Vermont Statutes Title 14 Sec. 4010
Terms Used In Vermont Statutes Title 14 Sec. 4010
- 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
- Good faith: means honesty in fact. See
- Incapacity: means the inability of an individual to manage property or business affairs because 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
- Person: means an individual; corporation; business trust; estate; 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
- 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 writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. See
- Principal: means an individual who grants authority to an agent in a power of attorney. See
- Unavailability: means the inability of an individual to manage property or business affairs because the individual is:
§ 4010. Termination of power of attorney or agent‘s authority
(a) A power of attorney terminates when:
(1) the principal dies;
(2) the principal becomes incapacitated or unavailable, if the power of attorney is not durable;
(3) the principal revokes the power of attorney;
(4) the power of attorney provides that it terminates;
(5) the purpose of the power of attorney is accomplished; or
(6) the principal revokes the agent’s authority or the agent dies, becomes incapacitated or unavailable, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.
(b) An agent’s authority terminates when:
(1) the principal revokes the authority;
(2) the agent dies, becomes incapacitated or unavailable, or resigns;
(3) a petition for divorce, annulment, separation, or a decree of nullity is filed with respect to the agent’s marriage to the principal, unless the power of attorney otherwise provides; or
(4) the power of attorney terminates.
(c) Unless the power of attorney otherwise provides, an agent’s authority is exercisable until the authority terminates under subsection (b) of this section, notwithstanding a lapse of time since the execution of the power of attorney.
(d) 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 the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
(e) Incapacity or unavailability of the principal of a power of attorney that is not durable does not revoke or terminate the power of attorney as to an agent or other person that, without actual knowledge of the incapacity or unavailability, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
(f) The execution of a power of attorney does not revoke a power of attorney previously executed by the principal unless the subsequent power of attorney provides that the previous power of attorney is revoked or that all other powers of attorney are revoked.
(g) The principal of a power of attorney may not revoke the power of attorney if the principal has been determined to be incapacitated. (Added 2023, No. 60, § 1, eff. July 1, 2023.)