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OMMENT The sole reason for a change in name of the act is to distinguish the current law from the proposed revised law. This new act combines elements of the current Revised Durable Power of Attorney Act with elements of the statutes pertaining to banking power of attorneys and adds new elements adopted from other sources as noted. 46:2B-20.2. Definitions As used in this act: Account means an agreement between a financial institution and its customer pursuant to which the institution acce.
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Seq FAQ
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Adopted by the Uniform Law Commission in 2006, the Uniform Power of Attorney Act updates the Uniform Durable Power of Attorney Act, on which Mississippi's existing law is based.
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In New Jersey, all power of attorney documents require that both the principal and the attorney-in-fact are competent and be of sound mind at the point at which they are executed. They must be signed in the presence of at least 2 witnesses and in the presence of a licensed Notary of the State of New Jersey.
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Michigan joins 30 states and the District of Columbia in adopting this statute (or a substantially similar statute), which provides consistency in application of powers of attorney as people change states and allows Michigan to benefit from the jurisprudence of other states.
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Effective October 1, 2011, Florida will be the latest state to adopt the Uniform Power of Attorney Act. In 2008 the AARP's Public Policy Institute published a provocative report entitled Power of Attorney Abuse: What States Can Do About It.
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First and foremost, the principal can override a power of attorney at any time as long as they are of sound mind.
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A durable power of attorney is a power of attorney which contains the words "this power of attorney shall not be affected by subsequent disability or incapacity of the principal, or lapse of time," or " this power of attorney shall become effective upon the disability or incapacity of the principal," or similar words ...
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While two states–New Mexico and Idaho–have enacted the UPOAA, a careful comparison of current state POA statutes with the UPOAA shows that a large majority of state laws lack most of the UPOAA's protections for individuals creating powers of attorney.
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