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Arkansas Statutory template Power of Attorney for Property - Durable Provisions
This is a statutory template that is a general, durable and/or limited power of attorney, depending on how you use it. It grants your attorney in fact (your agent) VERY broad powers with regard to your property and finances. This Power of Attorney does NOT provide for health care services.
Law Summary - Arkansas Statutory template Power of Attorney for Property - Durable Provisions
ALL REFERENCES ARE TO THE ARKANSAS CODE
STATUTORY template POWER OF ATTORNEY
(§ 28-68-305 through 28-68-401)
28-68-305: Contents
(a) The power of attorney shall show or state:
(1) The fact of execution under the provisions of this subchapter;
(2) The time and conditions under which the power is to become effective;
(3) The extent and scope of the power conferred;
(4) Who is to exercise the power; and
(5) The annual income covered by the instrument and the nature or description and estimated value of the property, if any, to be affected.
(b) The power of attorney may state the conditions and circumstances under which the power terminates.
(a) template. The following statutory template of power of attorney is legally sufficient:
28-68-306: Scope of power
(a) The power may be restricted, or it may grant complete authority to provide for the care of the principal's person and property.
(b) Except to the extent limited by the instrument creating the power or to the extent that court approval is required by the instrument, the attorney in fact without prior court approval may endorse checks and other instruments made payable to the principal; may sell, encumber, lease, or otherwise manage the principal's property; and may execute and deliver deeds, conveyances, stock and bond transfers, contracts, and other instruments necessary to carry out the power.
(c) The power remains valid until terminated as provided in this subchapter.
(d) The power is not invalidated by reason of any subsequent change in the mental or physical condition of the principal including, but not restricted to, incompetency.
28-68-307: Filing of power
(a) The original power of attorney shall be filed in the office of the clerk of the probate court of the county of the domicile of the principal.
(b) A certified copy of the original power of attorney, together with the record of judicial approval, shall be recorded in the office of the recorder of each county in which real property to be affected by an exercise of the power is located.
28-68-308: Attorney in fact - Qualifications - Liability
(a) The attorney in fact may be an individual, a corporation authorized by law to act in a fiduciary capacity, an agency of government, a Community Fund or United Fund participating agency, or the American Red Cross.
(b) Unless otherwise provided in the power of attorney, an attorney in fact is bound by standards of conduct and liability applicable to other fiduciaries.
(c) A performance bond shall not be filed unless required by a provision of the power.
28-68-401: Statutory Power of Attorney
See template.
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