Michigan Laws 556.503 – Effect on existing powers of attorney
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 556.503
- Court: includes that term as defined in section 1103 of the estates and protected individuals code, 1998 PA 386, MCL 700. 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
Except as otherwise provided in this act, on the effective date of this act all of the following apply:
(a) Except as provided in subdivision (c), this act applies to a power of attorney created before, on, or after the effective date of this act.
(b) This act applies to a judicial proceeding concerning a power of attorney commenced on or after the effective date of this act.
(c) This act applies to a judicial proceeding concerning a power of attorney commenced before the effective date of this act unless the court finds that application of a provision of this act would substantially interfere with the effective conduct of the judicial proceeding or prejudice the rights of a party, in which case that provision does not apply and the superseded law applies.
(d) An act done before the effective date of this act is not affected by this act.