Article 5: PROTECTION OF PERSONS UNDER DISABILITY AND THEIR PROPERTY
Part 5: DURABLE POWER OF ATTORNEY HEADING: PL 1991, C. 719, §3 (NEW) DURABLE POWER OF ATTORNEY HEADING: PL 1991, C. 719, §3 (NEW)
§5-508. Durable financial power of attorney
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/10)
(a). A durable financial power of attorney is a durable power of attorney by which a principal designates another as attorney-in-fact
to make decisions on the principal's behalf in matters concerning the principal's finances, property or both. In the exercise
of the powers conferred under a durable financial power of attorney, an attorney-in-fact shall act as a fiduciary under the
standards of care applicable to trustees as described by Title 18-B, sections 802 to 807 and chapter 9.
[
2003, c. 618, Pt. B, §8 (AMD);
2003, c. 618, Pt. B, §20 (AFF)
.]
(b). An attorney-in-fact is not authorized to make gifts to the attorney-in-fact or to others unless the durable financial power
of attorney explicitly authorizes such gifts.
[
1997, c. 683, Pt. C, §6 (RPR)
.]
(c). A durable financial power of attorney executed in this State must be notarized by a notary public or an attorney-at-law.
[
2005, c. 284, §1 (AMD)
.]
(d). A durable financial power of attorney executed in this State must contain the following language:
"Notice to the Principal: As the "Principal," you are using this Durable Power of Attorney to grant power to another person
(called the "Agent" or "Attorney-in-fact") to make decisions about your money, property or both and to use your money, property
or both on your behalf. If this written Durable Power of Attorney does not limit the powers that you give your Agent, your
Agent will have broad and sweeping powers to sell or otherwise dispose of your property and spend your money without advance
notice to you or approval by you. Under this document, your Agent will continue to have these powers after you become incapacitated,
and you may also choose to authorize your Agent to use these powers before you become incapacitated. The powers that you
give your Agent are explained more fully in the Maine Revised Statutes, Title 18-A, sections 5-501 to 5-508 and in Maine case
law. You have the right to revoke or take back this Durable Power of Attorney at any time as long as you are of sound mind.
If there is anything about this Durable Power of Attorney that you do not understand, you should ask a lawyer to explain it
to you.
Notice to the Agent: As the "Agent" or "Attorney-in-fact," you are given power under this Durable Power of Attorney to make
decisions about the money, property or both belonging to the Principal and to spend the Principal's money, property or both
on that person's behalf in accordance with the terms of this Durable Power of Attorney. This Durable Power of Attorney is
valid only if the Principal is of sound mind when the Principal signs it. As the Agent, you are under a duty (called a "fiduciary
duty") to observe the standards observed by a prudent person dealing with the property of another. The duty is explained
more fully in the Maine Revised Statutes, Title 18-A, sections 5-501 to 5-508 and Title 18-B, sections 802 to 807 and chapter
9 and in Maine case law. As the Agent, you are not entitled to use the money or property for your own benefit or to make
gifts to yourself or others unless the Durable Power of Attorney specifically gives you the authority to do so. As the Agent,
your authority under this Durable Power of Attorney will end when the Principal dies and you will not have the authority to
administer the estate unless you are authorized to do so in accordance with the Probate Code. If you violate your fiduciary
duty under this Durable Power of Attorney, you may be liable for damages and may be subject to criminal prosecution. If there
is anything about this Durable Power of Attorney or your duties under it that you do not understand, you should ask a lawyer
to explain it to you."
This language does not confer powers not otherwise contained in the durable financial power of attorney.
[
2005, c. 284, §2 (AMD)
.]
(e). Subject to the requirements of subsection (b), the generality powers of an attorney-in-fact in a power of attorney that
contains language appointing the attorney-in-fact to care for, manage, control and handle all of the principal's business,
financial, property and personal affairs in as full and complete a manner as the principal might do is not limited by the
inclusion in the power of attorney of a list of the specific powers granted to the attorney-in-fact.
[
1997, c. 683, Pt. C, §6 (NEW)
.]
(f). A power of attorney that contains a grant of general authority referred to in subsection (e) does not create a power of
attorney for health care unless the power of attorney explicitly authorizes the attorney-in-fact to make health care decisions.
[
1997, c. 683, Pt. C, §6 (NEW)
.]
(g). The requirements of subsections (b), (c) and (d) do not render ineffective a durable financial power of attorney validly
executed prior to September 19, 1997 or a durable financial power of attorney executed prior to December 31, 1998 in accordance
with this section as in effect on September 19, 1997. The requirements of subsection (d) do not render ineffective a durable
power of attorney validly executed prior to July 1, 2005 in accordance with this section.
[
2005, c. 184, §1 (AMD)
.]
(h). The requirements of this section do not apply to any durable financial power of attorney:
(1). Granted by a person other than a natural person; [1999, c. 118, §1 (NEW).]
(2). Granted to the secured party or mortgagee in a security agreement or mortgage; or [1999, c. 118, §1 (NEW).]
(3). Given by or on behalf of a debtor, guarantor or accommodation party as a part of loan documentation related to a credit
transaction, if the creditor entered into the transaction for value. [1999, c. 118, §1 (NEW).]
[
1999, c. 118, §1 (NEW)
.]
(i). Notwithstanding subsections (c) and (d), any military power of attorney executed in accordance with 10 United States Code,
Section 1044b is valid in this State.
[
2005, c. 353, §2 (NEW)
.]
SECTION HISTORY
1997, c. 453, §3 (NEW).
1997, c. 683, §C6 (RPR).
RR 1997, c. 1, §13 (RNU).
1999, c. 66, §1 (AMD).
1999, c. 118, §1 (AMD).
2003, c. 618, §B8 (AMD).
2003, c. 618, §B20 (AFF).
2005, c. 184, §1 (AMD).
2005, c. 284, §§1,2 (AMD).
2005, c. 353, §2 (AMD).
2009, c. 292, §6 (AFF).
2009, c. 292, §1 (RP).
Data for this page extracted on 10/23/2009 03:45:43.