language to be deleted (2) new language
relating to civil law; modifying the statutory short form power of attorney; authorizing certain judicial relief;
amending Minnesota Statutes 2012, sections 523.20; 523.23, subdivision 1, by adding a subdivision; 523.24, subdivisions 8, 14; proposing coding for new law in Minnesota Statutes, chapter 523.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Any party refusing to accept the authority of an attorney-in-fact to exercise a power granted by a power of attorney which (1) is executed in conformity with section 523.23 or a form prepared under section 523.231; (2) contains a specimen signature of the attorney-in-fact authorized to act; (3) with regard to the execution or delivery of any recordable instrument relating to real property, is accompanied by affidavits that satisfy the provisions of section 523.17;
(4) with regard to any other transaction, is signed by the attorney-in-fact in a manner conforming to section 523.18; and (5) when applicable, is accompanied by an affidavit and any other document required by section 523.16, is liable to the principal and to the principal's heirs, assigns, and representative of the estate of the principal in the same manner as the party would be liable had the party refused to accept the authority of the principal to act on the principal's own behalf unless: (1) the party has actual notice of the revocation of the power of attorney prior to the exercise of the power; (2) the duration of the power of attorney specified in the power of attorney itself has expired; or (3) the party has actual knowledge of the death of the principal or, if the power of attorney is not a durable power of attorney, actual notice of a judicial determination that the principal is legally incompetent. This provision does not negate any liability which a party would have to the principal or to the attorney-in-fact under any other form of power of attorney under the common law or otherwise.
STATUTORY SHORT FORM POWER OF ATTORNEY
MINNESOTA STATUTES, SECTION 523.23
IMPORTANT NOTICE: The powers granted by this document are broad and sweeping. They are defined in Minnesota Statutes, section 523.24. If you have any questions about these powers, obtain competent advice. This power of attorney may be revoked by you if you wish to do so. This power of attorney is automatically terminated if it is to your spouse and proceedings are commenced for dissolution, legal separation, or annulment of your marriage. This power of attorney authorizes, but does not require, the attorney-in-fact to act for you.
PRINCIPAL (Name and Address of Person Granting the Power)
|(Name and Address)||(Optional) To act if any named attorney-in-fact dies, resigns, or is otherwise unable to serve.|
|(Name and Address)|
|.||First Successor .|
|.||Second Successor .|
|NOTICE: If more than one attorney-in-fact is designated , make a check or "x" on the line in front of one of the following statements:|
|... Each attorney-in-fact||EXPIRATION DATE (Optional)|
|may independently exercise||.||. ,||.|
|the powers granted.||Use Specific Month||Day||Year Only|
|... All attorneys-in-fact|
|must jointly exercise the|
I, (the above-named Principal) hereby appoint the above named Attorney(s)-in-Fact to act as my attorney(s)-in-fact:
FIRST: To act for me in any way that I could act with respect to the following matters, as each of them is defined in Minnesota Statutes, section 523.24:
(To grant to the attorney-in-fact any of the following powers, make a check or "x" on the line in front of each power being granted. You may, but need not, cross out each power not granted. Failure to make a check or "x" on the line in front of the power will have the effect of deleting the power unless the line in front of the power of (N) is checked or x-ed.)
|.||(A)||real property transactions;|
|I choose to limit this power to real property in . County, Minnesota, described as follows:|
|(Use legal description. Do not use street address.)|
|(If more space is needed, continue on the back or on an attachment.)|
|.||(B)||tangible personal property transactions;|
|.||(C)||bond, share, and commodity transactions;|
|.||(E)||business operating transactions;|
|.||(J)||claims and litigation;|
|.||(L)||benefits from military service;|
|.||(M)||records, reports, and statements;|
|.||(N)||all of the powers listed in (A) through (M) above and all other matters.|
SECOND: (You must indicate below whether or not this power of attorney will be effective if you become incapacitated or incompetent. Make a check or "x" on the line in front of the statement that expresses your intent.)
|.||This power of attorney shall continue to be effective if I become incapacitated or incompetent.|
|.||This power of attorney shall not be effective if I become incapacitated or incompetent.|THIRD: (You must indicate below whether or not this power of attorney authorizes the attorney-in-fact to transfer your property to the attorney-in-fact. Make a check or "x" on the line in front of the statement that expresses your intent.)
FOURTH: (You may indicate below whether or not the attorney-in-fact is required to make an accounting. Make a check or "x" on the line in front of the statement that expresses your intent.)
|.||My attorney-in-fact need not render an accounting unless I request it or the accounting is otherwise required by Minnesota Statutes, section 523.21.|
|.||My attorney-in-fact must render .|
|(Monthly, Quarterly, Annual)|
|accountings to me or .|
|(Name and Address)|
|during my lifetime, and a final accounting to the personal representative of my estate, if any is appointed, after my death.|
In Witness Whereof I have hereunto signed my name this . day of . , .
|(Signature of Principal)|
|(Acknowledgment of Principal)|
|STATE OF MINNESOTA||)|
|The foregoing instrument was acknowledged before me this ..... day of .........., ........,|
|(Insert Name of Principal)|
|(Signature of Notary Public or other Official)|
|This instrument was drafted by:||Specimen Signature of Attorney(s)-in-Fact|
|(Notarization not required)|
In the statutory short form power of attorney, the language conferring general authority with respect to gift transactions, means that the principal authorizes the attorney-in-fact:
(1) to make gifts to organizations, whether charitable or otherwise, to which the principal has made gifts, and to satisfy pledges made to organizations by the principal;
(2) to make gifts on behalf of the principal to the principal's spouse, children, and other descendants or the spouse of any child or other descendant, and, if authorized by the principal in part Third, to the attorney-in-fact, either outright or in trust, for purposes which the attorney-in-fact deems to be in the best interest of the principal, specifically including minimization of income, estate, inheritance, or gift taxes, provided that, notwithstanding that the principal in part Third may have authorized the attorney-in-fact to transfer the principal's property to the attorney-in-fact, no attorney-in-fact nor anyone the attorney-in-fact has a legal obligation to support may be the recipient of any gifts in any one calendar year which, in the aggregate, exceed
$10,000 in value to each recipient;
(3) to prepare, execute, consent to on behalf of the principal, and file any return, report, declaration, or other document required by the laws of the United States, any state or subdivision of a state, or any foreign government, which the attorney-in-fact deems to be desirable or necessary with respect to any gift made under the authority of this subdivision;
(4) to execute, acknowledge, seal, and deliver any deed, assignment, agreement, authorization, check, or other instrument which the attorney-in-fact deems useful for the accomplishment of any of the purposes enumerated in this subdivision;
(5) to prosecute, defend, submit to arbitration, settle, and propose or accept a compromise with respect to any claim existing in favor of or against the principal based on or involving any gift transaction or to intervene in any related action or proceeding;
(6) to hire, discharge, and compensate any attorney, accountant, expert witness, or other assistant when the attorney-in-fact deems that action to be desirable for the proper execution by the attorney-in-fact of any of the powers described in this subdivision, and for the keeping of needed records; and
(7) in general, and in addition to but not in contravention of all the specific acts listed in this subdivision, to do any other acts which the attorney-in-fact deems desirable or necessary to complete any gift on behalf of the principal.
All powers described in this subdivision are exercisable equally with respect to a gift of any property in which the principal is interested at the giving of the power of attorney or becomes interested after that time, and whether located in the state of Minnesota or elsewhere.
In a statutory short form power of attorney, the language conferring general authority with respect to all other matters, means that the principal authorizes the attorney-in-fact to act as an alter ego of the principal with respect to any and all possible matters
and affairs affecting property owned by the principal which are not enumerated in subdivisions 1 to 13, and which the principal can do through an agent.
Presented to the governor April 22, 2013
Signed by the governor April 24, 2013, 10:52 a.m.
Copyright © 2013 by the Revisor of Statutes, State of Minnesota. All rights reserved.