§ 3507 - Termination; revocation - Vermont Statutes

§ 3507. Termination; revocation

(a) Subject to the provisions of subsection (c) of this section, a power of attorney shall terminate upon:

(1) the revocation by the principal, as provided in subsection (b) of this section;

(2) the divorce of the principal and spouse, where the spouse is the agent;

(3) the death of the principal;

(4) the disability or incapacity of the principal, except as provided in section 3508 of this title;

(5) the resignation or death of the agent, unless an alternate agent is named in the power of attorney or by the agent;

(6) a termination date specified in the power of attorney, if any;

(7) the occurrence of a termination event explicitly specified in the power of attorney; or

(8) the order of a court of competent jurisdiction.

(b) A principal who is not subject to an involuntary guardianship under subchapter 12 of chapter 111 of this title may revoke a power of attorney, whether durable or not, at any time by notification to the agent orally, or in writing, or by any other act evidencing a specific intent to revoke. An agent must comply with his or her principal's revocation notwithstanding the actual or perceived disability or incapacity of the principal.

(c) The occurrence of a terminating circumstance listed in subsection (a) of this section does not terminate a power of attorney, whether durable or not, as to the agent or other person, who, without actual knowledge of the terminating circumstance, acts in good faith under the power of attorney. Any action so taken, unless otherwise invalid or unenforceable, binds the principal and his or her heirs, devisees, and personal representatives.

(d) When an agent has acted in good faith under a power of attorney without actual knowledge of the occurrence of a terminating circumstance, an affidavit may be executed by the agent at any time, stating at the time of doing an act pursuant to the power of attorney, he or she did not have actual knowledge of the occurrence of the terminating circumstance. The affidavit shall constitute conclusive proof of the nontermination of the power of attorney at that time, in the absence of fraud. If the exercise of the power requires execution and delivery of any instrument that is recordable, the affidavit may also be recorded and shall be cross-referenced to the other instrument.

(e) A power of attorney coupled with an interest in a commercial transaction shall not be subject to revocation if the power of attorney states that it is irrevocable. (Added 2001, No. 135 (Adj. Sess.), § 2, eff. June 13, 2002.)