Kentucky Statutes 457.190 – Acceptance of and reliance upon acknowledged power of attorney
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(1) For purposes of this section and KRS § 457.200, “acknowledged” means purportedly verified before a notary public or other individual authorized to take acknowledgements.
(2) A person that in good faith accepts an acknowledged power of attorney without actual knowledge that the signature is not genuine may rely upon the presumption under KRS § 457.050 that the signature is genuine.
(3) A person that in good faith accepts an acknowledged power of attorney without actual knowledge that the power of attorney is void, invalid, or terminated, that the purported agent‘s authority is void, invalid, or terminated, or that the agent is exceeding or improperly exercising the agent’s authority may rely upon the power of attorney as if the power of attorney were genuine, valid, and still in effect, the agent’s authority were genuine, valid, and still in effect, and the agent had not exceeded and had properly exercised the authority.
(4) A person that is asked to accept an acknowledged power of attorney may request, and rely upon, without further investigation:
(a) An agent’s certification under penalty of perjury of any factual matter concerning the principal, agent, or power of attorney;
(b) An English translation of the power of attorney if the power of attorney contains, in whole or in part, language other than English; and
(c) An opinion of counsel as to any matter of law concerning the power of attorney if the person making the request provides in a writing or other record the reason for the request.
(5) An English translation or an opinion of counsel requested under this section must be provided at the principal’s expense unless the request is made more than seven (7) business days after the power of attorney is presented for acceptance.
(6) For purposes of this section and KRS § 457.200, a person that conducts activities through employees is without actual knowledge of a fact relating to a power of attorney, a principal, or an agent if the employee conducting the transaction involving the power of attorney is without actual knowledge of the fact.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 19, effective July 14, 2018.
(2) A person that in good faith accepts an acknowledged power of attorney without actual knowledge that the signature is not genuine may rely upon the presumption under KRS § 457.050 that the signature is genuine.
Terms Used In Kentucky Statutes 457.190
- 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
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Good faith: means honesty in fact. See Kentucky Statutes 457.020
- 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
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Kentucky Statutes 457.020
(3) A person that in good faith accepts an acknowledged power of attorney without actual knowledge that the power of attorney is void, invalid, or terminated, that the purported agent‘s authority is void, invalid, or terminated, or that the agent is exceeding or improperly exercising the agent’s authority may rely upon the power of attorney as if the power of attorney were genuine, valid, and still in effect, the agent’s authority were genuine, valid, and still in effect, and the agent had not exceeded and had properly exercised the authority.
(4) A person that is asked to accept an acknowledged power of attorney may request, and rely upon, without further investigation:
(a) An agent’s certification under penalty of perjury of any factual matter concerning the principal, agent, or power of attorney;
(b) An English translation of the power of attorney if the power of attorney contains, in whole or in part, language other than English; and
(c) An opinion of counsel as to any matter of law concerning the power of attorney if the person making the request provides in a writing or other record the reason for the request.
(5) An English translation or an opinion of counsel requested under this section must be provided at the principal’s expense unless the request is made more than seven (7) business days after the power of attorney is presented for acceptance.
(6) For purposes of this section and KRS § 457.200, a person that conducts activities through employees is without actual knowledge of a fact relating to a power of attorney, a principal, or an agent if the employee conducting the transaction involving the power of attorney is without actual knowledge of the fact.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 19, effective July 14, 2018.