Billl No. 28-0086 Amendment To Provide For A  Uniform  Statutory  Form  Power Of  Attorney
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Billl No. 28-0086 Amendment To Provide For A Uniform Statutory Form Power Of Attorney

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Sponsors: Neville A. James:

Sponsors: Neville A. James:
Subject: An Act amending title 15 Virgin Islands Code to provide for a Uniform Statutory Form Power of Attorney

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    Billl No. 28-0086 Amendment To Provide For A  Uniform  Statutory  Form  Power Of  Attorney Billl No. 28-0086 Amendment To Provide For A Uniform Statutory Form Power Of Attorney Document Transcript

    • COMMITTEE ON RULES AND JUDICIARY BILL NO. 28-0086 Twenty-Eighth Legislature of the Virgin Islands July 6, 2009 An Act amending title 15 Virgin Islands Code to provide for a Uniform Statutory Form power of Attorney PROPOSED BY: Senator Neville A. James 1 Be it enacted by the Legislature of the Virgin Islands: 2 SECTION 1. Title 12 Virgin Islands Code is amended by adding Article V Part 7 to 3 read as follows: 4 §5-701. STATUTORY FORM POWER OF ATTORNEY. A document 5 substantially in the following form may be used to create a statutory form power of attorney 6 that has the meaning and effect prescribed by this article. 7 VIRGIN ISLANDS 8 STATUTORY FORM POWER OF ATTORNEY 9 IMPORTANT INFORMATION
    • 2 1 This power of attorney authorizes another person, your agent, to make decisions 2 concerning your property for you, the principal. Your agent will be able to make decisions 3 and act with respect to your property, including your money, whether or not you are able to 4 act for yourself. The meaning of authority over subjects listed on this form is explained in 5 the Uniform Power of Attorney Act, parts 5 and 6 of this article. 6 This power of attorney does not authorize the agent to make health-care decisions for 7 you. 8 You should select someone you trust to serve as your agent. Unless you specify 9 otherwise, generally the agent’s authority will continue until you die or revoke the power of 10 attorney or the agent resigns or is unable to act for you. 11 Your agent is entitled to reasonable compensation unless you state otherwise in the 12 Special Instructions. 13 This form provides for designation of one agent. If you wish to name more than one 14 agent you may name a coagent in the Special Instructions. Coagents are not required to act 15 together unless you include that requirement in the Special Instructions. 16 If your agent is unable or unwilling to act for you, your power of attorney will end 17 unless you have named a successor agent. You may also name a second successor agent. 18 This power of attorney becomes effective immediately unless you state otherwise in 19 the Special Instructions. 20 If you have questions about the power of attorney or the authority you are 21 granting to your agent, you should seek legal advice before signing this form. 22 DESIGNATION OF AGENT 23 I ____________________________________________________________ name 24 (Name of Principal)
    • 3 1 Following person as my agent: 2 Name of Agent:____________________________________________________________ 3 Agent’s Address:___________________________________________________________ 4 Agent’s TelephoneNumber:___________________________________________________ 5 DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL) 6 If my agent is unable or unwilling to act for me, I name as my successor agent: 7 Name of Successor Agent:_____________________________________________ 8 Successor Agent’s Address: ___________________________________________ 9 Successor Agent’s Telephone Number:____________________________________ 10 If my successor agent is unable or unwilling to act for me, I name as my second 11 successor agent: 12 Name of Second Successor Agent: _______________________________________ 13 Second Successor Agent’s Address:______________________________________ 14 Second Successor Agent’s Telephone Number: _____________________________ 15 GRANT OF GENERAL AUTHORITY 16 I grant my agent and any successor agent general authority to act for me with respect 17 to the following subjects as defined in the Uniform Power of Attorney Act [insert citation]: 18 (INITIAL each subject you want to include in the agent’s general authority. If you 19 wish to grant general authority over all of the subjects you may initial “All Preceding 20 Subjects” instead of initialing each subject.) 21 (___) Real Property 22 (___) Tangible Personal Property 23 (___) Stocks and Bonds 24 (___) Commodities and Options
    • 4 1 (___) Banks and Other Financial Institutions 2 (___) Operation of Entity or Business 3 (___) Insurance and Annuities 4 (___) Estates, Trusts, and Other Beneficial Interests 5 (___) Claims and Litigation 6 (___) Personal and Family Maintenance 7 (___) Benefits from Governmental Programs or Civil or Military Service 8 (___) Retirement Plans 9 (___) Taxes 10 (___) All Preceding Subjects 11 GRANT OF SPECIFIC AUTHORITY (OPTIONAL) 12 My agent MAY NOT do any of the following specific acts for me UNLESS I have 13 INITIALED the specific authority listed below: 14 (CAUTION: Granting any of the following will give your agent the authority to take 15 actions that could significantly reduce your property or change how your property is 16 distributed at your death. INITIAL ONLY the specific authority you WANT to give your 17 agent.) 18 (___) Create, amend, revoke, or terminate an inter vivos trust 19 (___) Make a gift, subject to the limitations of the Uniform Power of Attorney Act [insert 20 citation to Section 217 of the act] and any special instructions in this power of 21 attorney 22 (___) Create or change rights of survivorship 23 (___) Create or change a beneficiary designation
    • 5 1 (___) Authorize another person to exercise the authority granted under this power of 2 attorney 3 (___) Waive the principal’s right to be a beneficiary of a joint and survivor annuity, 4 including a survivor benefit under a retirement plan 5 (___) Exercise fiduciary powers that the principal has authority to delegate 6 [(___) Disclaim or refuse an interest in property, including a power of appointment] 7 LIMITATION ON AGENT’S AUTHORITY 8 An agent that is not my ancestor, spouse, or descendant MAY NOT use my property 9 to benefit the agent or a person to whom the agent owes an obligation of support unless I 10 have included that authority in the Special Instructions. 11 SPECIAL INSTRUCTIONS (OPTIONAL) 12 You may give special instructions on the following lines: 13 ___________________________________________________________________________ 14 ___________________________________________________________________________ 15 ___________________________________________________________________________ 16 ___________________________________________________________________________ 17 ___________________________________________________________________________ 18 ___________________________________________________________________________ 19 ___________________________________________________________________________ 20 EFFECTIVE DATE 21 This power of attorney is effective immediately unless I have stated otherwise in the 22 Special Instructions. 23 NOMINATION OF CONSERVATOR OR GUARDIAN (OPTIONAL)
    • 6 1 If it becomes necessary for a court to appoint a conservator or guardian of my estate 2 or guardian of my person, I nominate the following person(s) for appointment: 3 Name of Nominee for conservator or guardian of my estate: 4 _______________________________________________________________________ 5 Nominee’s Address:_______________________________________________________ 6 Nominee’s Telephone Number:______________________________________________ 7 Name of Nominee for guardian of my person: __________________________________ 8 Nominee’s Address: _______________________________________________________ 9 Nominee’s Telephone Number:______________________________________________ 10 RELIANCE ON THIS POWER OF ATTORNEY 11 Any person, including my agent, may rely upon the validity of this power of attorney 12 or a copy of it unless that person knows it has terminated or is invalid. 13 SIGNATURE AND ACKNOWLEDGMENT 14 ____________________________________________ _______________ 15 Your Signature Date 16 ____________________________________________ 17 Your Name Printed 18 ____________________________________________ 19 ____________________________________________ 20 Your Address 21 ____________________________________________ 22 Your Telephone Number 23 State of _____________________________________ 24 [County] of__________________________________
    • 7 1 This document was acknowledged before me on __________________________, 2 (Date) 3 By ______________________________________ 4 (Name of Principal) 5 ____________________________________________ (Seal, if any) 6 Signature of Notary 7 My commission expires: ________________________ 8 [This document prepared by: 9 __________________________________________________________________ 10 __________________________________________________________________] 11 IMPORTANT INFORMATION FOR AGENT 12 Agent’s Duties 13 When you accept the authority granted under this power of attorney, a special legal 14 relationship is created between you and the principal. This relationship imposes upon you 15 legal duties that continue until you resign or the power of attorney is terminated or revoked. 16 You must: 17 (1) do what you know the principal reasonably expects you to do with the 18 principal’s property or, if you do not know the principal’s expectations, act in the principal’s 19 best interest; 20 (2) act in good faith; 21 (3) do nothing beyond the authority granted in this power of attorney; and 22 (4) disclose your identity as an agent whenever you act for the principal by 23 writing or printing the name of the principal and signing your own name as “agent” in the 24 following manner:
    • 8 1 (Principal’s Name) by (Your Signature) as Agent 2 Unless the Special Instructions in this power of attorney state otherwise, you must 3 also: 4 (1) act loyally for the principal’s benefit; 5 (2) avoid conflicts that would impair your ability to act in the principal’s best 6 interest; 7 (3) act with care, competence, and diligence; 8 (4) keep a record of all receipts, disbursements, and transactions made on behalf 9 of the principal; 10 (5) cooperate with any person that has authority to make health-care decisions for 11 the principal to do what you know the principal reasonably expects or, if you do not know the 12 principal’s expectations, to act in the principal’s best interest; and 13 (6) attempt to preserve the principal’s estate plan if you know the plan and 14 preserving the plan is consistent with the principal’s best interest. 15 Termination of Agent’s Authority 16 You must stop acting on behalf of the principal if you learn of any event that 17 terminates this power of attorney or your authority under this power of attorney. Events that 18 terminate a power of attorney or your authority to act under a power of attorney include: 19 (1) death of the principal; 20 (2) the principal’s revocation of the power of attorney or your authority; 21 (3) the occurrence of a termination event stated in the power of attorney; 22 (4) the purpose of the power of attorney is fully accomplished; or 23 (5) if you are married to the principal, a legal action is filed with a court to end 24 your marriage, or for your legal separation, unless the Special Instructions in this power of 25 attorney state that such an action will not terminate your authority.
    • 9 1 Liability of Agent 2 The meaning of the authority granted to you is defined in the Uniform Power of 3 Attorney Act, parts 5 and 6 of this article. If you violate the Uniform Power of Attorney Act 4 or act outside the authority granted, you may be liable for any damages caused by your 5 violation. 6 If there is anything about this document or your duties that you do not 7 understand, you should seek legal advice. 8 §5-702. AGENT’S CERTIFICATION. The following optional form may be used 9 by an agent to certify facts concerning a power of attorney. 10 AGENT’S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY 11 AND AGENT’S AUTHORITY 12 State of _____________________________ 13 [County] of___________________________] 14 I, _____________________________________________ (Name of Agent), certify under 15 penalty of perjury that __________________________________________(Name of 16 Principal) granted me authority as an agent or successor agent in a power of attorney dated 17 ________________________. 18 I further [certify] that to my knowledge: 19 (1) the Principal is alive and has not revoked the Power of Attorney or my 20 authority to act under the Power of Attorney and the Power of Attorney and my authority to 21 act under the Power of Attorney have not terminated; 22 (2) if the Power of Attorney was drafted to become effective upon the happening 23 of an event or contingency, the event or contingency has occurred;
    • 10 1 (3) if I was named as a successor agent, the prior agent is no longer able or 2 willing to serve; and 3 (4)__________________________________________________________________ 4 ___________________________________________________________________________ 5 ___________________________________________________________________________ 6 ___________________________________________________________________________ 7 _______________________________________ 8 (Insert other relevant statements) 9 SIGNATURE AND ACKNOWLEDGMENT 10 ____________________________________________ _______________ 11 Agent’s Signature Date 12 ____________________________________________ 13 Agent’s Name Printed 14 ____________________________________________ 15 ____________________________________________ 16 Agent’s Address 17 ____________________________________________ 18 Agent’s Telephone Number 19 This document was acknowledged before me on __________________________, 20 (Date) 21 by______________________________________. 22 (Name of Agent) 23 ____________________________________________ (Seal, if any) 24 Signature of Notary
    • 11 1 My commission expires: ________________________ 2 [This document prepared by: 3 _________________________________________________________________] 4 5 6 7 BILL SUMMARY 8 9 This bill is part of the Uniform Power of Attorney Act and provides a concise, 10 optional statutory form for creating a power of attorney under the Uniform Power of 11 Attorney Act. The drafters of the Uniform Power of Attorney Act, the National Conference 12 of Commissioners of Uniform State Laws have explained in the Summary to the Act that, the 13 advantage of a statutorily-sanctioned form is the promotion of uniformity in power of 14 attorney practice. In states such as Illinois and New York, where state-sanctioned statutory 15 forms have existed for many years, the statutory form is widely used by both lawyers and lay 16 persons. The familiarity and common understanding achieved with the use of one statutory 17 form also facilitates acceptance of powers of attorney. In the twenty years preceding this 18 Act, the number of states with statutory forms has increased from only a few to eighteen. 19 The Conference further explains that in addition to the statutory form power of 20 attorney, the Act provides an optional form for agent certification of facts pertaining to a 21 power of attorney (section 5-702). The form lists factual matters about which persons 22 commonly request certification (e.g., the principal is alive and has not revoked the power of 23 attorney or the agent’s authority), and provides a designated space for certification of 24 additional factual statements. Both the statutory form power of attorney and the agent 25 certification form may be tailored to accommodate individual circumstances and objectives.
    • 12 1 An important component of the statutory form is a specific list of transactions that 2 any prospective principal can choose from in delegating powers to an agent. These are set 3 out in the statute in a list. If the principal has a pre-printed form that replicates the statute, all 4 the principal has to do is initial the transaction categories that he or she wishes the agent to 5 conduct on his or her behalf. Examples of the kinds of transactions listed are "real property 6 transactions" and "tangible personal property transactions". 7 8 9 10 11 BR09-0409(b)/July 6, 2009/YLY 12 13 14 15 16 17 18 19 20 21 22 23 24