Kentucky Statutes 457.100 – Termination of power of attorney or agent’s authority
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(1) A power of attorney terminates when: (a) The principal dies;
(b) The principal becomes incapacitated, if the power of attorney is not durable;
(c) A court appoints a limited conservator, conservator, limited guardian, or guardian of the principal’s estate or other fiduciary charged with the management of some or all of the principal’s property, unless the court specifically provides that the power of attorney shall remain in effect;
(d) The principal revokes the power of attorney or, if the power of attorney was filed, the principal revokes the power of attorney in accordance with KRS
382.370;
(e) The power of attorney provides that it terminates;
(f) For a power of attorney that specifically states a purpose, the purpose of the power of attorney is accomplished; or
(g) The principal revokes the agent‘s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.
(2) An agent’s authority terminates when:
(a) The principal revokes the authority;
(b) The agent dies, becomes incapacitated, or resigns;
(c) An action is filed for the dissolution or annulment of the agent’s marriage to the principal or their legal separation, unless the power of attorney otherwise provides; or
(d) The power of attorney terminates.
(3) Unless the power of attorney otherwise provides, an agent’s authority is exercisable until the authority terminates under subsection (2) of this section, notwithstanding a lapse of time since the execution of the power of attorney.
(4) Termination of an agent’s authority or of a power of attorney is not effective as to the agent or another person that, without actual knowledge of the termination, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
(5) Incapacity of the principal of a power of attorney that is not durable does not revoke or terminate the power of attorney as to an agent or other person that, without actual knowledge of the incapacity, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
(6) The execution of a power of attorney does not revoke a power of attorney previously executed by the principal unless the subsequent power of attorney provides that the previous power of attorney is revoked or that all other powers of attorney are revoked.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 10, effective July 14, 2018.
(b) The principal becomes incapacitated, if the power of attorney is not durable;
Terms Used In Kentucky Statutes 457.100
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Kentucky Statutes 457.020
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Fiduciary: A trustee, executor, or administrator.
- Good faith: means honesty in fact. See Kentucky Statutes 457.020
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Incapacity: means inability of an individual to manage property or business affairs because the individual:
(a) Has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance. See Kentucky Statutes 457.020 - Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Kentucky Statutes 457.020
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Power of attorney: means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. See Kentucky Statutes 457.020
- Principal: means an individual who grants authority to an agent in a power of attorney. See Kentucky Statutes 457.020
- Property: means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right therein. See Kentucky Statutes 457.020
(c) A court appoints a limited conservator, conservator, limited guardian, or guardian of the principal’s estate or other fiduciary charged with the management of some or all of the principal’s property, unless the court specifically provides that the power of attorney shall remain in effect;
(d) The principal revokes the power of attorney or, if the power of attorney was filed, the principal revokes the power of attorney in accordance with KRS
382.370;
(e) The power of attorney provides that it terminates;
(f) For a power of attorney that specifically states a purpose, the purpose of the power of attorney is accomplished; or
(g) The principal revokes the agent‘s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.
(2) An agent’s authority terminates when:
(a) The principal revokes the authority;
(b) The agent dies, becomes incapacitated, or resigns;
(c) An action is filed for the dissolution or annulment of the agent’s marriage to the principal or their legal separation, unless the power of attorney otherwise provides; or
(d) The power of attorney terminates.
(3) Unless the power of attorney otherwise provides, an agent’s authority is exercisable until the authority terminates under subsection (2) of this section, notwithstanding a lapse of time since the execution of the power of attorney.
(4) Termination of an agent’s authority or of a power of attorney is not effective as to the agent or another person that, without actual knowledge of the termination, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
(5) Incapacity of the principal of a power of attorney that is not durable does not revoke or terminate the power of attorney as to an agent or other person that, without actual knowledge of the incapacity, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
(6) The execution of a power of attorney does not revoke a power of attorney previously executed by the principal unless the subsequent power of attorney provides that the previous power of attorney is revoked or that all other powers of attorney are revoked.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 10, effective July 14, 2018.