House Bill 1084 - Summary

• Creates the Uniform Power of Attorney Act effective July 1, 2014, establishing comprehensive rules governing powers of attorney in Mississippi and replacing the prior Uniform Durable Power of Attorney Act.

• Powers of attorney are durable by default unless expressly stated otherwise, remaining valid even if the principal becomes incapacitated, and terminate only upon principal's death, revocation, agent's resignation/death, or accomplishment of the stated purpose.

• Agents must act in accordance with the principal's reasonable expectations and best interests, in good faith, within their granted authority, and must keep records of all transactions; agents can be held liable for breach of fiduciary duty and must restore property value if they violate the act.

• Acknowledged powers of attorney are presumed valid and third parties who accept them in good faith without actual knowledge of termination are fully exonerated from liability for actions taken under the document; entities refusing to accept valid acknowledged powers of attorney face court-ordered acceptance and liability for attorney's fees.

• Grants agents specific authority over property, financial institutions, business operations, insurance, estates, trusts, litigation, taxes, and gifts, with certain sensitive actions requiring express authorization, and provides statutory forms for creating valid powers of attorney.