The statutory short form set forth in Article 3 of the UPOAA and section 5B-301 of the UPC fulfills the execution requirements for a DPOA, and educates the principal about the authority granted to an agent under the DPOA through warnings and advice about the use of the document.
93) The SMGR fulfills a goal similar to UPOAA section 201, curtailing the accidental grant of excessive agent authority over a principal's assets.
The special proceeding is New York's response to the UPOAA section 116, which allows for judicial review of an agent's actions using the DPOA.
The Fiduciary Duties and Standard of Care in New York and in the UPOAA are markedly similar.
The new preventative measures taken by the UPOAA seem to recognize that trusts are more suitable than POAs to prevent abuse by deviating from common law agency principles and adopting principles akin to trusts.
A dilemma arises when the principal is incapacitated because it becomes impossible for the agent to give the principal notice; but some states and the UPOAA address that issue.
the UPOAA sections relating to the agent's duties, authorities, and
Act"), before the new UPOAA was approved in 2006, (8) had last been
17) One of the most important impacts of the UPOAA was that it defined
91) Because of this potential, the UPOAA has two provisions which treat hot powers with special importance.
Under the UPOAA, agents are prohibited from exercising hot powers unless the principal has expressly granted the agent such powers in the POA document.
The UPOAA created provisions that squarely address the defrauding agent and impose liability on agents who violate POA law.