404.717. Modification and termination of power of attorney--liability between principal and attorney in fact.

MISSOURI STATUTES AND CODES

404.717. Modification and termination of power of attorney--liability between principal and attorney in fact.

Modification and termination of power of attorney--liabilitybetween principal and attorney in fact.

404.717. 1. As between the principal and attorney in fact orsuccessor attorney in fact, and any agents appointed by either of them,unless the power of attorney is coupled with an interest, the authoritygranted in a power of attorney shall be modified or terminated as follows:

(1) On the date shown in the power of attorney and in accordance withthe express provisions of the power of attorney;

(2) When the principal, orally or in writing, or the principal'slegal representative with approval of the court in writing informs theattorney in fact or successor that the power of attorney is modified orterminated, or when and under what circumstances it is modified orterminated;

(3) When a written notice of modification or termination of the powerof attorney is filed by the principal or the principal's legalrepresentative for record in the office of the recorder of deeds in thecity or county of the principal's residence or, if the principal is anonresident of the state, in the city or county of the residence of theattorney in fact last known to the principal, or in the city or county inwhich is located any property specifically referred to in the power ofattorney;

(4) On the death of the principal, except that if the power ofattorney grants authority under subdivision (7) or (8) of subsection 6 ofsection 404.710, the power of attorney and the authority of the attorney infact shall continue for the limited purpose of carrying out the authoritygranted under either or both of said subdivisions for a reasonable lengthof time after the death of the principal;

(5) When the attorney in fact under a durable power of attorney isnot qualified to act for the principal;

(6) On the filing of any action for divorce or dissolution of themarriage of the principal and the principal's attorney in fact who weremarried to each other at or subsequent to the time the power of attorneywas created, unless the power of attorney provides otherwise.

2. Whenever any of the events described in subsection 1 of thissection operate merely to terminate the authority of the particular persondesignated as the attorney in fact, rather than terminating the power ofattorney, if the power of attorney designates a successor or contingentattorney in fact or prescribes a procedure whereby a successor orcontingent attorney in fact may be designated, then the authority providedin the power of attorney shall extend to and vest in the successor orcontingent attorney in fact in lieu of the attorney in fact whose power andauthority was terminated under any of the circumstances referred to insubsection 1 of this section.

3. As between the principal and attorney in fact or successor, actsand transactions of the attorney in fact or successor undertaken in goodfaith, in accordance with section 404.714, and without actual knowledge ofthe death of the principal or without actual knowledge, or constructiveknowledge pursuant to subdivision (3) of subsection 1 of this section, thatthe authority granted in the power of attorney has been suspended, modifiedor terminated, relieves the attorney in fact or successor from liability tothe principal and the principal's successors in interest.

4. This section does not prohibit the principal, acting individually,and the person designated as the attorney in fact from entering into awritten agreement that sets forth their duties and liabilities as betweenthemselves and their successors, and which expands or limits theapplication of sections 404.700 to 404.735, with the exception of thoseacts enumerated in subsection 7 of section 404.710.

5. As between the principal and any attorney in fact or successor, ifthe attorney in fact or successor undertakes to act, and if in respect tosuch act, the attorney in fact or successor acts in bad faith, fraudulentlyor otherwise dishonestly, or if the attorney in fact or successorintentionally acts after receiving actual notice that the power of attorneyhas been revoked or terminated, and thereby causes damage or loss to theprincipal or to the principal's successors in interest, such attorney infact or successor shall be liable to the principal or to the principal'ssuccessors in interest, or both, for such damages, together with reasonableattorney's fees, and punitive damages as allowed by law.