reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 5 - POWERS OF ATTORNEY (§§ 15-14-500.3 — 15-14-509) › Section 15-14-509 - Interstate effect of medical durable power of attorney

(1)
Unless otherwise stated in a medical durable power of attorney, it shall be presumed that the principal intends to have a medical durable power of attorney executed pursuant to this part 5 recognized to the fullest extent possible by the courts of any other state.
(2)
Unless otherwise provided therein, any medical durable power of attorney or similar instrument executed in another state shall be presumed to comply with the provisions of this part 5 and may, in good faith, be relied upon by a health-care provider or health-care facility in this state.
L. 92: Entire section added, p. 1979, § 2, effective June 4.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-601 - [Repealed]

L. 94: Entire part added, p. 1068, § 1, effective 1/1/1995. L. 2009: Entire section repealed, (HB 09 -1198), ch. 106, p. 427, § 19, effective 1/1/2010.
The provisions of this section were relocated to §
15-14-500.3
.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-602 - Definitions

As used in this part 6:
(1)
"Agency" means the relationship between the principal and the principal's agent.
(2)
"Agency instrument" means the written power of attorney or other written instrument of agency governing the relationship between the principal and agent. An agency is subject to the provisions of this part 6 to the extent the agency relationship is established in writing and may be controlled by the principal, excluding agencies and powers for the benefit of the agent. This definition shall not apply to medical powers of attorney drafted pursuant to the "Colorado Patient Autonomy Act", sections
15-14-503
to
15-14-509
, a power of attorney subject to the "Uniform Power of Attorney Act", part 7 of this article, or to any other power of attorney or instrument of agency granted by an individual.
(3)
"Agent" means the attorney-in-fact or other person, including successors, who is authorized by the agency instrument to act for the principal.
(4)
"Principal" means a corporation, trust, partnership, limited liability company, or other entity, including, but not limited to, an entity acting as trustee, personal representative, or other fiduciary, who signs a power of attorney or other instrument of agency granting powers to an agent.
(5)
"Third party" means any person who is requested by an agent under an agency instrument to recognize the agent's authority to deal with the principal's property or who acts in good-faith reliance on a copy of the agency instrument. "Third party" includes an individual, corporation, trust, partnership, limited liability company, or other entity, as may be appropriate.
L. 94: Entire part added, p. 1069, § 1, effective 1/1/1995. L. 2009: (2) and (4) amended, (HB 09 -1198), ch. 106, p. 421, § 7, effective 1/1/2010.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-603 - Applicability

(1)
(a)
The principal may specify in the agency instrument:
(I)
The event upon which or time when the agency begins and terminates;
(II)
The mode of revocation or amendment of the agency instrument; and
(III)
The rights, powers, duties, limitations, immunities, and other terms applicable to the agent and to all third parties dealing with the agent.
(b)
The provisions of the agency instrument control in the case of a conflict between the provisions of the agency instrument and the provisions of this part 6. In the agency instrument, the principal may authorize the agent to appoint a successor agent.
(2)
(a)
Except as otherwise provided in this part 6, on or after January 1, 1995:
(I)
The provisions of this part 6 govern every agency instrument, whenever and wherever executed, and all acts of the agent, to the extent the provisions of this part 6 are not inconsistent with the agency instrument; and
(II)
The provisions of this part 6 apply to all agency instruments exercised in Colorado and to all other agency instruments if the principal is a resident of Colorado at the time the agency instrument is signed or at the time of exercise or if the agency instrument indicates that Colorado law is to apply.
(b)
Repealed.
(3)
(a)
The authority of an attorney-in-fact or an agent to act on behalf of the principal may include, but is not limited to, the powers specified in sections
15-14-501
to
15-14-506
.
(b)
Repealed.
(4)
Repealed.
L. 94: Entire part added, p. 1070, § 1, effective 1/1/1995. L. 98: (3) amended, p. 1171, § 6, effective June 1. L. 2007: (3)(b) amended, p. 797, § 4, effective July 1. L. 2009: (2)(b), (3)(b), and (4) repealed, (HB 09 -1198), ch. 106, p. 422, § 8, effective 1/1/2010.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-604 - Duration of agency - amendment and revocation - resignation of agent

(1)
(Deleted by amendment, L. 2009, (HB 09-1198), ch. 422, p. 422, § 9, effective January 1, 2010.)
(2)
Any agency created by an agency instrument continues until the principal ceased to exist, regardless of the length of time that elapses, unless the agency instrument states an earlier termination date. The principal may amend or revoke the agency instrument at any time and in any manner that is communicated to the agent or to any other person who is related to the subject matter of the agency. Any agent who acts in good faith on behalf of the principal within the scope of an agency instrument is not liable for any acts that are no longer authorized by reason of an amendment or revocation of the agency instrument until the agent receives actual notice of the amendment or revocation. An agency may be temporarily continued under the conditions specified in section
15-14-607
.
(3)
(Deleted by amendment, L. 2009, (HB 09-1198), ch. 422, p. 422, § 9, effective January 1, 2010.)
(4)
Any agent acting on behalf of a principal under an agency instrument has the right to resign under the terms and conditions stated in the agency instrument. If the agency instrument does not specify the terms and conditions of resignation, an agent may resign by notifying the principal, or the principal's receiver, custodian, trustee in bankruptcy, liquidating trustee, or similar representative if one has been appointed, in writing of the agent's resignation. The agent shall also notify in writing the successor agent, if any, and all reasonably ascertainable third parties who are affected by the resignation. In all cases, any party who receives notice of the resignation of an agent is bound by such notice.
L. 94: Entire part added, p. 1071, § 1, effective 1/1/1995. L. 2009: Entire section amended, (HB 09 -1198), ch. 106, p. 422, § 9, effective 1/1/2010.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-605 - [Repealed]

L. 94: Entire part added, p. 1072, § 1, effective 1/1/1995. L. 2009: Entire section repealed, (HB 09 -1198), ch. 106, p. 424, § 14, effective 1/1/2010.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-606 - Duty - standard of care - record keeping - exoneration

Unless otherwise agreed by the principal and agent in the agency instrument, an agent is under no duty to exercise the powers granted by the agency or to assume control of or responsibility for any of the principal's property or affairs. Whenever the agent exercises the powers granted by the agency, the agent shall use due care to act in the best interests of the principal in accordance with the terms of the agency. Any agent who acts under an agency instrument shall be liable for any breach of legal duty owed by the agent to the principal under Colorado law. The agent shall keep a record of all receipts, disbursements, and significant actions taken under the agency. The agent shall not be liable for any loss due to the act or default of any other person.
L. 94: Entire part added, p. 1072, § 1, effective 1/1/1995. L. 2000: Entire section amended, p. 1834, § 9, effective 1/1/2001. L. 2009: Entire section amended, (HB 09 -1198), ch. 106, p. 423, § 10, effective 1/1/2010.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-608 - [Repealed]

L. 94: Entire part added, p. 1073, § 1, effective 1/1/1995. L. 2009: Entire section repealed, (HB 09 -1198), ch. 106, p. 424, § 15, effective 1/1/2010.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-609 - [Repealed]

L. 94: Entire part added, p. 1074, § 1, effective 1/1/1995. L. 2009: Entire section repealed, (HB 09 -1198), ch. 106, p. 425, § 16, effective 1/1/2010.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-610 - [Repealed]

L. 94: Entire part added, p. 1075, § 1, effective 1/1/1995. L. 2009: Entire section repealed, (HB 09 -1198), ch. 106, p. 426, § 17, effective 1/1/2010.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 6 - POWER OF ATTORNEY (§§ 15-14-601 — 15-14-611) › Section 15-14-611 - Applicability of part

This part 6 does not in any way invalidate any agency or power of attorney executed or any act of any agent, guardian, or conservator done or affect any claim, right, or remedy that accrued prior to January 1, 1995.
L. 94: Entire part added, p. 1076, § 1, effective 1/1/1995.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-701 - Short title

This part 7 may be cited as the "Uniform Power of Attorney Act".
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 384, §1, effective April 9.
OFFICIAL COMMENT
This Act, which replaces the Uniform Durable Power of Attorney Act, does not contain the word "durable" in the title. Pursuant to Section
15-14-704
, a power of attorney created under the Act is durable unless the power of attorney provides that it is terminated by the incapacity of the principal.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-704 - Power of attorney is durable

(1)
A power of attorney created on and after January 1, 2010, is durable unless it expressly provides that it is terminated by the incapacity of the principal.
(2)
A power of attorney existing on December 31, 2009, is durable only if on that day the power of attorney is durable under section
15-14-501
or
15-14-745(2)
.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 386, §1, effective April 9.
OFFICIAL COMMENT
Section 15-14-704 establishes that a power of attorney created under the Act is durable unless it expressly states otherwise. This default rule is the reverse of the approach under the Uniform Durable Power of Attorney Act and based on the assumption that most principals prefer durability as a hedge against the need for guardianship.
See also
Section
15-14-707
Comment (noting that the default rules of the jurisdiction's law under which a power of attorney is created, including the default rule for durability, govern the meaning and effect of a power of attorney).
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-705 - Execution of power of attorney

A power of attorney must be signed by the principal or in the principal's conscious presence by another individual directed by the principal to sign the principal's name on the power of attorney. A signature on a power of attorney is presumed to be genuine if the principal acknowledges the signature before a notary public or other individual authorized by law to take acknowledgments.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 386, §1, effective April 9.
OFFICIAL COMMENT
While notarization of the principal's signature is not required to create a valid power of attorney, this section strongly encourages the practice by according acknowledged signatures a statutory presumption of genuineness. Furthermore, because Section
15-14-719
(Acceptance of and Reliance Upon Acknowledged Power of Attorney) and alternative Sections
15-14-720
(Alternative A Liability for Refusal to Accept Acknowledged Power of Attorney, and Alternative B Liability for Refusal to Accept Acknowledged Statutory Form Power of Attorney ) do not apply to unacknowledged powers, persons who are presented with an unacknowledged power of attorney may be reluctant to accept it. As a practical matter, an acknowledged signature is required if the power of attorney will be recorded by the agent in conjunction with the execution of real estate documents on behalf of the principal.
See
R.P.D., Annotation,
Recording Laws as Applied to Power of Attorney under which Deed or Mortgage is Executed
, 114 A.L.R. 660 (1938).
This section, at a minimum, requires that the power of attorney be signed by the principal or by another individual who the principal has directed to sign the principal's name. If another individual is directed to sign the principal's name, the signing must occur in the principal's "conscious presence." The 1990 amendments to the Uniform Probate Code codified the "conscious presence" test for the execution of wills (Section 2-502(a)(2)), which generally requires that the signing is sufficient if it takes place within the range of the senses usually sight or hearing of the individual who directed that another sign the individual's name.
See
Unif. Probate Code § 2-502 cmt. (2003). For a discussion of acknowledgment of a signature by an individual whose name is signed by another, see R.L.M., Annotation,
Formal Acknowledgment of Instrument by One Whose Name is Signed thereto by Another as an Adoption of the Signature,
57 A.L.R. 525 (1928).
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-706 - Validity of power of attorney

(1)
A power of attorney executed in this state on or after January 1, 2010, is valid if its execution complies with section
15-14-705
.
(2)
A power of attorney executed in this state before January 1, 2010, is valid if its execution complied with the law of this state as it existed at the time of execution.
(2.5)
It shall not be inferred from the portion of the definition of "incapacity" in section
15-14-702(5)(b)
that an individual who is either incarcerated in a penal system or otherwise detained or outside of the United States and unable to return lacks the capacity to execute a power of attorney as a consequence of such detention or inability to return.
(3)
A power of attorney executed other than in this state is valid in this state if, when the power of attorney was executed, the execution complied with:
(a)
The law of the jurisdiction that determines the meaning and effect of the power of attorney pursuant to section
15-14-707
; or
(b)
The requirements for a military power of attorney pursuant to
10 U.S.C. sec. 1044b
, as amended.
(4)
Except as otherwise provided by statute other than this part 7, a photocopy or electronically transmitted copy of an original power of attorney has the same effect as the original. Nothing in this subsection (4) shall preclude a third party relying upon a power of attorney from requesting the original document.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 386, §1, effective April 9.
OFFICIAL COMMENT
One of the purposes of the Uniform Power of Attorney Act is promotion of the portability and use of powers of attorney. Section 15-14-706 makes clear that the Act does not affect the validity of pre-existing powers of attorney executed under prior law in the enacting jurisdiction, powers of attorney validly created under the law of another jurisdiction, and military powers of attorney. While the effect of this section is to recognize the validity of powers of attorney created under other law, it does not abrogate the traditional grounds for contesting the validity of execution such as forgery, fraud, or undue influence.
This section also provides that unless another law in the jurisdiction requires presentation of the original power of attorney, a photocopy or electronically transmitted copy has the same effect as the original. An example of another law that might require presentation of the original power of attorney is the jurisdiction's recording act.
See, e.g.,
Restatement (Third) of Property (Wills & Don. Trans.) § 6.3 cmt. e (2003) (noting that in order to record a deed, "some states require that the document of transfer be signed, sealed, attested, and acknowledged").
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-712 - Reimbursement and compensation of agent

Unless the power of attorney otherwise provides, an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal and to compensation that is reasonable under the circumstances.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 390, §1, effective April 9.
OFFICIAL COMMENT
This section provides a default rule that an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal and to reasonable compensation. While it is unlikely that a principal would choose to alter the default rule as to expenses, a principal's circumstances may warrant including limitations in the power of attorney as to the categories of expenses the agent may incur; likewise, the principal may choose to specify the terms of compensation rather than leave that determination to a reasonableness standard. Although many family-member agents serve without compensation, payment of compensation to the agent may be advantageous to the principal in circumstances where the principal needs to spend down income or resources to meet qualifications for public benefits.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-713 - Agent's acceptance

Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 390, §1, effective April 9.
OFFICIAL COMMENT
This section establishes a default rule for agent acceptance of appointment under a power of attorney. Unless a different method is provided in the power of attorney, an agent's acceptance occurs upon exercise of authority, performance of duties, or any other assertion or conduct indicating acceptance. Acceptance is the critical reference point for commencement of the agency relationship and the imposition of fiduciary duties (
see
Section
15-14-714(1)
) . Because a person may be unaware that the principal has designated the person as an agent in a power of attorney, clear demarcation of when an agency relationship commences is necessary to protect both the principal and the agent.
See
Karen E. Boxx,
The Durable Power of Attorney's Place in the Family of Fiduciary Relationships
, 36 Ga. L. Rev. 1, 41 (2001) (noting that "fiduciary duties should be imposed only to the extent the attorney-in-fact knows of the role, is able to accept responsibility, and affirmatively accepts"). The Act also provides a default method for agent resignation (
see
Section
15-14-718
), which terminates the agency relationship (
see
Section
15-14-710(2)(b)
) .
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-715 - Exoneration of agent

(1)
Provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal's successors in interest except to the extent the provision:
(a)
Relieves the agent of liability for breach of duty committed dishonestly, with an improper motive, or with reckless indifference to the purposes of the power of attorney or the best interest of the principal; or
(b)
Was inserted as a result of an abuse of a confidential or fiduciary relationship with the principal.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 392, §1, effective April 9.
OFFICIAL COMMENT
This section permits a principal to exonerate an agent from liability for breach of fiduciary duty, but prohibits exoneration for a breach committed dishonestly, with improper motive, or with reckless indifference to the purposes of the power of attorney or the best interest of the principal. The mandatory minimum standard of conduct required of an agent is equivalent to the good faith standard applicable to trustees. A trustee's failure to adhere to that standard cannot be excused by language in the trust instrument.
See
Unif. Trust Code § 1008 cmt. (2003) (noting that "a trustee must always act in good faith with regard to the purposes of the trust and the interests of the beneficiaries").
See also
Section
15-14-702(4)
(defining good faith for purposes of the Act as "honesty in fact"). Section 15-14-715 provides, as an additional measure of protection for the principal, that an exoneration provision is not binding if it was inserted as the result of abuse of a confidential or fiduciary relationship with the principal. While as a matter of good practice an exoneration provision should be the exception rather than the rule, its inclusion in a power of attorney may be useful in meeting particular objectives of the principal. For example, if the principal is concerned that contentious family members will attack the agent's conduct in order to gain control of the principal's assets, an exoneration provision may deter such action or minimize the likelihood of success on the merits.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-717 - Agent's liability

(1)
An agent that violates this part 7 is liable to the principal or the principal's successors in interest for the amount required to:
(a)
Restore the value of the principal's property to what it would have been had the violation not occurred; and
(b)
Reimburse the principal or the principal's successors in interest for the attorney's fees and costs paid on the agent's behalf.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 393, §1, effective April 9.
OFFICIAL COMMENT
This section provides that an agent's liability for violating the Act includes not only the amount necessary to restore the principal's property to what it would have been had the violation not occurred, but also any amounts for attorney's fees and costs advanced from the principal's property on the agent's behalf. This section does not, however, limit the agent's liability exposure to these amounts. Pursuant to Section
15-14-723
, remedies under the Act are not exclusive. If a jurisdiction has enacted separate statutes to deal with financial abuse, an agent may face additional civil or criminal liability. For a discussion of state statutory responses to financial abuse, see Carolyn L. Dessin,
Financial Abuse of the Elderly: Is the Solution a Problem?
, 34 McGeorge L. Rev. 267 (2003).
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-718 - Agent's resignation - notice

(1)
Unless the power of attorney provides a different method for an agent's resignation, an agent may resign by giving notice to the principal and, if the principal is incapacitated:
(a)
To the conservator or guardian, if one has been appointed for the principal, and a coagent or successor agent; or
(b)
If there is no person described in paragraph (a) of this subsection (1), to:
(I)
The principal's caregiver;
(II)
Another person reasonably believed by the agent to have sufficient interest in the principal's welfare; or
(III)
A governmental agency having authority to protect the welfare of the principal.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 393, §1, effective April 9.
OFFICIAL COMMENT
Section 15-14-718 provides a default procedure for an agent's resignation. An agent who no longer wishes to serve should formally resign in order to establish a clear demarcation of the end of the agent's authority and to minimize gaps in fiduciary responsibility before a successor accepts the office. If the principal still has capacity when the agent wishes to resign, this section requires only that the agent give notice to the principal. If, however, the principal is incapacitated, the agent must, in addition to giving notice to the principal, give notice as set forth in paragraphs (1)(a) or (1)(b).
Paragraph (1)(a) provides that notice must be given to a fiduciary, if one has been appointed, and to a coagent or successor agent, if any. If the principal does not have an appointed fiduciary and no coagent or successor agent is named in the power of attorney, then the agent may choose among the notice options in paragraph (1)(b). Paragraph (1)(b) permits the resigning agent to give notice to the principal's caregiver, a person reasonably believed to have sufficient interest in the principal's welfare, or a governmental agency having authority to protect the welfare of the principal. The choice among these options is intentionally left to the agent's discretion and is governed by the same standards as apply to other agent conduct.
See
Section
15-14-714(1)
(requiring the agent to act in accordance with the principal's reasonable expectations, if known, and otherwise in the principal's best interest).
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-721 - Principles of law and equity

Unless displaced by a provision of this part 7, the principles of law and equity supplement this part 7.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 395, §1, effective April 9.
OFFICIAL COMMENT
The Act is supplemented by common law, including the common law of agency, where provisions of the Act do not displace relevant common law principles. The common law of agency is articulated in the Restatement of Agency and includes contemporary and evolving rules of decision developed by the courts in exercise of their power to adapt the law to new situations and changing conditions. The common law also includes the traditional and broad equitable jurisdiction of the court, which this Act in no way restricts.
The statutory text of the Uniform Power of Attorney Act is also supplemented by these comments, which, like the comments to any Uniform Act, may be relied on as a guide for interpretation.
See
Acierno v. Worthy Bros. Pipeline Corp., 656 A.2d 1085, 1090 (Del. 1995) (interpreting Uniform Commercial Code); Yale University v. Blumenthal, 621 A.2d 1304, 1307 (Conn. 1993) (interpreting Uniform Management of Institutional Funds Act); 2B Norman Singer, Southerland Statutory Construction § 52.5 (6th ed. 2000).
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-722 - Laws applicable to financial institutions and entities

This part 7 does not supersede any other law applicable to financial institutions or other entities, and the other law controls if inconsistent with this part 7.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 395, §1, effective April 9.
OFFICIAL COMMENT
This section addresses concerns of representatives from the banking and insurance industries that there may be regulations which govern those entities that conflict with provisions of this Act. Although no specific conflicts were identified during the drafting process, Section 15-14-722 provides that in the event a law applicable to a financial institution or other entity is inconsistent with this Act, the other law will supersede this Act to the extent of the inconsistency. This concern about inconsistency with the requirements of other law is already substantially addressed in Section
15-14-720
, which provides, in pertinent part, that a person is not required to accept a power of attorney if, "the person is not otherwise required to engage in a transaction with the principal in the same circumstances," or "engaging in a transaction with the agent or the principal in the same circumstances would be inconsistent with federal law."
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 1 - GENERAL PROVISIONS (§§ 15-14-701 — 15-14-723) › Section 15-14-723 - Remedies under other law

The remedies under this part 7 are not exclusive and do not abrogate any right or remedy under the law of this state other than this part 7.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 396, §1, effective April 9.
OFFICIAL COMMENT
The remedies under the Act are not intended to be exclusive with respect to causes of action that may accrue in relation to a power of attorney. The Act applies to many persons, individual and entity (
see
Section
15-14-702(6)
(defining "person" for purposes of the Act)), that may serve as agents or that may be asked to accept a power of attorney. Likewise, the Act applies to many subject areas (
see
Subpart 2) over which principals may delegate authority to agents. Remedies under other laws which govern such persons and subject matters should be considered by aggrieved parties in addition to remedies available under this Act.
See, e.g.,
Section
15-14-717
Comment.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 2 - OWNERSHIP AS BETWEEN PARTIES AND OTHERS (§§ 15-14-724 — 15-14-740) › Section 15-14-725 - Incorporation of authority - incorporation by reference

(1)
An agent has authority described in this part 7 if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in sections
15-14-727
to
15-14-740
or cites the section in which the authority is described.
(2)
A reference in a power of attorney to general authority with respect to the descriptive term for a subject in sections
15-14-727
to
15-14-740
or a citation to a section of sections
15-14-727
to
15-14-740
incorporates the entire section as if it were set out in full in the power of attorney.
(2.5)
In addition to the incorporation of authority as provided in subsections (1) and (2) of this section, a writing or other record in existence when a power of attorney is executed may be incorporated by reference if the language of the power of attorney manifests this intent and describes the writing or other record sufficiently to permit its identification. A writing or other record so incorporated by reference is considered as set out in full in the power of attorney.
(3)
A principal may modify authority or a writing or other record incorporated by reference.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 397, §1, effective April 9.
OFFICIAL COMMENT
This section provides two methods for incorporating into a power of attorney the Act's statutory construction for authority over various subject matters. A reference in a power of attorney to the descriptive term for a subject in Sections
15-14-727
through
15-14-740
, or to the section number, incorporates the entire statutory section as if it were set out in full in the power of attorney. Subsection (3) provides that a principal may modify any authority incorporated by reference. The optional statutory form power of attorney provided in Section
15-14-741
uses the descriptive terms in Sections
15-14-727
through
15-14-740
to incorporate statutory construction for authority granted on the form and provides a "Special Instructions" section where the principal may modify any authority incorporated by reference.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 2 - OWNERSHIP AS BETWEEN PARTIES AND OTHERS (§§ 15-14-724 — 15-14-740) › Section 15-14-728 - Tangible personal property

(1)
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to tangible personal property authorizes the agent to:
(a)
Demand, buy, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or reject ownership or possession of tangible personal property or an interest in tangible personal property;
(b)
Sell; exchange; convey with or without covenants, representations, or warranties; quitclaim; release; surrender; create a security interest in; grant options concerning; lease; sublease; or otherwise dispose of tangible personal property or an interest in tangible personal property;
(c)
Grant a security interest in tangible personal property or an interest in tangible personal property as security to borrow money or pay, renew, or extend the time of payment of a debt of the principal or a debt guaranteed by the principal;
(d)
Release, assign, satisfy, or enforce by litigation or otherwise a security interest, lien, or other claim on behalf of the principal with respect to tangible personal property or an interest in tangible personal property;
(e)
Manage or conserve tangible personal property or an interest in tangible personal property on behalf of the principal, including:
(I)
Insuring against liability or casualty or other loss;
(II)
Obtaining or regaining possession of or protecting the property or interest, by litigation or otherwise;
(III)
Paying, assessing, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments;
(IV)
Moving the property from place to place;
(V)
Storing the property for hire or on a gratuitous bailment; and
(VI)
Using and making repairs, alterations, or improvements to the property; and
(f)
Change the form of title of an interest in tangible personal property.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 400, §1, effective April 9.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 2 - OWNERSHIP AS BETWEEN PARTIES AND OTHERS (§§ 15-14-724 — 15-14-740) › Section 15-14-729 - Stocks and bonds

(1)
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to:
(a)
Buy, sell, and exchange stocks and bonds;
(b)
Establish, continue, modify, or terminate an account with respect to stocks and bonds;
(c)
Pledge stocks and bonds as security to borrow, pay, renew, or extend the time of payment of a debt of the principal;
(d)
Receive certificates and other evidences of ownership with respect to stocks and bonds; and
(e)
Exercise voting rights with respect to stocks and bonds in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 401, §1, effective April 9.
OFFICIAL COMMENT
The substance of this section remains unchanged from Section 6 the Uniform Statutory Form Power of Attorney Act; however, the wording is revised to reflect that "stocks and bonds" is now a defined term in the Act.
See
Section
15-14-702(14)
.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 2 - OWNERSHIP AS BETWEEN PARTIES AND OTHERS (§§ 15-14-724 — 15-14-740) › Section 15-14-730 - Commodities and options

(1)
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to commodities and options authorizes the agent to:
(a)
Buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call or put options on stocks or stock indexes traded on a regulated option exchange; and
(b)
Establish, continue, modify, and terminate option accounts.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 401, §1, effective April 9.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 2 - OWNERSHIP AS BETWEEN PARTIES AND OTHERS (§§ 15-14-724 — 15-14-740) › Section 15-14-731 - Banks and other financial institutions

(1)
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to:
(a)
Continue, modify, and terminate an account or other banking arrangement made by or on behalf of the principal;
(b)
Establish, modify, and terminate an account or other banking arrangement with a bank, trust company, savings and loan association, credit union, thrift company, brokerage firm, or other financial institution selected by the agent;
(c)
Contract for services available from a financial institution, including renting a safe deposit box or space in a vault;
(d)
Withdraw, by check, order, electronic funds transfer, or otherwise, money or property of the principal deposited with or left in the custody of a financial institution;
(e)
Receive statements of account, vouchers, notices, and similar documents from a financial institution and act with respect to them;
(f)
Enter a safe deposit box or vault and withdraw or add to the contents;
(g)
Borrow money and pledge as security personal property of the principal necessary to borrow money or pay, renew, or extend the time of payment of a debt of the principal or a debt guaranteed by the principal;
(h)
Make, assign, draw, endorse, discount, guarantee, and negotiate promissory notes, checks, drafts, and other negotiable or nonnegotiable paper of the principal or payable to the principal or the principal's order; transfer money; receive the cash or other proceeds of those transactions; and accept a draft drawn by a person upon the principal and pay it when due;
(i)
Receive for the principal and act upon a sight draft, warehouse receipt, or other document of title whether tangible or electronic or other negotiable or nonnegotiable instrument;
(j)
Apply for, receive, and use letters of credit, credit and debit cards, electronic transaction authorizations, and traveler's checks from a financial institution and give an indemnity or other agreement in connection with letters of credit; and
(k)
Consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution.
L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 401, §1, effective April 9.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › COLORADO PROBATE CODE (§§ 15-10-101 — 15-17-103) › Article 14 - PERSONS UNDER DISABILITY - PROTECTION (§§ 15-14-101 — 15-14-806) › Part 7 - UNIFORM POWER OF ATTORNEY ACT (§§ 15-14-701 — 15-14-745) › Subpart 2 - OWNERSHIP AS BETWEEN PARTIES AND OTHERS (§§ 15-14-724 — 15-14-740) › Section 15-14-734 - Estates, trusts, and other beneficial interests

(1)
In this section, "estate, trust, or other beneficial interest" means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be, entitled as a beneficiary to a share or payment.
(2)
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to:
(a)
Accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from an estate, trust, or other beneficial interest;
(b)
Demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of an estate, trust, or other beneficial interest, by litigation or otherwise;
(c)
Exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal;
(d)
Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal;
(e)
Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary;
(f)
Conserve, invest, disburse, or use anything received for an authorized purpose; and
(g)
Transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a revocable trust created by the principal as settlor.
(h)
(Deleted by amendment, L. 2011, (SB 11-083), ch. 306, p. 306, § 14, effective August 10, 2011.)
L. 2009: Entire part added, (HB 09 -1198), ch. 106, p. 405, § 1, effective April 9. L. 2011: (2)(f), (2)(g), and (2)(h) amended, (SB 11 -083), ch. 101, p. 306, § 14, effective August 10.
OFFICIAL COMMENT
This section, which corresponds to Section 11 of the Uniform Statutory Form Power of Attorney Act, has been revised to clarify that an agent's authority includes authority to exercise, for the benefit of the principal, a presently exercisable general power of appointment held by the principal (subsection (2)(c)). "Presently exercisable general power of appointment" is defined for purposes of the Act in Section
15-14-702(8)
.