Title 75A, Title 75A: Fiduciaries

75A-1-203. Payments or transfers made to a fiduciary. (1) A person who in good faith pays or transfers to a fiduciary any money or other property that the fiduciary is authorized to receive is not responsible for the proper application of the money or property by the fiduciary. (…

75A-1-204. Transfer of negotiable instruments by a fiduciary. (1) If a fiduciary endorses a negotiable instrument that is payable or endorsed to the fiduciary or the fiduciary's principal, and the fiduciary has authority to endorse the negotiable instrument on behalf of the princ…

75A-1-205. Checks -- Drawn by a fiduciary and payable to a third person. (1) If a fiduciary draws a check or other bill of exchange in the name of the fiduciary's principal and the fiduciary has authority to draw the check or other bill of exchange in the name of the principal, t…

75A-1-206. Checks drawn by or payable to a fiduciary. If a fiduciary draws a check or other bill of exchange in the name of the fiduciary's principal and the fiduciary has authority to draw the check or other bill of exchange that is payable to the fiduciary or a person that tran…

75A-1-207. Bank deposits in the name of a fiduciary. (1) If a fiduciary deposits a check in a bank in the name of the fiduciary's principal and to the credit of the fiduciary and the bank is authorized to pay the amount of the deposit or any part of the deposit, the bank is not l…

75A-1-208. Checks drawn in name of a principal. (1) If a fiduciary draws a check upon the account of the fiduciary's principal in a bank that is authorized to draw checks upon the principal's account and the bank is authorized to pay the check, the bank is not liable to the princ…

75A-1-209. Deposits in a fiduciary's personal account. If a principal authorizes a fiduciary to write or endorse a check for the principal, and the fiduciary writes a check payable to the fiduciary and deposits the check in a bank into the fiduciary's personal account: (1) the ba…

75A-1-210. Deposits in name of several trustees. When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by a trustee authorized by another trustee to draw checks upon the trust account: (1) the payee or bank is …

75A-2-102. Definitions for chapter. As used in this chapter: (1) "Agent" means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. "Agent" includes an original agent, coagent, successor agent, …

75A-2-103. Applicability. This chapter applies to all powers of attorney except: (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 …

75A-2-104. Power of attorney is durable. A power of attorney created under this chapter is durable unless it expressly provides that it is terminated by the incapacity of the principal.

75A-2-105. Execution of power of attorney. (1) A principal may sign a power of attorney, or direct another individual in the principal's conscious presence to sign the principal's name on the power of attorney, if: the power of attorney is signed before a notary public or other i…

75A-2-106. Validity of power of attorney. (1) A power of attorney executed in this state on or after May 10, 2016, is valid if its execution complies with Section. 75A-2-105 (2) A power of attorney executed in this state before May 10, 2016, is valid if its execution complied wit…

75A-2-107. Meaning and effect of power of attorney. The meaning and effect of a power of attorney 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 powe…

75A-2-108. Nomination of conservator or guardian -- Adequacy of power of attorney -- Relation of agent to conservator or other fiduciary. (1) In a power of attorney, a principal may nominate a conservator of the principal's estate or a guardian of the principal's person for consi…

75A-2-109. When power of attorney is effective. (1) 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. (2) If a power of attorney…

75A-2-110. Termination of power of attorney or agent's authority. (1) A power of attorney terminates when: the principal dies; the principal becomes incapacitated, if the power of attorney is not durable; the principal revokes the power of attorney; the power of attorney provides…

75A-2-111. Coagents and successor agents. (1) 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. (2) A principal may designate one or more successor agents to ac…

75A-2-112. Reimbursement and compensation of agent. Unless the power of attorney otherwise provides, an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal and to compensation that is reasonable under the circumstances.

75A-2-113. Agent's acceptance. 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.

75A-2-114. Agent's duties. (1) Notwithstanding provisions in the power of attorney, an agent that has accepted appointment shall: act in accordance with the principal's reasonable expectations to the extent actually known by the agent and, otherwise, in the principal's best inter…

75A-2-115. Exoneration of agent. 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…

75A-2-116. Judicial relief. (1) The following persons may petition a court to construe a power of attorney or review the agent's conduct and grant appropriate relief: the principal or the agent; a guardian, conservator, or other fiduciary acting for the principal; a person author…

75A-2-117. Agent's liability. An agent that violates this chapter 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) …

75A-2-118. Agent's resignation -- Notice. 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 appointed for the prin…

75A-2-119. Acceptance of and reliance upon acknowledged power of attorney. (1) As used in this section, "acknowledged" means purportedly verified before a notary public or other individual authorized to take acknowledgements. (2) A person that in good faith accepts an acknowledge…

75A-2-120. Liability for refusal to accept acknowledged power of attorney. (1) As used in this section, "acknowledged" means the same as that term is defined in Section. 75A-2-119 (2) Except as otherwise provided in Subsection (3): a person shall either accept an acknowledged pow…

75A-2-121. Principles of law and equity. Unless displaced by a provision of this chapter, the principles of law and equity supplement this act.

75A-2-122. Laws applicable to financial institutions and entities. This chapter does not supersede any other law applicable to financial institutions or other entities, and the other law controls if inconsistent with this chapter.

75A-2-123. Remedies under other law. The remedies under this chapter are not exclusive and do not abrogate any right or remedy under the law of this state other than this chapter.

75A-2-201. Authority that requires specific grant -- Grant of general authority. (1) 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 exe…

75A-2-202. Incorporation of authority. (1) An agent has authority described in this part if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in Sectionsthroughor cites the section in which the authority is described. 7…

75A-2-203. Construction of authority generally. Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in Sectionsthroughor that grants to an agent authority to do all acts that a principal could …

75A-2-204. Real property. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to: (1) demand, buy, lease, receive, accept as a gift or as security for an extension of credit…

75A-2-205. Tangible personal property. 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: (1) demand, buy, receive, accept as a gift or as security for an …

75A-2-206. Stocks and bonds. 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 ter…

75A-2-207. Commodities and options. Unless the power of attorney otherwise provides, language in 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…

75A-2-208. Banks and other financial institutions. 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 ac…

75A-2-209. Operation of entity or business. 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 oper…

75A-2-210. Insurance and annuities. 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, modify, exchan…

75A-2-211. Estates, trusts, and other beneficial interests. (1) As used in this section, "estate, trust, or other beneficial interest" means a trust, probate estate, guardianship, conservatorship, escrow, custodianship, or fund from which the principal is, may become, or claims t…

75A-2-212. Claims and litigation. Unless the power of attorney 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, cl…

75A-2-213. Personal and family maintenance. (1) 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: perform the acts necessary to maintain the customar…

75A-2-214. Benefits from governmental programs or civil or military service. (1) As used 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…

75A-2-215. Retirement plans. (1) As used 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,…

75A-2-216. Taxes. 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, Federal Ins…