usual vacations and usual 28 travel expenses, to provide usual educational facilities, [AND] to provide funds for all 29 the current living costs of the spouse, children, and other dependents, including, 30 among other things, shelter, clothing, food, and incidentals, and to make periodic 31 payments of child support and other family maintenance required by a court or
01 governmental agency or an agreement to which the principal is a party; 02 (2) provide, whenever necessary, medical, dental, and surgical care, 03 hospitalization, and custodial care for the spouse, children, and other dependents of the 04 principal; 05 (3) continue whatever provision has been made by the principal for the 06 principal's spouse, children, and other dependents, with respect to automobiles, or 07 other means of transportation, including by way of illustration, but not by way of 08 restriction, power to license, insure, and replace automobiles owned by the principal 09 and customarily used by the spouse, children, or other dependents of the principal; 10 (4) continue whatever charge accounts have been opened for the 11 convenience of the principal's spouse, children, or other dependents, open any new 12 accounts that the agent considers desirable to accomplish the purposes enumerated in 13 this subsection, and pay the items charged on these accounts by a person authorized or 14 permitted by the principal to make the charges; 15 (5) continue the discharge of any services or duties assumed by the 16 principal to a parent, relative, or friend of the principal; 17 (6) supervise, enforce, defend, or settle any claim by or against the 18 principal arising out of property damages or personal injuries suffered by or caused by 19 the principal, or under any circumstance that the resulting loss will or may fall on the 20 principal; 21 (7) continue payments incidental to the membership or affiliation of 22 the principal in a church, club, society, order, or other organization, or continue 23 contributions to the organization; 24 (8) demand, receive, or obtain money or any other thing of value to 25 which the principal is or may become or may claim to be entitled as remuneration for 26 services performed, or as a stock dividend or distribution, or as interest or principal 27 upon indebtedness, or as a periodic distribution of profits from any partnership or 28 business in which the principal has or claims an interest, and endorse, collect, or 29 otherwise realize upon an instrument for the payment received; 30 (9) prepare, execute, and file all tax, social security, unemployment 31 insurance, and information returns required by the laws of the United States or of any
01 state or subdivision, or of any foreign government; prepare, execute, and file all other 02 papers and instruments that the agent considers desirable or necessary for the 03 safeguarding of the principal against excess or illegal taxation or against penalties 04 imposed for claimed violation of a law or regulation; and pay, compromise, or contest 05 or apply for refunds in connection with a tax or assessment for which the principal is 06 or may be liable; 07 (10) use an asset of the principal to perform a power enumerated in 08 this subsection, including by way of illustration and not by way of restriction, power 09 to draw money by check or otherwise from a bank deposit of the principal, to sell land 10 or a chattel, bond, share, commodity interest, or other asset of the principal, to borrow 11 money, and to pledge as security for the loan any asset, including insurance, that 12 belongs to the principal; 13 (11) execute, acknowledge, verify, seal, file, and deliver an 14 application, consent, petition, notice, release, waiver, agreement, or other instrument 15 that the agent considers useful to accomplish a purpose enumerated in this subsection; 16 (12) prosecute, defend, submit to arbitration, settle, and propose or 17 accept a compromise with respect to a claim existing in favor of, or against, the 18 principal based on or involving a transaction enumerated in this subsection, or 19 intervene in any action or proceeding related to a transaction; 20 (13) hire, discharge, and compensate an attorney, accountant, expert 21 witness, or assistant when the agent considers the action to be desirable for the proper 22 execution of any of the powers described in this subsection, and for the keeping of 23 records, about that action; [AND] 24 (14) do any other act or acts that the principal can do through an agent, 25 for the welfare of the spouse, children, or dependents of the principal or for the 26 preservation and maintenance of the other personal relationships of the principal to a 27 parent, relative, friend, or organization; and 28 (15) act as the principal's personal representative under 42 U.S.C. 29 1320d (Health Insurance Portability and Accountability Act and secs. 1171 - 30 1179, Social Security Act), as amended, and applicable regulations, in making 31 decisions related to the past, present, or future payment for the provision of
01 health care consented to by the principal or anyone authorized under the law of 02 this state to consent to health care on behalf of the principal. 03 * Sec. 15. AS 13.26.344(k) is amended to read: 04 (k) In a statutory form power of attorney, the language conferring general 05 authority with respect to benefits from government programs or civil or [AND] 06 military service shall be construed to mean that, whether the benefits from the 07 government programs or civil or military service have accrued to the principal in the 08 state or elsewhere, the principal authorizes the agent to 09 (1) prepare and execute vouchers, applications, requests, forms, and 10 other legal documents in the name of the principal for all benefits, bonuses, dividends, 11 allowances, and reimbursements payable under any government program or military 12 service of the United States, a state, or a subdivision, including allowances and 13 reimbursements for transportation of the individuals described in (j)(1) of this 14 section, and for shipment of their household effects, and receive, endorse, and 15 collect the proceeds of a check payable to the order of the principal drawn on the 16 treasurer or other fiscal officer or depositary of the United States, a state, or a 17 subdivision; 18 (2) take possession and order the removal and shipment of property of 19 the principal from any post, warehouse, depot, dock, or other place or storage or 20 safekeeping and execute and deliver any release, voucher, receipt, bill of lading, 21 shipping ticket, certificate, or other instrument that the agent considers desirable or 22 necessary for that purpose; 23 (3) prepare, file, and prosecute the claim of the principal to any benefit 24 or assistance to which the principal is, or claims to be, entitled under the provisions of 25 a statute or regulation of the United States, a state, or a subdivision; 26 (4) receive the financial proceeds of a claim of the type described in 27 this subsection; conserve, invest, disburse or use anything received for purposes 28 enumerated in this subsection; and reimburse the agent for expenditures properly made 29 in the execution of the powers conferred by the statutory form power of attorney; 30 (5) prosecute, defend, submit to arbitration, settle, and propose or 31 accept a compromise with respect to a claim existing in favor of, or against, the
01 principal based on or involving a benefit from a government program or military 02 service, or intervene in an action relating to a claim; 03 (6) hire, discharge, or compensate an attorney, accountant, expert 04 witness, or assistant when the agent considers that action to be desirable for the proper 05 execution of any of the powers described in this subsection; [AND] 06 (7) enroll in, apply for, select, reject, change, amend, or 07 discontinue, on the principal's behalf, a benefit or program; and 08 (8) do any other act or acts that the principal can do through an agent, 09 and that [WHICH] the agent considers desirable or necessary to assure to the principal 10 and to the dependents of the principal [,] the maximum possible benefit from the 11 government programs or civil or military service of the United States, a state, or a 12 subdivision. 13 * Sec. 16. AS 13.26.344 is amended by adding a new subsection to read: 14 (q) In a statutory form power of attorney, the language conferring authority 15 with respect to retirement plans shall be construed to mean that the principal 16 authorizes the agent to 17 (1) select the form and timing of payments under a retirement plan and 18 withdraw benefits from a plan; 19 (2) make a rollover, including a direct trustee-to-trustee rollover, of 20 benefits from one retirement plan to another; 21 (3) establish a retirement plan in the principal's name; 22 (4) make contributions to a retirement plan; 23 (5) exercise investment powers available under a retirement plan; and 24 (6) borrow from, sell assets to, or purchase assets from a retirement 25 plan. 26 * Sec. 17. AS 13.26 is amended by adding a new section to read: 27 Sec. 13.26.346. Validity of power of attorney executed in another state. A 28 power of attorney executed other than in this state is valid in this state if, 29 when the power of attorney was executed, the execution complied with 30 (1) the law of the jurisdiction where the power of attorney 31 was executed; or
01 (2) the requirements for a military power of attorney under 02 10 U.S.C. 1044b, as amended. 03 * Sec. 18. AS 13.26.347 is amended to read: 04 Sec. 13.26.347. Validity of modified statutory form power of attorney. A 05 power of attorney that satisfies the requirements of AS 13.26.332 - 13.26.344 is not 06 prevented from being a statutory form power of attorney by the fact that it also 07 contains additional language that 08 (1) eliminates from the power of attorney one or more of the powers 09 enumerated in one or more of the subsections of AS 13.26.344 with respect to a 10 section of the statutory form power of attorney that is not eliminated by the principal; 11 (2) supplements one or more of the powers enumerated in one or more 12 of the subsections of AS 13.26.344 with respect to a section of the statutory form 13 power of attorney that is not eliminated by the principal by specifically listing 14 additional powers of the agent; [OR] 15 (3) makes an additional provision that is not substantially inconsistent 16 with the other provisions of the statutory form power of attorney; or 17 (4) relieves an agent of liability for breach of a duty under 18 AS 13.26.349, except to the extent the provision 19 (A) relieves the agent of liability for breach of 20 duty committed dishonestly, with an improper motive, or 21 with reckless indifference to the purposes of the power of 22 attorney or the best interest of the principal; or 23 (B) was inserted as a result of an abuse of a 24 confidential or fiduciary relationship with the principal. 25 * Sec. 19. AS 13.26 is amended by adding new sections to read: 26 Sec. 13.26.348. Agent's acceptance and liability. (a) Except as otherwise 27 provided in the power of attorney, a person accepts appointment as an 28 agent under a power of attorney by exercising authority or performing 29 duties as an agent or by any other assertion or conduct indicating 30 acceptance. 31 (b) An agent that violates a provision in AS 13.26.332 - 13.26.359 is
01 liable to the principal or the principal's successors in interest for the 02 amount required to 03 (1) restore the value of the principal's property to what it 04 would have been had the violation not occurred; and 05 (2) reimburse the principal or the principal's successors in 06 interest for the attorney fees and costs paid on the agent's behalf. 07 Sec. 13.26.349. Agent's duties. (a) Notwithstanding provisions in the 08 power of attorney, an agent that has accepted appointment shall 09 (1) act in accordance with the principal's reasonable 10 expectations to the extent actually known by the agent and, otherwise, in 11 the principal's best interest; 12 (2) act in good faith; and 13 (3) act only within the scope of authority granted in the 14 power of attorney. 15 (b) Except as otherwise provided in the power of attorney, an agent 16 that has accepted appointment shall 17 (1) act loyally for the principal's benefit; 18 (2) act so as not to create a conflict of interest that impairs 19 the agent's ability to act impartially in the principal's best interest; 20 (3) act with the care, competence, and diligence ordinarily 21 exercised by agents in similar circumstances; 22 (4) keep a record of all receipts, disbursements, and 23 transactions made on behalf of the principal; 24 (5) cooperate with a person that has authority to make health 25 care decisions for the principal to carry out the principal's reasonable 26 expectations to the extent actually known by the agent and, otherwise, act 27 in the principal's best interest; and 28 (6) attempt to preserve the principal's estate plan, to the 29 extent actually known by the agent, if preserving the plan is consistent 30 with the principal's best interest based on all relevant factors, including
01 (A) the value and nature of the principal's property; 02 (B) the principal's foreseeable obligations and need for 03 maintenance; 04 (C) minimization of taxes, including income, estate, 05 inheritance, generation-skipping transfer, and gift taxes; and 06 (D) eligibility for a benefit, a program, or assistance 07 under a statute or regulation. 08 (c) An agent that acts in good faith is not liable to any beneficiary of 09 the principal's estate plan for failure to preserve the plan. 10 (d) An agent that acts with care, competence, and diligence for the 11 best interest of the principal is not liable solely because the agent also 12 benefits from the act or has an individual or conflicting interest in relation 13 to the property or affairs of the principal. 14 (e) If an agent is selected by the principal because of special skills or 15 expertise possessed by the agent or in reliance on the agent's 16 representation that the agent has special skills or expertise, the special 17 skills or expertise must be considered in determining whether the agent 18 has acted with care, competence, and diligence under the circumstances. 19 (f) Absent a breach of duty to the principal, an agent is not liable if 20 the value of the principal's property declines. 21 (g) An agent that exercises authority to delegate to another person 22 the authority granted by the principal or that engages another person on 23 behalf of the principal is not liable for an act, error of judgment, or default 24 of that person if the agent exercises care, competence, and diligence in 25 selecting and monitoring the person. 26 (h) Except as otherwise provided in the power of attorney, an agent 27 is not required to disclose receipts, disbursements, or transactions 28 conducted on behalf of the principal unless ordered by a court or requested 29 by the principal, a guardian, a conservator, another fiduciary acting for the 30 principal, a governmental agency having authority to protect the welfare of
01 the principal, or, upon the death of the principal, the personal 02 representative or successor in interest of the principal's estate. If so 03 requested, within 30 days the agent shall comply with the request or 04 provide a writing or other record substantiating why additional time is 05 needed and shall comply with the request within an additional 30 days. 06 * Sec. 20. AS 13.26.350 is amended to read: 07 Sec. 13.26.350. When statutory form power of attorney is 08 not affected by incapacity [DISABILITY OR INCOMPETENCE] of 09 principal. (a) The subsequent incapacity [DISABILITY OR 10 INCOMPETENCE] of a principal does not revoke or terminate the 11 authority of an agent [ATTORNEY-IN-FACT] who acts under a power of 12 attorney in a writing executed by a principal if the writing contains the 13 words "This power of attorney shall become effective upon the incapacity 14 [DISABILITY] of the principal," or contains the words "This power of 15 attorney shall not be affected by the subsequent incapacity 16 [DISABILITY] of the principal," or words substantially similar showing 17 the intent of the principal that the authority conferred shall be exercisable 18 notwithstanding the principal's subsequent incapacity [DISABILITY, 19 INCOMPETENCE,] or uncertainty as to whether the principal is dead or 20 alive. 21 (b) An act done by an agent [ATTORNEY-IN-FACT] under a power 22 granted in a power of attorney under AS 13.26.332 - 13.26.344 during a 23 period of incapacity [DISABILITY, INCOMPETENCE,] or uncertainty as 24 to whether the principal is dead or alive has the same effect and enures to 25 the benefit of and binds a principal and the principal's distributees, 26 devisees, legatees, and personal representatives as if there were no 27 incapacity of the principal [WERE COMPETENT AND NOT 28 DISABLED]. If a conservator is later appointed for the principal, during 29 the continuance of the appointment, the agent is accountable to the 30 conservator as well as to the principal [THE ATTORNEY-IN-FACT SHALL
01 ACCOUNT TO THE CONSERVATOR RATHER THAN TO THE 02 PRINCIPAL]. The conservator has the same power to revoke, suspend, 03 or terminate the power of attorney that the principal would have if 04 there was no incapacity of the principal [WERE NOT DISABLED OR 05 INCOMPETENT TO REVOKE, SUSPEND, OR TERMINATE THE 06 POWER OF ATTORNEY]. 07 * Sec. 21. AS 13.26 is amended by adding new sections to read: 08 Sec. 13.26.351. Judicial relief. (a) The following persons may 09 petition a court in accordance with the provisions of AS 13.26.165 - 10 13.26.324 to construe a power of attorney, review the agent's conduct, and 11 grant appropriate relief: 12 (1) the principal or the agent; 13 (2) the principal's attorney or other legal representative; 14 (3) a guardian, conservator, or other fiduciary acting for the 15 principal; 16 (4) a person authorized to make health care decisions for the 17 principal; 18 (5) the principal's spouse, parent, or descendant; 19 (6) an individual who would qualify as a presumptive heir of 20 the principal; 21 (7) a person named as a beneficiary to receive any property, 22 benefit, or contractual right on the principal's death or as a beneficiary of a 23 trust created by or for the principal that has a financial interest in the 24 principal's estate; 25 (8) the Department of Health and Social Services, the 26 Department of Administration, or other governmental agency having 27 statutory authority to protect the welfare of the principal; 28 (9) the principal's caregiver, custodian, or another person 29 that demonstrates sufficient interest in the principal's welfare; and 30 (10) a person asked to accept the power of attorney.
01 (b) Upon motion by the principal, the court shall dismiss a petition 02 filed under this section, unless the court finds that the principal lacks 03 capacity to revoke the agent's authority or the power of attorney. 04 Sec. 13.26.352. Relationship to other laws. (a) AS 13.26.332 - 05 13.26.359 do not supersede any other law applicable to a financial institution or other 06 entity, and the other law controls if inconsistent with AS 13.26.332 - 13.26.359. 07 (b) The remedies in AS 13.26.332 - 13.26.359 are not exclusive and do not 08 abrogate any right or remedy under the law of this state. 09 * Sec. 22. AS 13.26.353(a) is repealed and reenacted to read: 10 (a) For purposes of AS 13.26.332 - 13.26.344, 11 (1) the incapacity of a principal shall be established by affidavit stating 12 that the principal is unable to manage property or business affairs because the 13 principal 14 (A) has an impairment in the ability to receive and 15 evaluate information or make or communicate decisions even with 16 the use of technological assistance, and this impairment is the result 17 of mental illness, mental deficiency, physical illness, physical disability, 18 advanced age, use of drugs, chronic intoxication, or other similar medical or 19 psychological reason, to such an extent that the principal is unable to manage 20 the principal's property or affairs; or 21 (B) is 22 (i) missing; 23 (ii) detained, including incarcerated in a penal 24 system; or 25 (iii) outside the United States and unable to 26 return; and 27 (2) if the incapacity is based on (1)(A) of this subsection, two 28 physicians or similarly qualified medical professionals who have personally examined 29 the principal shall sign the affidavit; however, the affidavit may be signed by only one 30 physician or similarly qualified medical professional if only one physician or similarly 31 qualified medical professional is available and the affidavit executed by the person
01 states that only one physician or similarly qualified medical professional is available. 02 * Sec. 23. AS 13.26.353(b) is amended to read: 03 (b) A third party who relies on the reasonable representations of an agent 04 [ATTORNEY-IN-FACT] designated under AS 13.26.332 - 13.26.347 [AS 13.26.332 - 05 13.26.344] as to a matter relating to a power granted by a properly executed statutory 06 form power of attorney does not incur a liability to the principal or the principal's 07 heirs, assigns, or estate as a result of permitting the agent [ATTORNEY-IN-FACT] to 08 exercise the authority granted by the power of attorney. 09 * Sec. 24. AS 13.26 is amended by adding a new section to read: 10 Sec. 13.26.354. Acceptance of power of attorney. (a) A third party asked to 11 accept a power of attorney may request, and rely upon, without further investigation 12 (1) an agent's certification under penalty of perjury of any factual 13 matter concerning the principal, agent, or power of attorney; 14 (2) an English translation of the power of attorney if the power of 15 attorney contains, in whole or in part, language other than English; and 16 (3) an opinion of counsel as to any matter of law concerning the power 17 of attorney if the person making the request provides in a writing or other record the 18 reason for the request. 19 (b) An English translation or an opinion of counsel requested under this 20 section must be provided at the principal's expense unless the request is made more 21 than seven business days after the power of attorney is presented for acceptance. 22 (c) For purposes of this section, a person that conducts activities through 23 employees is without actual knowledge of a fact relating to a principal, agent, or 24 power of attorney if the employee conducting the transaction involving the power of 25 attorney is without actual knowledge of the fact. 26 (d) Except as otherwise provided in (e) of this section, 27 (1) a person shall accept an acknowledged power of attorney or request 28 a certification, a translation, or an opinion of counsel under (a) of this section not later 29 than seven business days after presentation of the power of attorney for acceptance; 30 (2) if a person requests a certification, a translation, or an opinion of 31 counsel under (a) of this section, the person shall accept the power of attorney not later
01 than five business days after receipt of the certification, translation, or opinion of 02 counsel; and 03 (3) a person may not require an additional or different form of power 04 of attorney for authority granted in the power of attorney presented. 05 (e) A person is not required to accept an acknowledged power of attorney if 06 (1) the person is not otherwise required to engage in a transaction with 07 the principal in the same circumstances; 08 (2) engaging in a transaction with the agent or principal in the same 09 circumstances would be inconsistent with federal law; 10 (3) the person has actual knowledge of the termination of the agent's 11 authority or of the power of attorney before exercise of the power; 12 (4) a request for a certification, a translation, or an opinion of counsel 13 under (a) of this section is refused; 14 (5) the person in good faith believes that the power is not valid or that 15 the agent does not have the authority to perform the act requested, whether or not a 16 certification, a translation, or an opinion of counsel under (a) of this section has been 17 requested or provided; or 18 (6) the person makes, or has actual knowledge that another person has 19 made, a report to Department of Health and Social Services or other governmental 20 agency, stating a good faith belief that the principal may be subject to physical or 21 financial abuse, neglect, exploitation, or abandonment by the agent or a person acting 22 for or with the agent. 23 (f) A person that refuses in violation of this section to accept an acknowledged 24 power of attorney is subject to 25 (1) a court order mandating acceptance of the power of attorney; and 26 (2) liability for reasonable attorney fees and costs incurred in any 27 action or proceeding that confirms the validity of the power of attorney or mandates 28 acceptance of the power of attorney. 29 * Sec. 25. AS 13.26 is amended by adding a new section to read: 30 Sec. 13.26.355. Termination of power of attorney; agent's resignation; 31 notice. (a) Except as provided in AS 13.26.356, a power of attorney terminates when
01 (1) the principal dies; 02 (2) there is an incapacity of the principal, if the power of 03 attorney is not durable; 04 (3) the principal revokes the power of attorney; 05 (4) the power of attorney provides that it terminates; 06 (5) the purpose of the power of attorney is accomplished; or 07 (6) the principal revokes the agent's authority, there is an 08 incapacity of the agent, the agent dies, or the agent resigns, and the power 09 of attorney does not provide for another agent to act under the power of 10 attorney. 11 (b) Unless the power of attorney provides a different method for an 12 agent's resignation, an agent may resign by giving notice to the principal 13 and, if there is an incapacity of the principal, 14 (1) to the conservator or guardian, if one has been appointed 15 for the principal, and a coagent or successor agent; or 16 (2) if there is no person described in (1) of this subsection, to 17 (A) the principal's custodian or caregiver; 18 (B) another person reasonably believed by the agent to 19 have sufficient interest in the principal's welfare; or 20 (C) a governmental agency having statutory authority 21 to protect the welfare of the principal. 22 * Sec. 26. AS 13.26.356 is amended to read: 23 Sec. 13.26.356. Powers of attorney not revoked until notice 24 of death or incapacity [DISABILITY]. (a) The death [, DISABILITY] or 25 incapacity [INCOMPETENCE] of a principal who has executed a power 26 of attorney in writing does not revoke or terminate the agency as to the 27 [ATTORNEY-IN-FACT,] agent [,] or other person who, without actual 28 knowledge of the death [, DISABILITY,] or incapacity 29 [INCOMPETENCE] of the principal, acts in good faith under the power of 30 attorney [OR AGENCY]. Action so taken, unless otherwise invalid or
01 unenforceable, binds the principal and the heirs, devisees, and personal 02 representatives of the principal. 03 (b) An affidavit executed by the [ATTORNEY-IN-FACT OR] agent 04 stating that the [ATTORNEY-IN-FACT OR] agent did not have, at the 05 time of doing an act under the power of attorney, actual knowledge of the 06 revocation or termination of the power of attorney by death [, 07 DISABILITY] or incapacity [INCOMPETENCE], is, in the absence of 08 fraud, conclusive proof of the nonrevocation or nontermination of the 09 power of attorney at that time. If the exercise of the power of attorney 10 requires execution and delivery of an instrument that is recordable, the 11 affidavit when authenticated for record is likewise recordable. 12 (c) A special power of attorney created before September 4, 1988, 13 shall be construed to grant the agent [ATTORNEY-IN-FACT] the powers 14 set out in that special power of attorney. 15 * Sec. 27. AS 13.26.358(a) is amended to read: 16 (a) A public home care provider may not accept a designation as 17 [ATTORNEY-IN-FACT OR] agent by general or special power of attorney 18 for an individual to whom the provider furnishes services unless the 19 designation is held jointly with another individual who is not a public 20 home care provider. 21 * Sec. 28. AS 13.26 is amended by adding a new section to article 5 to read: 22 Sec. 13.26.359. Definitions. In AS 13.26.332 - 13.26.359, 23 (1) "benefits from government programs or civil or military service" 24 means a benefit, a program, or assistance provided under a statute or regulation, 25 including Social Security, Medicare, and Medicaid; and 26 (2) "good faith" means honesty in fact; 27 (3) "incapacity" means inability of an individual to manage 28 property or business affairs because the individual 29 (A) has an impairment in the ability to receive and 30 evaluate information or make or communicate decisions even with
01 the use of technological assistance; or 02 (B) is 03 (i) missing; 04 (ii) detained, including incarcerated in a penal 05 system; or 06 (iii) outside the United States and unable to 07 return; and 08 (4) "retirement plan" means a plan or account created by an employer, 09 the principal, or another individual to provide retirement benefits or deferred 10 compensation of which the principal is a participant, beneficiary, or owner, including a 11 plan or account under the following sections of 26 U.S.C. (Internal Revenue Code): 12 (A) an individual retirement account under 26 U.S.C. 408 13 (Internal Revenue Code), as amended; 14 (B) a Roth IRA under 26 U.S.C. 408A (Internal Revenue 15 Code), as amended; 16 (C) an individual retirement account under 26 U.S.C. 408(q) 17 (Internal Revenue Code), as amended; 18 (D) an annuity or custodial account under 26 U.S.C. 403(b) 19 (Internal Revenue Code), as amended; 20 (E) a pension, profit-sharing, stock bonus, or other retirement 21 plan qualified under 26 U.S.C. 401(a) (Internal Revenue Code), as amended; 22 (F) a plan under 26 U.S.C. 457(b) (Internal Revenue Code), as 23 amended; and 24 (G) a nonqualified deferred compensation plan under 26 U.S.C. 25 409A (Internal Revenue Code), as amended. 26 * Sec. 29. AS 13.26.338(a) and 13.26.353(c) are repealed. 27 * Sec. 30. The uncodified law of the State of Alaska is amended by adding a new section to 28 read: 29 APPLICABILITY. This Act 30 (1) applies to a power of attorney created on or after the effective date of this 31 Act;
01 (2) applies to a judicial proceeding concerning a power of attorney 02 commenced on or after the effective date of this Act; 03 (3) applies to a judicial proceeding concerning a power of attorney 04 commenced before the effective date of this Act, unless the court finds that application of a 05 provision of this Act would substantially interfere with the effective conduct of the judicial 06 proceeding or prejudice the rights of a party, in which case, that provision does not apply, and 07 the superseded law applies; and 08 (4) does not apply to an act done before the effective date of this Act. 09 * Sec. 31. This Act takes effect January 1, 2015.