Michigan Laws 556.210 – Termination of power of attorney or agents authority
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Terms Used In Michigan Laws 556.210
- Actual knowledge: means knowledge in fact. See Michigan Laws 556.202
- 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
- Good faith: means honesty in fact. See Michigan Laws 556.202
- Incapacity: means inability of an individual to manage property or business affairs for either of the following reasons:
(i) The individual has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance. See Michigan Laws 556.202Person: 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) A power of attorney terminates if any of the following occur:
(a) The principal dies.
(b) For a power of attorney that is not durable, the principal becomes incapacitated.
(c) The principal revokes the power of attorney.
(d) An event occurs that, according to the terms of the power of attorney, terminates the power.
(e) For a power of attorney that is intended only for a specified, limited purpose, the specified purpose of the power is accomplished.
(f) 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.
(2) An agent’s authority terminates if any of the following occur:
(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 for the legal separation of the agent and the principal, unless the power of attorney provides otherwise.
(d) The power of attorney terminates.
(3) Unless the power of attorney provides otherwise, an agent’s authority is exercisable until the authority terminates under subsection (2), notwithstanding any lapse of time since the execution of the power.
(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 or in reliance upon the power. 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 as to an agent or other person that, without actual knowledge of the incapacity, acts in good faith under or in reliance on the power. 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 provides that the previous power is revoked or that all other powers of attorney are revoked.