Indiana Code 30-5-9-8. Good faith purchasers; persons accepting authority of attorney in fact
Current as of: 2023 | Check for updates
|
Other versions
Sec. 8. (a) A good faith purchaser from a person who has obtained an interest in property from an attorney in fact is not liable to the principal, the heirs or assigns of the principal, or the personal representative of the estate of the principal.
(1) the person has no actual notice of the revocation of the power of attorney before the transaction;
(b) A person accepting the authority of an attorney in fact to exercise a power granted under a power of attorney is not liable to the principal, the heirs and assigns of the principal, or the personal representative of the principal if:
Terms Used In Indiana Code 30-5-9-8
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) the person has no actual knowledge of the death of the principal; or
(3) the person has no actual knowledge that the duration of the power of attorney specified in the power of attorney, if a duration is specified, has not expired.
As added by P.L.149-1991, SEC.2.