New Mexico Statutes 45-5B-120. Liability for refusal to accept acknowledged power of attorney
A. As used in this section, “statutory form power of attorney” means a power of attorney substantially in the form provided in Section 301 [45-5B-301 N.M. Stat. Ann.] of the Uniform Power of Attorney Act or that meets the requirements for a military power of attorney pursuant to 10 U.S.C. § 1046, as amended.
Terms Used In New Mexico Statutes 45-5B-120
- 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
B. Except as otherwise provided in Subsection C of this section:
(1) a person shall either accept an acknowledged statutory form power of attorney or request a certification, a translation or an opinion of counsel under Subsection B of Section 119 [45-5B-119 N.M. Stat. Ann.] of the Uniform Power of Attorney Act no later than seven business days after presentation of the power of attorney for acceptance;
(2) if a person requests a certification, a translation or an opinion of counsel under Subsection D of Section 119 of the Uniform Power of Attorney Act, the person shall accept the statutory form power of attorney no later than five business days after receipt of the certification, the translation or an opinion of counsel; and
(3) a person shall not require an additional or different form of power of attorney for authority granted in the statutory form power of attorney presented.
C. A person is not required to accept an acknowledged statutory form power of attorney if:
(1) the person is not otherwise required to engage in a transaction with the principal in the same circumstances;
(2) engaging in a transaction with the agent or the principal in the same circumstances would be inconsistent with federal law;
(3) the person has actual knowledge of the termination of the agent’s authority or of the power of attorney before exercise of the power;
(4) a request for a certification, a translation or an opinion of counsel under Subsection D of Section 119 of the Uniform Power of Attorney Act is refused;
(5) the person in good faith believes that the power of attorney is not valid or that the agent does not have the authority to perform the act requested, whether or not a certification, a translation or an opinion of counsel under Subsection D of Section 119 of the Uniform Power of Attorney Act has been requested or provided; or
(6) the person makes, or has actual knowledge that another person has made, a report to the adult protective services division of the aging and long-term services department stating a good faith belief that the principal may be subject to physical or financial abuse, neglect, exploitation or abandonment by the agent or a person acting for or with the agent.
D. A person that refuses in violation of this section to accept an acknowledged statutory form power of attorney is subject to:
(1) a court order mandating acceptance of the power of attorney; and
(2) liability for reasonable attorney fees and costs incurred in any action or proceeding that confirms the validity of the power of attorney or mandates acceptance of the power of attorney.