Maine Revised Statutes Title 18-C Sec. 6-205 – Designation of agent
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1. Designation of agent by all parties. By a writing signed by all parties, the parties may designate as agent of all parties on an account a person other than a party.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
Terms Used In Maine Revised Statutes Title 18-C Sec. 6-205
- Account: means a contract of deposit between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit and share account. See Maine Revised Statutes Title 18-C Sec. 6-201
- Agent: means a person authorized to make account transactions for a party. See Maine Revised Statutes Title 18-C Sec. 6-201
- Party: means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent. See Maine Revised Statutes Title 18-C Sec. 6-201
2. Disability or incapacity. Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent’s authority survives disability and incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3. Death. Death of the sole party or last surviving party terminates the authority of an agent.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).