Kentucky Statutes 457.180 – Agent’s resignation — Notice
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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 conservator or guardian, if one has been appointed for the principal, and a coagent or successor agent; or
(2) If there is no person described in subsection (1) of this section, to: (a) The principal’s caregiver;
(b) Another person listed in the power of attorney as having sufficient interest in the principal’s welfare to receive the resignation; or
(c) A governmental agency having authority to protect the welfare of the principal.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 18, effective July 14, 2018.
(1) To the conservator or guardian, if one has been appointed for the principal, and a coagent or successor agent; or
Terms Used In Kentucky Statutes 457.180
- 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. See Kentucky Statutes 457.020
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Kentucky Statutes 457.020
- Power of attorney: means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. See Kentucky Statutes 457.020
- 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
- Principal: means an individual who grants authority to an agent in a power of attorney. See Kentucky Statutes 457.020
(2) If there is no person described in subsection (1) of this section, to: (a) The principal’s caregiver;
(b) Another person listed in the power of attorney as having sufficient interest in the principal’s welfare to receive the resignation; or
(c) A governmental agency having authority to protect the welfare of the principal.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 18, effective July 14, 2018.