Rhode Island General Laws 34-25.1-13. Attorneys-in-fact – Guardians
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All mortgagees shall require any person who executes reverse mortgage loan documents as attorney-in-fact for another to deliver at the closing a written, notarized certification as to all of the following: (1) That the power of attorney is then in full force and effect and has not been revoked or otherwise terminated; and (2) That the attorney-in-fact acknowledges his or her fiduciary obligations to the principal pursuant to the power of attorney with respect to the reverse mortgage loan.
History of Section.
P.L. 2008, ch. 19, § 2; P.L. 2008, ch. 21, § 2.
Terms Used In Rhode Island General Laws 34-25.1-13
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Fiduciary: A trustee, executor, or administrator.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- 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