C.R.S. § 15-14-718 Agent's Resignation - Notice

• Library: Colorado Statutes
• Edition: 2023
• Currency: Current through 2023 Regular and 1st Extraordinary Session
• Year: 2023
• Citation: C.R.S. § 15-14-718

(1) 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:

(a) To the conservator or guardian, if one has been appointed for the principal, and a coagent or successor agent; or

(b) If there is no person described in paragraph (a) of this subsection (1), to:

(I) The principal's caregiver;

(II) Another person reasonably believed by the agent to have sufficient interest in the principal's welfare; or

(III) A governmental agency having authority to protect the welfare of the principal.

Cite as C.R.S. § 15-14-718

History: L. 2009: Entire part added, <actcitation href="" statecd="CO" actaltid="106" sessionyear="2009" description="Uniform Power Of Attorney Act - AN ACT CONCERNING THE "UNIFORM POWER OF ATTORNEY ACT"">(HB 09 -1198), ch. 106, p. 393</actcitation>, § 1, effective April 9.</note> </notes-history>

Note:

OFFICIAL COMMENT

Section 15-14-718 provides a default procedure for an agent's resignation. An agent who no longer wishes to serve should formally resign in order to establish a clear demarcation of the end of the agent's authority and to minimize gaps in fiduciary responsibility before a successor accepts the office. If the principal still has capacity when the agent wishes to resign, this section requires only that the agent give notice to the principal. If, however, the principal is incapacitated, the agent must, in addition to giving notice to the principal, give notice as set forth in paragraphs (1)(a) or (1)(b).