Oregon Statutes 127.035 – Limitations on liability of person reasonably relying on power of attorney
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Any person who reasonably relies in good faith on the authority of an agent under a power of attorney is not liable to any other person based on that reliance, and is not required to ensure that assets of the principal that are paid or delivered to the agent are properly applied. Any person who has not received actual notice of revocation of a power of attorney is not liable to any other person by reason of relying on a power of attorney that has been revoked. [2001 c.395 § 2; 2009 c.46 § 5]
Terms Used In Oregon Statutes 127.035
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- 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
[Repealed by 1969 c.591 § 305]