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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
HOUSE BILL 2548 By: Stinson
AS INTRODUCED
An Act relating to probate procedure; enacting the
Uniform Power of Attorney Act; defining terms;
providing that this act applies to all powers of
attorney except specified instances; providing that a
power of attorney is durable; providing power of
attorney execution requirements; providing validity
requirements for a power of attorney; providing
meaning and effect of a power of attorney; providing
for a nomination of guardian; providing relation of
agent to court-appointed fiduciary; providing when a
power of attorney is effective; providing for
termination of power of attorney or an agent 's
authority; providing duties, authorities and
requirements of coagents and successor agents;
providing for reimbursement and compensation of an
agent; providing requirements for an agent 's
acceptance under a power of attorney; providing
duties of an agent; providing for exoneration of an
agent's duties with exemptions; providing
requirements for who may petition the court to
construe a power of attorney or review an agent 's
conduct and receive appropriate relief; providing for
an agent's liability to principal and principal's
successors; providing for ac ceptance and reliance
upon an acknowledged power of attorney; providing
liability for refusal to accept an acknowledged power
of attorney; providing that unless displaced by this
act the principles of law and equity apply; providing
that this act does not supersede any other law
applicable to financial institutions or other
entities; providing that remedies under this act are
not exclusive and do no t abrogate any right or remedy
under the law of this state; providing acts that an
agent may do only if specif ically granted the
authority by the power of attorney; providing an
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agent with general authority except for specified
acts; providing for incorporation of authority;
providing an agent general authority to carry out
specific acts; providing that language i n a power of
attorney granting general authority, unless otherwise
provided, authorizes an agent to perform certain acts
in respect to real property, tangible personal
property, stocks, bonds, commodities and options,
banks and other financial institutions , operation of
an entity or business, insurance, annuities, estates,
trusts and other beneficial interests, claims,
litigation, personal and family maintenance, benefits
from governmental programs or civil or military
service, retirement plans, taxes, and gifts;
providing a statutory power of attorney form;
providing an agent's certification form; providing
uniformity of application and construction to power
of attorney; detailing the relationship between
electronic signature requirement in this act and in
the Electronic Signatures in G lobal and National
Commerce Act; providing the effect on existing powers
of attorney; repealing 58 O.S. 2011, Sections 1071,
1072, 1072.1, as amended by Section 6, Chapter 355,
O.S.L. 2016, 1072.2, 1072.3, 1074, as amended by
Section 1, Chapter 7, O.S.L. 2015 , 1075, as amended
by Section 2, Chapter 7, O.S.L. 2015 , 1076 and 1077
(58 O.S. Supp. 2020, Section s 1072.1, 1074 and 1075),
which relate to the Uniform Durable Power of Attorney
Act; providing for codification; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3001 of Title 58, unless there
is created a duplicatio n in numbering, reads as follows:
This act shall be known and may be cited as the "Uniform Power
of Attorney Act".
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SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3002 of Title 58, unless there
is created a duplication in numbering, reads as follows:
As used in this act:
1. "Agent" means a person granted authority to act for a
principal under a power of attorney, whether denomin ated an agent,
attorney-in-fact or otherwise. The term includes an original agent,
coagent, successor agent and a person to which an agent 's authority
is delegated;
2. "Durable", with respect to a power of attorney, means not
terminated by the principal 's incapacity;
3. "Electronic" means relating to technology hav ing electrical,
digital, magnetic, wireless, optical, electroma gnetic or similar
capabilities;
4. "Good faith" means honesty in fact;
5. "Incapacity" means inability of an individual to manage
property or business affairs because the individual:
a. has an impairment in the ability to receive and
evaluate information or make or communicate decisions
even with the use of technological assistance, or
b. is:
(1) missing,
(2) detained, including incarcerated in a penal
system, or
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(3) outside the United States and unable to return ;
6. "Person" means an individual, corporation, business trust,
estate, trust, partnership, limited liability company (LLC),
association, joint venture, public corporation, government or
governmental subdivision, agency or instrumentality, or any other
legal or commercial entity ;
7. "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 ;
8. "Presently exercisable gene ral power of appointment ", with
respect to property or a property interest subject to a power of
appointment, means power exercisable at the time in question to vest
absolute ownership in the principal individually, the principal 's
estate, the principal 's creditors or the creditors of the
principal's estate. The term includes a power of appointment not
exercisable until the occurrence of a specified event, the
satisfaction of an ascertainable standard or the passage of a
specified period only after the occ urrence of the specified event,
the satisfaction of the ascertainable standard or the passage of the
specified period. The term does not include a power exercisable in
a fiduciary capacity or only by will ;
9. "Principal" means an individual who grants au thority to an
agent in a power of attorney ;
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10. "Property" means anything that may be the subject of
ownership, whether real or personal, or legal or equitable, or any
interest or right therein ;
11. "Record" means information that is inscribed on a tangi ble
medium or that is stored in an electronic or other medium and is
retrievable in perceivable form ;
12. "Sign" means, with present intent to authenticate or adopt
a record:
a. to execute or adopt a tangible symbol , or
b. to attach to or logically associ ate with the record an
electronic sound, symbol or process;
13. "State" means a state of the United States, the District of
Columbia, Puerto Rico, t he United States Virgin Islands or any
territory or insular possession subject to the ju risdiction of the
United States; and
14. "Stocks and bonds" means stocks, bonds, mutual funds and
all other types of securities and financial instruments, wh ether
held directly, indirectly or in any other manner. The term does not
include commodity futures contracts and ca ll or put options on
stocks or stock indexes.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3003 of Title 58, unless there
is created a duplication in numbering, reads as follows:
This act applies to all powers of attorney except:
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1. A power to the extent it is coupled with an interest in the
subject of the power, including a power given to or for the benefit
of a creditor in connection with a credit transaction;
2. A power to make health-care decisions;
3. A proxy or other delegation to exercise voting rights or
management rights with respect to an entity; and
4. A power created on a form prescribed by a government or
governmental subdivision, agency or instrumentality for a
governmental purpose.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3004 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A power of attorney created under this ac t is durable unless it
expressly provides that it is terminated by the incapacity of the
principal.
SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3005 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A power of attorney must be signed by the principal or in the
principal's conscious presence by another individual directed by the
principal to sign the principal 's name on the power of attorney. A
signature on a power of attorney is presumed to be genuine if the
principal acknowledges the signature before a notary public or other
individual authorized by law to take acknowledgments.
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SECTION 6. NEW LAW A new section of law to be codifie d
in the Oklahoma Statutes as Section 3006 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. A power of attorney executed in this state on or afte r the
effective date of this act is valid if its execution complies with
Section 5 of this act.
B. A power of attorney executed in this state before effective
date of this act is valid if its execution complied with the law of
this state as it existed at the time of execution.
C. A power of attorney executed other than in thi s state is
valid in this state if, when the power of attorney was executed, the
execution complied with:
1. The law of the jurisdiction that determines the meaning and
effect of the power of attorney pursuant to Section 7 of this act;
or
2. The requirements for a military power of attorney pursuant
to 10 U.S.C., Section 1044b, as amended.
D. Except as otherwise provided by statute other than this act,
a photocopy or electronically transmitted copy of an original power
of attorney has the same effect as t he original.
SECTION 7. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3007 of Title 58, unless there
is created a duplication in numbering, reads as follows:
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The meaning and effect of a power of att orney is determined by
the law of the jurisdiction indicated in the power of attorney and,
in the absence of an indication of jurisdiction, by the law of the
jurisdiction in which the power of attorney was executed.
SECTION 8. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3008 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. In a power of attorney, a principal may nominate a guardian
of the principal's estate or guardian of the principal 's person for
consideration by the court if protective proceedings for the
principal's estate or person are begun after the principal executes
the power of attorney. Except for good cause shown or
disqualification, the court shall make its appointment in accordance
with the principal's most recent nomination.
B. If, after a principal executes a power of attorney, a court
appoints a guardian of the principal 's estate or other fiduciary
charged with the management of some or all of the principal's
property, the agent is accountable to the fiduciary as well as to
the principal. The power of attorney is not terminated and the
agent's authority continues unless limited, suspended or terminated
by the court.
SECTION 9. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3009 of Title 58, unless there
is created a duplication in numbering, reads as follows:
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A. A power of attorney is effective when executed unless the
principal provides in the power of attorney that it becomes
effective at a future date or upon the occurrence of a future event
or contingency.
B. If a power of attorney becomes effective upon the occurrence
of a future event or contingency, the principal, in the power of
attorney, may authorize one or more persons to determine in a
writing or other record that the event or contingency has occurred.
C. If a power of attorney becomes effective upon the
principal's incapacity and the principal has not authorized a person
to determine whether the principal is incapacitated, or the person
authorized is unable or unwilling to make the determi nation, the
power of attorney becomes effective upon a determination in a
writing or other record by:
1. A physician or licensed psychologi st that the principal is
incapacitated within the meaning of subparagraph a of paragraph 5 of
Section 2 of this act; or
2. An attorney at law, a judge or an appropriate governmental
official that the principal is incapacitated within the meaning of
subparagraph b of paragraph 5 of Section 2 of this act.
D. A person authorized by the principal in the power of
attorney to determine that the principal is incapacitated may act as
the principal's personal representative pursuant to the Health
Insurance Portability and Accountability Act, Sections 1171 through
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1179 of the Social Security Act, 42 U.S.C. , Section 1320d, as
amended, and applicable regulations, to obtain access to the
principal's health-care information and communicate with the
principal's health-care provider.
SECTION 10. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3010 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. A power of attorney terminates when:
1. The principal dies;
2. The principal becomes incapacitated, 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 a ccomplished; or
6. The principal revokes the agent 's authority or the ag ent
dies, becomes incapacitated 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 resigns;
3. An action is filed for divorce or annulment of the agent 's
marriage to the principal or their legal separation, unless the
power of attorney otherwise provid es; or
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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 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, 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.
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SECTION 11. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3011 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. A principal may designate two or more persons to act as
coagents. Unless the power of attorney otherwise provides, each
coagent may exercise its authority independently .
B. A principal may designate one or more successor agents to
act if an agent resigns, dies , becomes incapacitated, is not
qualified to serve or declines to serve. A principal may grant
authority to designate one or more successor agents to an agent or
other person designated by name, office or function. Unless the
power of attorney otherwise provides, a successor agent:
1. Has the same authority as that granted to the original
agent; and
2. May not act until all predecessor agents have resigned,
died, become incapacitated, are no longer qualified to serve or have
declined to serve.
C. Except as otherwise provided in the power of attorney and
subsection D of this section, an agent that does not participate in
or conceal a breach of fiduciary duty committed by another agent,
including a predecessor agent, is not liable for the actions of the
other agent.
D. An agent that has actual knowledge of a breach or imminent
breach of fiduciary duty by another agent shall notify the principal
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and, if the principal is incapacitated, take any action reasonably
appropriate in the circumstances to safeguard the principal 's best
interest. An agent that fails to notify the principal or take
action as required by this subsection is liable for the reasonably
foreseeable damages that could have been avoided if the agent had
notified the principal or taken such action.
SECTION 12. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3012 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Unless the power of attorney otherwise provides, an agent is
entitled to reimbursement of expenses re asonably incurred on behalf
of the principal and to compensation that is reasonable under the
circumstances.
SECTION 13. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3013 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Except as otherwise provided in the power of attorney, a person
accepts appointment as an agent under a power of attorney by
exercising authority or performing duties as an agent or by any
other assertion or conduct indicating acceptance.
SECTION 14. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3014 of Title 58, unless there
is created a duplication in numbering, reads as follows:
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A. Notwithstanding provisions in the power of attorney, an
agent that has accepted appointment shall:
1. Act in accordance with the principal 's reasonable
expectations to the extent actually known by the agent and,
otherwise, in the principal 's best interest;
2. Act in good faith; and
3. Act only within the scope of authority granted in the power
of attorney.
B. Except as otherwise provided in the power of attorney, an
agent that has accepted appointment shall:
1. Act loyally for the principal 's benefit;
2. Act so as not to create a conflict of interest that impairs
the agent's ability to act impartially in the principal 's best
interest;
3. Act with the care, competence and diligence ordinarily
exercised by agents in similar circumstances;
4. Keep a record of all receipts, disbursements and
transactions made on behalf of the principal;
5. Cooperate with a person that has authority to make health -
care decisions for the principal to carry out the principal 's
reasonable expectations to the extent actually known by t he agent
and, otherwise, act in the principal 's best interest; and
6. Attempt to preserve the principal 's estate plan, to the
extent actually known by the agent, if preserving the plan is
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consistent with the principal 's best interest based on all relevant
factors, including:
a. the value and nature of the principal 's property,
b. the principal's foreseeable obligations and need for
maintenance,
c. minimization of taxes, including income, estate,
inheritance, generation -skipping transfer and gift
taxes, and
d. eligibility for a benefit, a program or assistance
under a statute or regulation .
C. An agent that acts in good faith is not liable to any
beneficiary of the principal 's estate plan for failure to preserve
the plan.
D. An agent that acts with care, c ompetence and diligence for
the best interest of the principal is not liable solely because the
agent also benefits from the act or has an individual or conflicting
interest in relation to the property or affairs of the principal .
E. If an agent is select ed by the principal because of special
skills or expertise possessed by the agent or in reliance on the
agent's representation that the agent has special skills or
expertise, the special skills or expertise must be considered in
determining whether the age nt has acted with care, competence and
diligence under the circumstances.
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F. Absent a breach of duty to the principal, an agent is not
liable if the value of the principal 's property declines.
G. An agent that exercises authority to delegate to another
person the authority granted by the principal or that engages
another person on behalf of the principal is not liabl e for an act,
error of judgment or default of that person if the agent exercises
care, competence and diligence in selecting and monitoring t he
person.
H. Except as otherwise provided in the power of attorney, an
agent is not required to d isclose receipts, disbursements or
transactions conducted on behalf of the principal unless ordered by
a court or requested by the principal, a guardian, a c onservator,
another fiduciary acting for the principal, a governmental agency
having authority to prote ct the welfare of the principal or, upon
the death of the principal, by the personal representative or
successor in interest of the principal 's estate. If so requested,
within thirty (30) days the agent shall comply with the request or
provide a writing or other record substantiating why additional time
is needed and shall comply with the request within an additional
thirty (30) days.
SECTION 15. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3015 of Title 58, unless there
is created a duplication in numbering, reads as follows:
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A provision in a power of attorney relieving an agent of
liability for breach of duty is binding on the principal and the
principal's successors in interest except to the extent the
provision:
1. Relieves the agent of liability for breach of duty committed
dishonestly, with an improper motive or with reckless indifference
to the purposes of the power of attorney or the best interest of the
principal; or
2. Was inserted as a result of an abuse of a confidential or
fiduciary relationship with the principal.
SECTION 16. NEW LAW A new section of law to be co dified
in the Oklahoma Statutes as Section 3016 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. The following persons may petition a court to construe a
power of attorney or review the agent 's conduct and grant
appropriate relief:
1. The principal or the agent;
2. A guardian, conservator or other fiduciary acting for the
principal;
3. A person authorized to make health -care decisions for the
principal;
4. The principal's spouse, parent or descendant;
5. An individual who would qualify as a presumptive heir of the
principal;
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6. A person named as a beneficiary t o receive any property,
benefit or contractual right on the principal 's death or as a
beneficiary of a trust created by or for the principal that has a
financial interest in the principal 's estate;
7. A governmental agency having regulatory authority to protect
the welfare of the principal;
8. The principal's caregiver or another person that
demonstrates sufficient interest in the principal 's welfare; and
9. A person asked to accept the power of attorney.
B. Upon motion by the principal, the court shall dismiss a
petition filed under this section, unless the court finds that the
principal lacks capacity to revoke the agent 's authority or the
power of attorney.
SECTION 17. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3017 of Title 58, unless there
is created a duplication in numbering, reads as follows:
An agent that violates this act is liable to the principal or
the principal's successors in interest for the amount required to:
1. Restore the value of the principal 's property to what it
would have been had the violation not occurred; and
2. Reimburse the principal or the principal 's successors in
interest for the attorney fees and costs paid on the agent 's behalf.
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SECTION 18. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3018 of Title 58, unless there
is created a duplication in numbering, read s as follows:
Unless the power of attorney provides a different method for an
agent's resignation, an agent may resign by giving notice to the
principal and, if the principal is incapacitated:
1. To the guardian, if one has been appoin ted for the
principal, and a coagent or successor agent; or
2. If there is no person described in paragr aph 1 of this
section, to:
a. the principal's caregiver,
b. another person reasonably believed by the agent to
have sufficient interest in the principal 's welfare,
or
c. a governmental agency having authority to protect the
welfare of the principal.
SECTION 19. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3019 of Title 58, unless there
is created a duplication in num bering, reads as follows:
A. For purposes of this section and Section 20 of this act,
"acknowledged" means purportedly verified before a notary public or
other individual authorized to take acknowledgements.
B. A person that in good faith accepts an ackn owledged power of
attorney without actual knowledge that the signature is not genuine
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may rely upon the presumption under Section 5 of this act that the
signature is genuine.
C. A person that in good faith accepts an acknowledged power of
attorney without actual knowledge that the pow er of attorney is
void, invalid or terminated, that the purported agent 's authority is
void, invalid or terminated, or that the agent is exceeding or
improperly exercising the agent 's authority may rely upon the power
of attorney as if the power of attorney were genuine, valid and
still in effect, the agent 's authority were genuine, valid and still
in effect, and the agent had not exceeded and had properly exercised
the authority.
D. A person that is asked to accept an acknowl edged power of
attorney may request, and rely upon, without further investigation:
1. An agent's certification under penalty of perjury of any
factual matter concerning the principal, agent or power of attorney;
2. An English translation of the power of attorney if the power
of attorney contains, in whole or in part, language other than
English; and
3. An opinion of counsel as to any matter of law concerning the
power of attorney if the person making the request provides in a
writing or other record the reason for the request.
E. An English translation or an opinion of counsel requested
under this section must be provided at the principal 's expense
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unless the request is made more than seven (7) business days after
the power of attorney is presented for a cceptance.
F. For purposes of this section and Section 20 of this act, a
person that conducts activities through employees is without actual
knowledge of a fact relating to a power of attorney, a principal or
an agent if the employee conducting the transa ction involving the
power of attorney is without actual knowledge of the fact.
SECTION 20. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3020 of Title 58, unless there
is created a duplication in num bering, reads as follows:
A. Except as otherwise provided in subsection B of this
section:
1. A person shall either accept an acknowledged power of
attorney or request a certification, a translation or an opinion of
counsel under subsection D of Section 19 of this act, no later than
seven (7) business days after presentation of the power of attorney
for acceptance;
2. If a person requests a certification, a translation or an
opinion of counsel under subsection D of Section 19 of this act, the
person shall accept the power of attorney no later than five (5)
business days after receipt of the certification, translation or
opinion of counsel; and
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3. A person may not require an additional or different form of
power of attorney for authority granted in the po wer of attorney
presented.
B. A person is not required to accept an acknowledged power of
attorney if:
1. The person is not otherwise required to engage in a
transaction with the principal in the same circumstances;
2. Engaging in a transaction with the agent or the principal in
the same circumstances would be inconsistent with federal law;
3. The person has actual knowledge of the termination of the
agent's authority or of the power of attorney before exercise of the
power;
4. A request for a certification, a translation or an opinion
of counsel under subsection D of Section 19 of this act, is refused;
5. The person in good faith believes that the power is not
valid or that the agent does not have the authority to perform the
act requested, whether or not a certification, a translation or an
opinion of counsel under subsection D of Section 19 of this act, has
been requested or provided; or
6. The person makes, or has actual knowledge that another
person has made, a report to the Adult Protective Servi ces office
stating a good-faith belief that the principal may be subject to
physical or financial abuse, neglect, exploitation or abandonment by
the agent or a person acting for or with th e agent.
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C. A person that refuses in violation of this section to a ccept
an acknowledged power of attorney is subject to:
1. A court order mandating acceptance of the p ower of attorney;
and
2. Liability for reasonable attorney fees and costs incurred in
any action or proceeding that confirms the validity of the power of
attorney or mandates acceptance of the power of attorney.
SECTION 21. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3021 of Title 58, unless there
is created a duplication in numbering, reads as fol lows:
Unless displaced by a provision of this act, the principles of
law and equity supplement this act.
SECTION 22. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3022 of Title 58, unless there
is created a duplication in numbering, reads as follows:
This act does not supersede any other law applicable to
financial institutions or other entities, and the other law controls
if inconsistent with this act.
SECTION 23. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3023 of Title 58, unless there
is created a duplication in numbering, reads as follows:
The remedies under this act are not exclusive and do not
abrogate any right or remedy under the law o f this state other than
this act.
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SECTION 24. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3024 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. An agent under a power of attorney may do the following on
behalf of the principal or with the principal 's property only if the
power of attorney expressly grants the agent the authority and
exercise of the authority is not otherwise prohibited by another
agreement or instrument to which the authority or property is
subject:
1. Create, amend, revoke or terminate an inter vivos trust;
2. Make a gift;
3. Create or change rights of survivorship;
4. Create or change a beneficiary designation;
5. Delegate authority grante d under the power of attorney;
6. Waive the principal's right to be a beneficiary of a joint
and survivor annuity, including a survivor benefit under a
retirement plan;
7. Exercise fiduciary powers that the principal has authority
to delegate;
8. Exercise authority over the content of electronic
communications, as defined in 18 U.S.C. , Section 2510(12), as
amended, sent or received by the principal; or
9. Disclaim property, including a power of appointment.
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B. Notwithstanding a grant of authority to do an act described
in subsection A of this section, unless the power of attorney
otherwise provides, an agent that is not an ancestor, spouse or
descendant of the principal, may not exercise authority under a
power of attorney to create in the agent, or in an individual to
whom the agent owes a legal obligation of support, an interest in
the principal's property, whether by gift, right of survivorship,
beneficiary designation, disclaimer or otherwise.
C. Subject to subsections A, B, D and E of this section, if a
power of attorney grants to an agent authority to do all acts that a
principal could do, the agent has the general authority described in
Sections 27 through 39 of this act.
D. Unless the power of attorney otherwise provides, a grant of
authority to make a gift is subject to Section 40 of this act.
E. Subject to subsections A, B and D of this section, if the
subjects over which authority is granted in a power of attorney are
similar or overlap, the broadest authorit y controls.
F. Authority granted in a power of attorney is exercisable with
respect to property that the principal has when the power of
attorney is executed or acquires later, whether or not the property
is located in this state and whether or not the authority is
exercised or the power of attorney is executed in this state.
G. An act performed by an agent pursuant to a power of attorney
has the same effect and inures to the benefit of and binds the
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principal and the principal 's successors in interest as if the
principal had performed th e act.
SECTION 25. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3025 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. An agent has authority described in this act if the power of
attorney refers to general authority with respect to the descriptive
term for the subjects stated in Sections 27 through 40 of this act
or cites the section in which the authority is described.
B. A reference in a power of attorney to g eneral authority with
respect to the descriptive term for a subject in Sections 27 through
40 of this act or a citation to a section of Sections 27 through 40
of this act incorporates the entire section as if it were set out in
full in the power of attorne y.
C. A principal may modify authority incorporated by reference.
SECTION 26. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3026 of Title 58, unless there
is created a duplication in numbering, read s as follows:
Except as otherwise provided in the power of attorney, by
executing a power of attorney that incorporates by reference a
subject described in Sections 27 through 40 of this act or that
grants to an agent authority to do all acts that a princi pal could
do pursuant to subsection C of Section 24 of this act, a principal
authorizes the agent, with r espect to that subject, to:
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1. Demand, receive and obtain by litigation or otherwise, money
or another thing of value to whi ch the principal is, may b ecome or
claims to be entitled, and conserve, invest, disburse or use
anything so received or obtained for the purposes intended;
2. Contract in any manner with any person, on terms agreeable
to the agent, to accomplish a purpose of a transaction and perf orm,
rescind, cancel, term inate, reform, restate, release or modify the
contract or another contract made by or on behalf of the principal;
3. Execute, acknowledge, seal, deliver, file or record any
instrument or communication the agent considers desirabl e to
accomplish a purpose of a transaction, including creating at any
time a schedule listing some or all of the principal 's property and
attaching it to the power of attorney;
4. Initiate, participate in or submit to alternative dispute
resolution, and settle, oppose, or propose or accept a compromise
with respect to a claim existing in favor of or against the
principal or intervene in litiga tion relating to the claim;
5. Seek on the principal 's behalf the assistance of a court or
other governmental agen cy to carry out an act authorize d in the
power of attorney;
6. Engage, compensate and discharge an attorney, accountant,
discretionary investment manager, expert witness or other advisor;
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7. Prepare, execute, and file a record, report or other
document to safeguard or promote the principal 's interest under a
statute or regulation;
8. Communicate with any representative or employee of a
government or governmental subdivision, agency or instrumentality,
on behalf of the principal;
9. Access communications intended for, and communicate on
behalf of, the principal, whether by mail, electronic transmission,
telephone or other means; and
10. Do any lawful act with respect to the subject and all
property related to the subject.
SECTION 27. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3027 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Unless the power of attorney otherwise provides, language in a
power of attorney gran ting general authority with respect to real
property authorizes the agent to:
1. Demand, buy, lease, receive, accept as a gift or as secu rity
for an extension of credit or otherwise acquire or reject an
interest in real property or a right incident to rea l property;
2. Sell; exchange; convey with or wit hout covenants,
representations or warranties; quitclaim; release; surrender; retain
title for security; encumber; partition or consent to partitioning;
subject to an easement or covenant; subdivide; apply for zoning or
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other governmental permits; plat or consent to platting; develop;
grant an option concerning; lease; sublease; contribute to an entity
in exchange for an interest in that entity; or otherwise grant or
dispose of an interest in real property o r a right incident to real
property;
3. Pledge or mortgage an interest in real property or right
incident to real property as securit y to borrow money or pay, renew
or extend the time of payment of a debt of the principal or a debt
guaranteed by the princ ipal;
4. Release, assign, satisfy or enforce by litigation or
otherwise a mortgage, deed of trust, conditional s ale contract,
encumbrance, lien or other claim to real property which exists or is
asserted;
5. Manage or conserve an interest in real propert y or a right
incident to real property owned or claimed to be owned by the
principal, including:
a. insuring against liab ility or casualty or other loss,
b. obtaining or regaining possession of or protecting the
interest or right by litigation or otherwise,
c. paying, assessing, compromising or contesting taxes or
assessments or applying for and receiving refunds in
connection with them, and
d. purchasing supplies, hiring assistance or labor, and
making repairs or altera tions to the real property;
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6. Use, develop, alter, replace, remove, erect or install
structures or other improvements upon real property in or incident
to which the principal has, or claims to have, an interest or right;
7. Participate in a reorganization with respect to real
property or an entity that owns an interest in or right incident to
real property and receive, and hold, and act with respect to stocks
and bonds or other property received in a plan of reorganization,
including:
a. selling or otherwise disposing of them ,
b. exercising or selling an option, right of conversion,
or similar right with respect to them, and
c. exercising any voting ri ghts in person or by proxy;
8. Change the form of title of an interest in or right inc ident
to real property; and
9. Dedicate to public use, with or without consideration,
easements or other real property in which the principal has, or
claims to have, an interest.
SECTION 28. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3028 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Unless the power of attorney otherwise provides, language in a
power of attorney granting general authority with respect to
tangible personal property authorizes the agent to:
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1. Demand, buy, receive, accept as a gift or as security for an
extension of credit, or otherwise acquire or reject ownership or
possession of tangible personal property or an interest in tangible
personal property;
2. Sell; exchange; convey with or wit hout covenants,
representations or warranties; quitclaim; release; surrender; create
a security interest in; grant options concerning; lease; sublease;
or otherwise dispose of tangible personal property or an interest in
tangible personal property;
3. Grant a security interest in tangible personal property or
an interest in tangible personal property as securit y to borrow
money or pay, renew or extend the time of payment of a debt of the
principal or a debt guaranteed by the principal;
4. Release, assign, satisfy or enforce by litigation or
otherwise, a security interest, lien or other claim on behalf of the
principal, with respect to tangible personal property or an interest
in tangible personal property;
5. Manage or conserve tangible personal property or an int erest
in tangible personal property on behalf of the principal, including:
a. insuring against liab ility or casualty or other loss,
b. obtaining or regaining possession of or protecting the
property or interest, by litigation or otherwi se,
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c. paying, assessing, compromising or contesting taxes or
assessments or applying for and receiving refunds in
connection with taxes or assessments,
d. moving the property from place to place,
e. storing the property for hire or on a gratuitous
bailment, and
f. using and making repairs, alterations or improvements
to the property; and
6. Change the form of title of an interest in tangible personal
property.
SECTION 29. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3029 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Unless the power of attorney otherwise provides, language in a
power of attorney granting general authority with respect to stocks
and bonds authorizes the agent to:
1. Buy, sell and exchange stocks and bonds;
2. Establish, continue, modify or terminate an account with
respect to stocks and bonds;
3. Pledge stocks and bonds as security t o borrow, pay, renew or
extend the time of payment of a debt of the principal;
4. Receive certificates and other evidences of ownership with
respect to stocks and bonds; and
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5. Exercise voting rights with respect to stocks and bonds in
person or by proxy, enter into voting trusts, and consent to
limitations on the right to vote.
SECTION 30. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3030 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Unless the power of attorney otherwise provides, language i n a
power of attorney granting general authority with respect to
commodities and options authorizes the agent to:
1. Buy, sell, exchange, assign, settle and exercise commodity
futures contracts and call or put options on stocks or stock indexes
traded on a regulated option exchange; and
2. Establish, continue, modify and terminate option accounts.
SECTION 31. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3031 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Unless the power of attorney otherwise provides, language in a
power of attorney granting general authority with respect to banks
and other financial institutions authorizes the agent to:
1. Continue, modify and terminate an account or other banking
arrangement made by or on behalf of the principal;
2. Establish, modify and terminate an account or other banking
arrangement with a bank, trust company, savings and loan
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association, credit union, thrift company, brokerage firm or other
financial institution selected by the agent;
3. Contract for services available from a financial
institution, including renting a safe deposit box or space in a
vault;
4. Withdraw, by check, o rder, electronic funds transfer or
otherwise, money or property of the principal deposited with or left
in the custody of a financial institution;
5. Receive statements of account, vouchers, notices and similar
documents from a financial institution and act with respect to them;
6. Enter a safe deposit box or vault and withdraw or add to the
contents;
7. Borrow money and pledge as security personal property of the
principal necessary to borrow money or pa y, renew or extend the time
of payment of a debt of the principal or a debt guaranteed by the
principal;
8. Make, assign, draw, endorse, discount, guarantee and
negotiate promissory notes, checks, drafts and other negotiable or
nonnegotiable paper of the principal or payable to the principal or
the principal's order, transfer money, receive the cash or other
proceeds of those transactions, and accept a draft drawn by a person
upon the principal and pay it when due;
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9. Receive for the principal and act upon a sight draft,
warehouse receipt or other document of title whether tangible or
electronic, or other negotiable o r nonnegotiable instrument;
10. Apply for, receive and use letters of credit, credit and
debit cards, electronic transaction authorizat ions and traveler's
checks from a financial institution and give an indemnity or other
agreement in connection with letters of credit; and
11. Consent to an extension of the time of payment with respect
to commercial paper or a financial transaction with a financial
institution.
SECTION 32. NEW LAW A new section of law to be c odified
in the Oklahoma Statutes as Section 3032 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Subject to the terms of a document or an agreement governing an
entity or an entity ownership interest, and unless the power of
attorney otherwise provides, language in a power of attorney
granting general authority with respect to operation of an entity or
business authorizes the agent to:
1. Operate, buy, sell, enlarge, reduce or terminate an
ownership interest;
2. Perform a duty or discharge a liability and exercise in
person or by proxy a right, power, privilege or option that the
principal has, may have or claims to have;
3. Enforce the terms of an ownership agreement;
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4. Initiate, participate in or submit to alternativ e dispute
resolution, settle, oppose , or propose or accept a compromise with
respect to litigation to which the principal is a party because of
an ownership interest;
5. Exercise in person or by proxy, or enforce by litigation or
otherwise, a right, power , privilege or option the principal has or
claims to have as the holder of stocks and bonds;
6. Initiate, participate in or submit to alternative dispute
resolution, settle, oppose, or propose or accept a compromise with
respect to litigation to which the principal is a party concerning
stocks and bonds;
7. With respect to an entity or business owned solely by the
principal:
a. continue, modify, renegotiate, extend and terminate a
contract made by or on behalf of the principal with
respect to the entity o r business before exe cution of
the power of attorney,
b. determine:
(1) the location of its operation,
(2) the nature and extent of its business,
(3) the methods of manufacturing, selling,
merchandising, financing, accounting and
advertising employed in it s operation,
(4) the amount and types of insurance carried, and
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(5) the mode of engaging, compensating and dealing
with its employees and accountant s, attorneys or
other advisors,
c. change the name or form of organization under which
the entity or busines s is operated and enter into an
ownership agreement with other persons to take over
all or part of the operation of the entity or
business, and
d. demand and receive money due or claimed by the
principal or on the principal 's behalf in the
operation of the entity or business and control and
disburse the money in the operation of the entity or
business;
8. Put additional capital into an entity or business in which
the principal has an interest;
9. Join in a plan of reorganization, consolida tion, conversion,
domestication or merger of the entity or business;
10. Sell or liquidate all or part of an entity or business;
11. Establish the value of an entity or business under a buy -
out agreement to which the principal is a party;
12. Prepare, sign, file and deliver reports, compi lations of
information, returns or other papers with respect to an entity or
business and make related payments; and
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13. Pay, compromise or contest taxes, assessments, fines or
penalties and perform any other act to protect the princip al from
illegal or unnecessary taxation, assessments, fines or penalties,
with respect to an entity or business, including attempts to
recover, in any manner permitted by law, money paid before or after
the execution of the power of attorney.
SECTION 33. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3033 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Unless the power of attorney otherwise provides, language in a
power of attorney granting general authority with respect to
insurance and annuities authorizes the agent to:
1. Continue, pay the premium or make a contribution on, mod ify,
exchange, rescind, release or terminate a contract procured by or on
behalf of the principal which insures or provides an annuity to
either the principal or another person, whether or not the principal
is a beneficiary under the contract;
2. Procure new, different and additional contracts of insurance
and annuities for the principal and the principal's spouse, children
and other dependents, and select the amount, type of insurance or
annuity, and mode of payment;
3. Pay the premium or make a contribution on, modify, exchange,
rescind, release or terminate a contract of insurance or annui ty
procured by the agent;
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4. Apply for and receive a loan secured by a contract of
insurance or annuity;
5. Surrender and receive the cash surrender value on a contract
of insurance or annuity;
6. Exercise an election;
7. Exercise investment powers ava ilable under a contract of
insurance or annuity;
8. Change the manner of paying premiums on a contract of
insurance or annuity;
9. Change or convert the type of insurance or annuity with
respect to which the principal has or claims to have authority
described in this section;
10. Apply for and procure a benefit or assistance under a
statute or regulation to guarantee or pay premiums of a contract of
insurance on the life of the principal;
11. Collect, sell, assign, hypothecate, borrow against or
pledge the interest of the principal in a contract of insurance or
annuity;
12. Select the form and timing of the payment of proceeds from
a contract of insurance or annuity; and
13. Pay, from proceeds or otherwise, compromise or contest, and
apply for refunds in connection with, a tax or assessment levied by
a taxing authority with respect to a contract of insurance or
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annuity or its proceeds or liability accruing by reason of the tax
or assessment.
SECTION 34. NEW LAW A new section of la w to be codified
in the Oklahoma Statutes as Section 3034 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. In this section, "estate, trust or other beneficial
interest" means a trust, probate estate, guardi anship,
conservatorship, escrow or custodianship or a fund from which the
principal is, may become, or claims to be, entitled to a share or
payment.
B. Unless the power of attorney otherwise provides, language in
a power of attorney granting general authority with respect to
estates, trusts and other beneficial interests authorizes the agent
to:
1. Accept, receive, receipt for, sell, assign, pledge or
exchange a share in or payment from an estate, trust, or other
beneficial interest;
2. Demand or obtain money or ano ther thing of value to which
the principal is, may become, or claims to be, entitle d by reason of
an estate, trust or other beneficial interest, by litigation or
otherwise;
3. Exercise for the benefit of the principal a presently
exercisable general power of appointment held by the principal;
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4. Initiate, participate in or submit to alternative dispute
resolution, settle, oppose, or propose or accept a compromise with
respect to litigation to ascertain the meaning, validity or effect
of a deed, will, declaration of trust or other instrument or
transaction affecting the interest of the principal;
5. Initiate, participate in or submit to alternative dispute
resolution, settle, oppose, or propose or accept a compromise with
respect to litigation to remove, s ubstitute or surcharge a
fiduciary;
6. Conserve, invest, disburse or use anything received for an
authorized purpose;
7. Transfer an interest of the principal in real property,
stocks and bonds, accounts with financial institutions or securities
intermediaries, insurance, annuities and other property to the
trustee of a revocable trust creat ed by the principal as settlor;
and
8. Reject, renounce, disclaim, release or consent to a
reduction in or modification of a share in or payment from an
estate, trust or other beneficial interest .
SECTION 35. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3035 of Title 58, unless there
is created a duplication in numbering, reads as follows:
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Unless the power of at torney otherwise provides, language in a
power of attorney granting general authority with respect to claims
and litigation authorizes the agent to:
1. Assert and maintain before a court or administrative agency
a claim, claim for relief, cause of action, counterclaim, offset,
recoupment or defense, including an action to recover property or
other thing of value, recover damages sustained by the principal,
eliminate or modify tax liability, or seek an i njunction, specific
performance or other relief;
2. Bring an action to determine adverse claims or intervene or
otherwise participate in litigation;
3. Seek an attachment, garnishment, order of arrest or other
preliminary, provisional or intermediate relief and use an available
procedure to effect or satisf y a judgment, order, or decree;
4. Make or accept a tender, offer of judgment or admission of
facts, submit a controversy on an agreed statement of facts, consent
to examination, and bind the principal in litigation;
5. Submit to alternative dispute resolution, settle and propose
or accept a compromise;
6. Waive the issuance and service of process upon the
principal, accept service of process, appear for the principal,
designate persons upon which process directed to the principal may
be served, execute and file or deliver stipulations on the
principal's behalf, verify pleadings, seek appellate review, procure
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and give surety and indemnity bonds, contract and pay for the
preparation and printing of recor ds and briefs, receive, execute and
file or deliver a consent, waiver, release, confession of judgment,
satisfaction of judgment, notice, agreement or other instrument in
connection with the prosecution, settlement or defense of a claim or
litigation;
7. Act for the principal with respect to bankruptcy or
insolvency, whether voluntary or involuntary, concerning the
principal or some other person, or with respect to a reorganization,
receivership, or application for the appointment of a receiver or
trustee which affects an interest of the principal in proper ty or
other thing of value;
8. Pay a judgment, award or order against the principal or a
settlement made in connection with a claim or litigation; and
9. Receive money or other thing of value paid in settlement of
or as proceeds of a claim or litigation.
SECTION 36. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3036 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. Unless the power of attorney otherwise provides, language in
a power of attorney granting general authority with respect to
personal and family maintenance authorizes the agent to:
1. Perform the acts necessary to maintain the customary
standard of living of the principal, the principal 's spouse and the
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following individuals, whether living when the power of attorney is
executed or later born:
a. the principal's children,
b. other individuals legally entitled to be supp orted by
the principal, and
c. the individuals whom the principal has customarily
supported or indicated the intent to support ;
2. Make periodic payments of child support and other family
maintenance required by a court or governmental agency or an
agreement to which the principal is a party;
3. Provide living quarters for the individual s described in
paragraph 1 of this subsection by:
a. purchase, lease or other contract, or
b. paying the operating costs, including interest,
amortization payments, repairs, improvements and
taxes, for premises owned by the principal or o ccupied
by those individuals;
4. Provide normal domestic help, usual vacations and travel
expenses, and funds for shelter, clothing, food, appropriate
education, including postsecondary and vocational education, and
other current living costs for the individuals described in
paragraph 1 of this subsection;
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5. Pay expenses for necessary health care and custodial care on
behalf of the individuals described in paragraph 1 of this
subsection;
6. Act as the principal's personal representative pursuant to
the Health Insurance Po rtability and Accountability Act, Sections
1171 through 1179 of the Social Security Act, 42 U.S.C. , Section
1320d, as amended, and applicable regulations, in making decisions
related to the past, present or future payment for the provision of
healthcare consented to by the principal or anyone authorized under
the law of this state to consent to health care on behalf of the
principal;
7. Continue any provision made by the principal for automobiles
or other means of transportation, including r egistering, licensing,
insuring and replacing them, for the individuals described in
paragraph 1 of this subsection;
8. Maintain credit and debit accounts for the convenience of
the individuals described in paragraph 1 of this subsection and open
new accounts; and
9. Continue payments incidental to the membership or
affiliation of the principal in a religious in stitution, club,
society, order or other organization or to continue contributi ons to
those organizations.
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B. Authority with respect to personal and family maint enance is
neither dependent upon, nor limited by, authority that an agent may
or may not have with r espect to gifts under this act .
SECTION 37. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3037 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. In this section, "benefits from governmental programs or
civil or military service " means any benefit, program or assistance
provided under a statute or regulation including Social Security,
Medicare and Medicaid.
B. Unless the power of attorney otherwise provides, language in
a power of attorney granting general authority with respect to
benefits from governmental programs or civil or military service
authorizes the agent t o:
1. Execute vouchers in the name of the principal for allowances
and reimbursements payable by the United States or a foreign
government or by a state or subdivision of a state to the principal,
including allowances and reimbursements for transportation of the
individuals described in paragraph 1 of subsection A of Section 36
of this act and for shipment of their household effects;
2. Take possession and order the removal and shipment of
property of the principal from a p ost, warehouse, depot, dock or
other place of storage or safekeeping, either governmental or
private, and execute and deliver a release, voucher, receipt, bill
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of lading, shipping ticket, certificate or other instrument for that
purpose;
3. Enroll in, apply for, select, reject, change, amend or
discontinue, on the principal 's behalf, a benefit or program;
4. Prepare, file and maintain a claim of the principal for a
benefit or assistance, financial or otherwise, to which the
principal may be entitled under a statute or regulation;
5. Initiate, participate in or submit to alternative dispute
resolution, settle, oppose, or propose or accept a compromise with
respect to litigation concerning any benefit or assistance the
principal may be entitled to receive under a statute or regulation;
and
6. Receive the financial proceeds of a claim described in
paragraph 4 of this subsection and conserve, invest, disburse or use
for a lawful purpose anything so received .
SECTION 38. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3038 of Title 58, unless there
is created a duplication in numbering, reads as follows:
A. In this section, "retirement plan" means a plan or account
created by an employer, the principal or another individual to
provide retirement benefits or deferred compensation of which the
principal is a participant, beneficiary or owner, including a plan
or account under the following sections of the Internal Revenue
Code:
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1. An individual retirement account under Internal Revenue Cod e
Section 408, 26 U.S.C. , Section 408, as amended;
2. A Roth individual retirement account under Internal Revenue
Code Section 408A, 26 U.S.C. , Section 408A, as amended;
3. A deemed individual retirement account under Internal
Revenue Code Section 408(q) , 26 U.S.C., Section 408(q), as amended;
4. An annuity or mutual fund custodial account under Internal
Revenue Code Section 403(b), 26 U.S.C. , Section 403(b), as amended;
5. A pension, profit-sharing, stock bonus or other retirement
plan qualified under Internal Revenue Code Section 401(a), 26
U.S.C., Section 401(a), as amended;
6. A plan under Internal Revenue Code Section 457(b), 26
U.S.C., Section 457(b), as amended; and
7. A nonqualified deferred compensation plan under Internal
Revenue Code Section 409A, 26 U.S.C., Section 409A, as amended.
B. Unless the power of attorney otherwise provides, language in
a power of attorney granting general authority with respect to
retirement plans authorizes the agent to:
1. Select the form and timing of payments under a retirement
plan and withdraw benefits from a plan;
2. Make a rollover, including a direct trustee -to-trustee
rollover, of benefits from one retirement plan to another;
3. Establish a retirement plan in the principal 's name;
4. Make contributions to a retirement plan;
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5. Exercise investment powers available under a retirement
plan; and
6. Borrow from, sell assets to or purchase assets from a
retirement plan.
SECTION 39. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3039 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Unless the power of attorney otherwise provides, language in a
power of attorney granting general authority with respect to taxes
authorizes the agent to:
1. Prepare, sign and file federal, state, local and foreign
income, gift, payroll, property, Fede ral Insurance Contributions Act
and other tax returns, claims for refunds, requests for extension of
time, petitions regarding tax matters and any other tax-related
documents, including receipts, offers, waivers, consents, including
consents and agreements under Internal Revenue Code Section 2032A,
26 U.S.C., Section 2032A, as amended, closing agreements, and any
power of attorney required by the Internal Revenue Service or other
taxing authority with respect to a tax year upon which the statute
of limitations has not run and the following twenty-five (25) tax
years;
2. Pay taxes due, collect refunds, post bonds, receive
confidential information and contest deficiencies determined by the
Internal Revenue Service or other taxing authority;
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3. Exercise any election available to the principal under
federal, state, local or foreign tax law; and
4. Act for the principal in all tax matters for all per iods
before the Internal Revenue Service or other taxing authority.
SECTION 40. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3040 of Title 58, unless there
is created a duplication in numbering, rea ds as follows:
A. In this section, a gift "for the benefit of" a person
includes a gift to a trust, an account under the Uniform Transfers
to Minors Act (1983/1986), and a tuition savings account or prepaid
tuition plan as defined under Internal Revenue C ode Section 529, 26
U.S.C., Section 529, as amended.
B. Unless the power of attorney otherwise provides, language in
a power of attorney granting general authority with respect to gifts
authorizes the agent only to:
1. Make outright to, or for the benefi t of, a person, a gift of
any of the principal 's property, including by the exercise of a
presently exercisable general power of appointment held by the
principal, in an amount per donee not to exceed the annual dollar
limits of the federal gift tax exclus ion under Internal Revenue Code
Section 2503(b), 26 U.S.C. , Section 2503(b), as amended, without
regard to whether the federal gift tax exclusion applies to the
gift, or if the principal 's spouse agrees to consent to a split gift
pursuant to Internal Reven ue Code Section 2513, 26 U.S.C. , Section
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2513, as amended, in an amount per donee not to exceed twice the
annual federal gift tax exclusion limit; and
2. Consent, pursuant to Internal Revenue Code Section 2513, 26
U.S.C., Section 2513, as amended, to the splitting of a gift made by
the principal's spouse in an amount per donee not to exceed the
aggregate annual gift tax exclusions for both spouses.
C. An agent may make a gift of the principal 's property only as
the agent determines is consistent with the principal's objectives
if actually known by the agent and, if unknown, as the agent
determines is consistent with the principal 's best interest based on
all relevant factors, including:
1. The value and nature of the principal 's property;
2. The principal's foreseeable obligations and need for
maintenance;
3. Minimization of taxes, including income, estate,
inheritance, generation -skipping transfer and gift taxes;
4. Eligibility for a benefit, a program or assistance under a
statute or regulation; and
5. The principal's personal history of making or joining in
making gifts.
SECTION 41. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3041 of Title 58, unless there
is created a duplication in numberin g, reads as follows:
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A document substantially in the following form may be used to
create a statutory form power of attorney that has the meaning and
effect prescribed by this act .
OKLAHOMA
STATUTORY FORM POWER OF ATTORNEY
IMPORTANT INFORMATION
This power of attorney authorizes another person (your agent) to
make decisions concerning your property for you (the principal).
Your agent will be able to make decisions and act with respect to
your property (including your money) whether or not you are able to
act for yourself. The meaning of authority over subjects listed on
this form is explained in the Uniform Power of Attorney Act , Section
3001 et seq. of Title 58 of the Oklahoma Statutes .
This power of attorney does not authorize the agent to make health -
care decisions for you.
You should select someone you trust to serve as your agent. Unless
you specify otherwise, generally the agent 's authority will continue
until you die or revoke the power of attorney or the agent resigns
or is unable to act for you.
Your agent is entitled to reasonable compensation unless you state
otherwise in the Special Instructions.
This form provides for designation of one agent. If you wish to
name more than one agent you may name a coagent in the Special
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Instructions. Coagents are not required to act together unless you
include that requirement in the Special Instructions.
If your agent is unable or unwilling to act for you, your power of
attorney will end unless you have named a successor agent. You may
also name a second succe ssor agent.
This power of attorney becomes effective immediately unless you
state otherwise in the Special Instructions.
If you have questions about the power of attorney or the authority
you are granting to your agent, you should seek legal advice before
signing this form.
DESIGNATION OF AGENT
I, _______________________________________________ ,
(Name of Principal)
name the following person as my agent:
Name of Agent:________________________________________ ______________
Agent's Address:____________________________________________________
Agent's Telephone Number:_ _____________________________________ _____
DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL)
If my agent is unable or unwilling to act for me, I name as my
successor agent:
Name of Successor Agent: ____________________________________________
Successor Agent's Address:__________________________________________
Successor Agent's Telephone Number:__ _______________________________
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If my successor agent is unable or unwilling to act for me, I name
as my second successor agent:
Name of Second Successor Agent:_ ____________________________________
Second Successor Agent's Address:___________________________________
Second Successor Agen t's Telephone Number:_ _________________________
GRANT OF GENERAL AUTHORITY
I grant my agent and any successor agent general authority to act
for me with respect to the following subjects as defined in the
Uniform Power of Attorney Act , Section 3001 et seq. of Title 58 of
the Oklahoma Statutes :
(INITIAL each subject you want to incl ude in the agent's general
authority. If you wish to grant general authority over all of the
subjects you may initial "All Preceding Subjects " instead of
initialing each subject.)
(___) Real Property
(___) Tangible Personal Property
(___) Stocks and Bonds
(___) Commodities and Options
(___) Banks and Other Financial Institutions
(___) Operation of Entity or Business
(___) Insurance and Annuities
(___) Estates, Trusts and Other Beneficial Interests
(___) Claims and Litigation
(___) Personal and Family Maint enance
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(___) Benefits from Governmental Programs or Civil or Military
Service
(___) Retirement Plans
(___) Taxes
(___) All Preceding Subjects
GRANT OF SPECIFIC AUTHORITY (OPTIONAL)
My agent MAY NOT do any of the following specific acts for me UNLESS
I have INITIALED the specific authority listed below:
(CAUTION: Granting any of the following will give your agent the
authority to take actions that could significantly reduce your
property or change how your property is distributed at your death.
INITIAL ONLY the specific authority you WANT to give your agent.)
(___) Create, amend, revoke or terminate an inter vivos trust
(___) Make a gift, subject to the limitations of the Uniform Power
of Attorney Act, Section 3040 of Title 58 of the Oklahoma
Statutes and any special instructions in this power of
attorney
(___) Create or change rights of survivorship
(___) Create or change a beneficiary designation
(___) Authorize another person to exercise the authority granted
under this power of attorney
(___) Waive the principal's right to be a beneficiary of a joint and
survivor annuity, including a survivor benefit under a
retirement plan
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(___) Exercise fiduciary powers that the principal has authority to
delegate
(___) Access the content of electronic communications
(___) Disclaim or refuse an interest in property, i ncluding a power
of appointment
LIMITATION ON AGENT'S AUTHORITY
An agent that is not my ancestor, spouse or descendant MAY NOT use
my property to benefit the agent or a person to whom the agent owes
an obligation of support unless I have included that authority in
the Special Instructions.
SPECIAL INSTRUCTIONS (OPTIONAL)
You may give special instructions on the following lines:
_______________________________________________ _____________________
_________________________________________________________ ___________
____________________ _______________________________________________ _
______________________________ ______________________________________
________________________________________ ____________________________
__________________________________________________ __________________
_____________________________ _______________________________ ________
_______________________________________ _____________________________
EFFECTIVE DATE
This power of attorney is effective immediately unless I have stated
otherwise in the Special Instructions.
NOMINATION OF GUARDIAN (OPTIONAL)
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If it becomes necessary for a court to appoint a guardian of my
estate or guardian of my person, I nominate the following person(s)
for appointment:
Name of Nominee for guardian of my estate:
_______________________________________
Nominee's Address: _________________________________________ ___
Nominee's Telephone Number:_____ ____________________________________
Name of Nominee for guardian of my person :__________________________
Nominee's Address: _________________________________________ ___
Nominee's Telephone Number:_____ ____________________________________
RELIANCE ON THIS POWER OF ATTORNEY
Any person, including my agent, may rely upon the validity o f this
power of attorney or a copy of it unless that person knows it has
terminated or is invalid.
SIGNATURE AND ACKNOWLEDGMENT
____________________________________________ _______________
Your Signature Date
________________________ ____________________
Your Name Printed
____________________________________________
Your Address
____________________________________________
Your Telephone Number
State of ____________________________
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County of ___________________________
This document was acknowledged before me on _______________
(Date)
by ______________________________________.
(Name of Principal)
____________________________________________ (Seal, if any)
Signature of Notary ____________________________________________
My commission expires: _______________
This document prepared by:
__________________________________________________________________
____________________________________ ______________________________
IMPORTANT INFORMATION FOR AGENT
Agent's Duties
When you accept the authority granted under this power of attorney,
a special legal relationship is created between you and the
principal. This relationship imposes upon you legal duties that
continue until you resign or the power of attorney is terminated or
revoked. You must:
1. Do what you know the principal reasonably expects you to do
with the principal's property or, if you do not know the
principal's expectations, act in the principal 's best
interest;
2. Act in good faith;
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3. Do nothing beyond the authority gr anted in this power of
attorney; and
4. Disclose your identity as an agent whenever you act for the
principal by writing or printing the name of the principal
and signing your own name as "agent" in the following
manner:
(Principal's Name) by (Your Signatu re) as Agent
Unless the Special Instructions in this power of attorney stat e
otherwise, you must also:
1. Act loyally for the pri ncipal's benefit;
2. Avoid conflicts that would impair your ability to act in t he
principal's best interest;
3. Act with care, competence and diligence;
4. Keep a record of all receipts, disbursements and
transactions made on behalf of the principa l;
5. Cooperate with any person that has authority to make health -
care decisions for the principal to do what you know the
principal reasonably expects or, if you do not know the
principal's expectations, to act in the pri ncipal's best
interest; and
6. Attempt to preserve the principal 's estate plan if you know
the plan and preserving the plan is consistent with the
principal's best interest.
Termination of Agent 's Authority
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You must stop acting on behalf of the principal if you learn of any
event that terminates this power of attorney or your authority under
this power of attorney. Events that terminate a power of attorney
or your authority to act under a power of attorney include:
1. Death of the principal;
2. The principal's revocation of the power of attorney or your
authority;
3. The occurrence of a termination event state d in the power of
attorney;
4. The purpose of the power of atto rney is fully accomplished;
or
5. If you are married to the principal, a legal action is filed
with a court to end your marriage, or for your legal
separation, unless the Special Instructions in this power of
attorney state that such an action will not ter minate your
authority.
Liability of Agent
The meaning of the authority granted to you is defined in the
Uniform Power of Attorney Act , Section 3001 et seq. of Title 58 of
the Oklahoma Statutes . If you violate the Uniform Power of Attorney
Act, Section 3001 et seq. of Title 58 of the Oklahoma Statutes, or
act outside the authority granted, you may be liable for any damages
caused by your violation.
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If there is anything about this document or your duties that you do
not understand, you should seek legal advi ce.
SECTION 42. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3042 of Title 58, unless there
is created a duplication in numbering, reads as follows:
The following optional form may be used by an age nt to certify
facts concerning a Power of A ttorney.
AGENT'S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY
AND AGENT'S AUTHORITY
State of _____________________________
County of ___________________________
I, ________________________________________ _____ (Name of Agent),
certify under penalty of perjury that
__________________________________________(Name of Principal)
granted me authority as an agent or successor agent in a Power of
Attorney dated ________________________.
I further certify that to my knowledge:
1. The Principal is alive and has not revoked the Power of
Attorney or my authority to act under the Power of Attorney and the
Power of Attorney and my authority to act under the Power
of Attorney have not terminated;
2. If the Power of Attorney was drafted to become effective
upon the happening of an event or contingency, the event or
contingency has occurred;
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3. If I was named as a successor agent, the prior agent is no
longer able or willing to serve; and
4.______________________________ ________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
____________________ ______________________ ________________________ __
(Insert other relevant statements)
SIGNATURE AND ACKNOWLEDGMENT
____________________________________________ _______________
Agent's Signature Date
____________________________________________
Agent's Name Printed
____________________________________________
Agent's Address
____________________________________________
Agent's Telephone Number
This document was acknowledged before me on _______________,
(Date)
by __________________________ __________________
(Name of Agent)
____________________________________________ (Seal, if any)
Signature of Notary: _______________________________________________
My commission expires: _______________
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This document prepared by: _______________________ __________________
SECTION 43. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3043 of Title 58, unless there
is created a duplication in numbering, reads as follows:
In applying and construing this un iform act, consideration must
be given to the need to promote uniformity of the law with respect
to its subject matter among the states that enact it.
SECTION 44. NEW LAW A new section of law to be codified
in the Oklahoma Statutes a s Section 3044 of Title 58, unless there
is created a duplication in numbering, reads as follows:
This act modifies, limits and supersedes the federal Electronic
Signatures in Global and National Commerce Act, 15 U.S.C. , Section
7001 et seq., but does not modify, limit or supersede Section 101(c)
of that act, 15 U.S.C. , Section 7001(c), or authorize electronic
delivery of any of the notices described in Section 103(b) of that
act, 15 U.S.C., Section 7003(b).
SECTION 45. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3045 of Title 58, unless there
is created a duplication in numbering, reads as follows:
Except as otherwise provided in this act, on the effective date
of this act:
1. This act applies to a Power of Attorney created before, on
or after the effective date of this act;
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2. This act applies to a ju dicial proceeding concerning a Power
of Attorney commenced on or after the effective date of this act;
3. This act applies to a ju dicial proceeding concerning a Power
of Attorney commenced before the effective date of this act unless
the court finds that application of a provision of this act would
substantially interfere with the effective conduct of the judicial
proceeding or prejudice the rights of a party, in which case that
provision does not apply and the superseded law applies; and
4. A Power of Attorney created before the effective date of
this act is not affected by this act.
SECTION 46. REPEALER 58 O.S. 2011, Sections 1071, 1072,
1072.1, as amended by Section 6, Chapter 355, O.S.L. 2016, 1072.2,
1072.3, 1074, as amended by Section 1, Chapter 7, O.S.L. 2015 , 1075,
as amended by Section 2, Chapter 7, O.S.L. 2015 , 1076 and 1077 (58
O.S. Supp. 2020, Section s 1072.1, 1074 and 1075), are hereby
repealed.
SECTION 47. This act shall become effective November 1, 2021.
58-1-7263 JL 01/21/21