Michigan Laws 556.213 – Agent’s acceptance; acknowledgement of duties
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Terms Used In Michigan Laws 556.213
- 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 Michigan Laws 556.202
- Person: means an individual or corporation, including a fiduciary of an estate or trust, a business 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 Michigan Laws 556.202
- power: means a power of attorney. See Michigan Laws 556.202
- 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 written record that grants authority to an agent to act in 1 or more matters on behalf of the principal, whether or not the term power of attorney is used. See Michigan Laws 556.202
- Principal: means an individual who grants authority to an agent in a power of attorney. See Michigan Laws 556.202
(1) Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority as an agent or by any other assertion or conduct indicating acceptance.
(2) Before exercising authority under a durable power of attorney, an agent shall execute an acknowledgment of the agent’s duties that contains all the substantive statements contained in the optional template “Agent’s Acknowledgment” provided in section 302 in substantially the form of that optional template.
(3) An agent’s failure to comply with subsection (2) does not affect the agent’s authority to act for the principal as provided in the durable power of attorney or this act, does not alter the agent’s duties under the power and this act, and does not mitigate the agent’s potential liability for breach of those duties.