S.B. No. 172
AN ACT
1-1 relating to certain records of transactions conducted under durable
1-2 powers of attorney.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. The Durable Power of Attorney Act (Chapter XII,
1-5 Texas Probate Code) is amended by adding Section 490A to read as
1-6 follows:
1-7 Sec. 490A. ACCOUNTING RECORDS. (a) The attorney in fact or
1-8 agent of a principal empowered to act for the principal with regard
1-9 to a class of transactions under a durable power of attorney or
1-10 statutory durable power of attorney shall maintain appropriate
1-11 records of each transaction, including an accounting of receipts
1-12 and disbursements.
1-13 (b) Within the period specified by Subsection (c) of this
1-14 section, the attorney in fact or agent shall make the records
1-15 available, on request, to the principal, the guardian or personal
1-16 representative of the principal's estate, or any person interested
1-17 in the principal's estate for inspection and review. If the
1-18 attorney in fact or agent fails to comply with a request made under
1-19 this subsection, the person making the request may file in a court
1-20 of proper jurisdiction a petition for an order to enforce the
1-21 request. After notice and hearing, the court may order the
1-22 attorney in fact or agent to make the records available to the
1-23 petitioner for inspection and review.
1-24 (c) The attorney in fact or agent shall maintain the records
2-1 until at least the fourth anniversary of the date the durable power
2-2 of attorney or statutory durable power of attorney expires or is
2-3 expressly revoked by the principal.
2-4 SECTION 2. Subsection (a), Section 490, Texas Probate Code,
2-5 is amended to read as follows:
2-6 (a) The following form is known as a "statutory durable
2-7 power of attorney." A person may use a statutory durable power of
2-8 attorney to grant an attorney in fact or agent powers with respect
2-9 to a person's property and financial matters. A power of attorney
2-10 in substantially the following form has the meaning and effect
2-11 prescribed by this chapter. The validity of a power of attorney as
2-12 meeting the requirements of a statutory durable power of attorney
2-13 is not affected by the fact that one or more of the categories of
2-14 optional powers listed in the form are struck or the form includes
2-15 specific limitations on or additions to the attorney in fact's or
2-16 agent's powers.
2-17 When a power in substantially the form set forth in this
2-18 chapter is used, third parties who rely in good faith on the acts
2-19 of the agent within the scope of the power may do so without fear
2-20 of liability to the principal.
2-21 The following form is not exclusive, and other forms of power
2-22 of attorney may be used.
2-23 STATUTORY DURABLE POWER OF ATTORNEY
2-24 NOTICE: THE POWERS GRANTED BY THIS DOCUMENT ARE BROAD AND
2-25 SWEEPING. THEY ARE EXPLAINED IN THE DURABLE POWER OF ATTORNEY ACT,
2-26 CHAPTER XII, TEXAS PROBATE CODE. IF YOU HAVE ANY QUESTIONS ABOUT
2-27 THESE POWERS, OBTAIN COMPETENT LEGAL ADVICE. THIS DOCUMENT DOES
3-1 NOT AUTHORIZE ANYONE TO MAKE MEDICAL AND OTHER HEALTH-CARE
3-2 DECISIONS FOR YOU. YOU MAY REVOKE THIS POWER OF ATTORNEY IF YOU
3-3 LATER WISH TO DO SO.
3-4 I, __________ (insert your name and address), my social
3-5 security number being __________ (insert your proper SS#), appoint
3-6 __________ (insert the name and address of the person appointed) as
3-7 my agent (attorney-in-fact) to act for me in any lawful way with
3-8 respect to the following initialed subjects:
3-9 TO GRANT ALL OF THE FOLLOWING POWERS, INITIAL THE LINE IN
3-10 FRONT OF (N) AND IGNORE THE LINES IN FRONT OF THE OTHER POWERS.
3-11 TO GRANT ONE OR MORE, BUT FEWER THAN ALL, OF THE FOLLOWING
3-12 POWERS, INITIAL THE LINE IN FRONT OF EACH POWER YOU ARE GRANTING.
3-13 TO WITHHOLD A POWER, DO NOT INITIAL THE LINE IN FRONT OF IT.
3-14 YOU MAY, BUT NEED NOT, CROSS OUT EACH POWER WITHHELD.
3-15 INITIAL
3-16 ______ (A) real property transactions;
3-17 ______ (B) tangible personal property transactions;
3-18 ______ (C) stock and bond transactions;
3-19 ______ (D) commodity and option transactions;
3-20 ______ (E) banking and other financial institution transactions;
3-21 ______ (F) business operating transactions;
3-22 ______ (G) insurance and annuity transactions;
3-23 ______ (H) estate, trust, and other beneficiary transactions;
3-24 ______ (I) claims and litigation;
3-25 ______ (J) personal and family maintenance;
3-26 ______ (K) benefits from social security, Medicare, Medicaid, or
3-27 other governmental programs or civil or military
4-1 service;
4-2 ______ (L) retirement plan transactions;
4-3 ______ (M) tax matters;
4-4 ______ (N) ALL OF THE POWERS LISTED IN (A) THROUGH (M). YOU NEED
4-5 NOT INITIAL ANY OTHER LINES IF YOU INITIAL LINE (N).
4-6 SPECIAL INSTRUCTIONS:
4-7 ON THE FOLLOWING LINES YOU MAY GIVE SPECIAL INSTRUCTIONS
4-8 LIMITING OR EXTENDING THE POWERS GRANTED TO YOUR AGENT.
4-9 ___________________________________________________________________
4-10 ___________________________________________________________________
4-11 ___________________________________________________________________
4-12 ___________________________________________________________________
4-13 ___________________________________________________________________
4-14 UNLESS YOU DIRECT OTHERWISE ABOVE, THIS POWER OF ATTORNEY IS
4-15 EFFECTIVE IMMEDIATELY AND WILL CONTINUE UNTIL IT IS REVOKED.
4-16 CHOOSE ONE OF THE FOLLOWING ALTERNATIVES BY CROSSING OUT THE
4-17 ALTERNATIVE NOT CHOSEN:
4-18 (A) This power of attorney is not affected by my subsequent
4-19 disability or incapacity.
4-20 (B) This power of attorney becomes effective upon my
4-21 disability or incapacity.
4-22 YOU SHOULD CHOOSE ALTERNATIVE (A) IF THIS POWER OF ATTORNEY
4-23 IS TO BECOME EFFECTIVE ON THE DATE IT IS EXECUTED.
4-24 IF NEITHER (A) NOR (B) IS CROSSED OUT, IT WILL BE ASSUMED
4-25 THAT YOU CHOSE ALTERNATIVE (A).
4-26 I agree that any third party who receives a copy of this
4-27 document may act under it. Revocation of the durable power of
5-1 attorney is not effective as to a third party until the third party
5-2 receives actual notice of the revocation. I agree to indemnify the
5-3 third party for any claims that arise against the third party
5-4 because of reliance on this power of attorney.
5-5 If any agent named by me dies, becomes legally disabled,
5-6 resigns, or refuses to act, I name the following (each to act alone
5-7 and successively, in the order named) as successor(s) to that
5-8 agent: __________.
5-9 Signed this ______ day of __________, 19___
5-10 ________________________
5-11 (your signature)
5-12 State of _____________________________
5-13 County of ____________________________
5-14 This document was acknowledged before me on
5-15 _______________________(date) by __________________________________
5-16 (name of principal)
5-17 __________________________________
5-18 (signature of notarial officer)
5-19 (Seal, if any, of
5-20 notary) ___________________________________
5-21 (printed name)
5-22 My commission expires: __________
5-23 NOTICE: THE ATTORNEY IN FACT OR AGENT, BY ACCEPTING OR
5-24 ACTING UNDER THE APPOINTMENT, ASSUMES THE FIDUCIARY AND OTHER LEGAL
5-25 RESPONSIBILITIES OF AN AGENT AND IS RESPONSIBLE FOR MAINTAINING
5-26 APPROPRIATE RECORDS OF EACH TRANSACTION, INCLUDING AN ACCOUNTING OF
5-27 RECEIPTS AND DISBURSEMENTS, UNTIL THE FOURTH ANNIVERSARY OF THE
6-1 DATE THIS POWER OF ATTORNEY EXPIRES OR IS EXPRESSLY REVOKED BY THE
6-2 PRINCIPAL.
6-3 SECTION 3. This Act takes effect September 1, 1995, and the
6-4 change in law made by this Act applies only to a durable power of
6-5 attorney or statutory durable power of attorney that is executed on
6-6 or after that date. A durable power of attorney or statutory
6-7 durable power of attorney that is executed before the effective
6-8 date of this Act is governed by the law in effect on the date the
6-9 power of attorney was executed, and that law is continued in effect
6-10 for that purpose.
6-11 SECTION 4. The importance of this legislation and the
6-12 crowded condition of the calendars in both houses create an
6-13 emergency and an imperative public necessity that the
6-14 constitutional rule requiring bills to be read on three several
6-15 days in each house be suspended, and this rule is hereby suspended.