COMMITTEE ON RULES AND JUDICIARY

BILL NO. 28-0086 Twenty-Eighth Legislature of the Virgin Islands

July 6, 2009

An Act amending title 15 Virgin Islands Code to provide for a Uniform Statutory Form power of Attorney PROPOSED BY:

Senator Neville A. James

Be it enacted by the Legislature of the Virgin Islands: 1

SECTION 1. Title 12 Virgin Islands Code is amended by adding Article V Part 7 to 2

read as follows: 3

§5-701. STATUTORY FORM POWER OF ATTORNEY. A document 4

substantially in the following form may be used to create a statutory form power of attorney 5

that has the meaning and effect prescribed by this article. 6

VIRGIN ISLANDS 7

STATUTORY FORM POWER OF ATTORNEY 8

IMPORTANT INFORMATION 9

2

This power of attorney authorizes another person, your agent, to make decisions 1

concerning your property for you, the principal. Your agent will be able to make decisions 2

and act with respect to your property, including your money, whether or not you are able to 3

act for yourself. The meaning of authority over subjects listed on this form is explained in 4

the Uniform Power of Attorney Act, parts 5 and 6 of this article. 5

This power of attorney does not authorize the agent to make health-care decisions for 6

you. 7

You should select someone you trust to serve as your agent. Unless you specify 8

otherwise, generally the agent’s authority will continue until you die or revoke the power of 9

attorney or the agent resigns or is unable to act for you. 10

Your agent is entitled to reasonable compensation unless you state otherwise in the 11

Special Instructions. 12

This form provides for designation of one agent. If you wish to name more than one 13

agent you may name a coagent in the Special Instructions. Coagents are not required to act 14

together unless you include that requirement in the Special Instructions. 15

If your agent is unable or unwilling to act for you, your power of attorney will end 16

unless you have named a successor agent. You may also name a second successor agent. 17

This power of attorney becomes effective immediately unless you state otherwise in 18

the Special Instructions. 19

If you have questions about the power of attorney or the authority you are 20

granting to your agent, you should seek legal advice before signing this form. 21

DESIGNATION OF AGENT 22

I ____________________________________________________________ name 23

(Name of Principal) 24

3

Following person as my agent: 1

Name of Agent:____________________________________________________________ 2

Agent’s Address:___________________________________________________________ 3

Agent’s TelephoneNumber:___________________________________________________ 4

DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL) 5

If my agent is unable or unwilling to act for me, I name as my successor agent: 6

Name of Successor Agent:_____________________________________________ 7

Successor Agent’s Address: ___________________________________________ 8

Successor Agent’s Telephone Number:____________________________________ 9

If my successor agent is unable or unwilling to act for me, I name as my second 10

successor agent: 11

Name of Second Successor Agent: _______________________________________ 12

Second Successor Agent’s Address:______________________________________ 13

Second Successor Agent’s Telephone Number: _____________________________ 14

GRANT OF GENERAL AUTHORITY 15

I grant my agent and any successor agent general authority to act for me with respect 16

to the following subjects as defined in the Uniform Power of Attorney Act [insert citation]: 17

(INITIAL each subject you want to include in the agent’s general authority. If you 18

wish to grant general authority over all of the subjects you may initial “All Preceding 19

Subjects” instead of initialing each subject.) 20

(___) Real Property 21

(___) Tangible Personal Property 22

(___) Stocks and Bonds 23

(___) Commodities and Options 24

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(___) Banks and Other Financial Institutions 1

(___) Operation of Entity or Business 2

(___) Insurance and Annuities 3

(___) Estates, Trusts, and Other Beneficial Interests 4

(___) Claims and Litigation 5

(___) Personal and Family Maintenance 6

(___) Benefits from Governmental Programs or Civil or Military Service 7

(___) Retirement Plans 8

(___) Taxes 9

(___) All Preceding Subjects 10

GRANT OF SPECIFIC AUTHORITY (OPTIONAL) 11

My agent MAY NOT do any of the following specific acts for me UNLESS I have 12

INITIALED the specific authority listed below: 13

(CAUTION: Granting any of the following will give your agent the authority to take 14

actions that could significantly reduce your property or change how your property is 15

distributed at your death. INITIAL ONLY the specific authority you WANT to give your 16

agent.) 17

(___) Create, amend, revoke, or terminate an inter vivos trust 18

(___) Make a gift, subject to the limitations of the Uniform Power of Attorney Act [insert 19

citation to Section 217 of the act] and any special instructions in this power of 20

attorney 21

(___) Create or change rights of survivorship 22

(___) Create or change a beneficiary designation 23

5

(___) Authorize another person to exercise the authority granted under this power of 1

attorney 2

(___) Waive the principal’s right to be a beneficiary of a joint and survivor annuity, 3

including a survivor benefit under a retirement plan 4

(___) Exercise fiduciary powers that the principal has authority to delegate 5

[(___) Disclaim or refuse an interest in property, including a power of appointment] 6

LIMITATION ON AGENT’S AUTHORITY 7

An agent that is not my ancestor, spouse, or descendant MAY NOT use my property 8

to benefit the agent or a person to whom the agent owes an obligation of support unless I 9

have included that authority in the Special Instructions. 10

SPECIAL INSTRUCTIONS (OPTIONAL) 11

You may give special instructions on the following lines: 12

___________________________________________________________________________13

___________________________________________________________________________14

___________________________________________________________________________15

___________________________________________________________________________16

___________________________________________________________________________17

___________________________________________________________________________18

___________________________________________________________________________ 19

EFFECTIVE DATE 20

This power of attorney is effective immediately unless I have stated otherwise in the 21

Special Instructions. 22

NOMINATION OF CONSERVATOR OR GUARDIAN (OPTIONAL) 23

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If it becomes necessary for a court to appoint a conservator or guardian of my estate 1

or guardian of my person, I nominate the following person(s) for appointment: 2

Name of Nominee for conservator or guardian of my estate: 3

_______________________________________________________________________ 4

Nominee’s Address:_______________________________________________________ 5

Nominee’s Telephone Number:______________________________________________ 6

Name of Nominee for guardian of my person: __________________________________ 7

Nominee’s Address: _______________________________________________________ 8

Nominee’s Telephone Number:______________________________________________ 9

RELIANCE ON THIS POWER OF ATTORNEY 10

Any person, including my agent, may rely upon the validity of this power of attorney 11

or a copy of it unless that person knows it has terminated or is invalid. 12

SIGNATURE AND ACKNOWLEDGMENT 13

____________________________________________ _______________ 14

Your Signature Date 15

____________________________________________ 16

Your Name Printed 17

____________________________________________ 18

____________________________________________ 19

Your Address 20

____________________________________________ 21

Your Telephone Number 22

State of _____________________________________ 23

[County] of__________________________________ 24

7

This document was acknowledged before me on __________________________, 1

(Date) 2

By ______________________________________ 3

(Name of Principal) 4

____________________________________________ (Seal, if any) 5

Signature of Notary 6

My commission expires: ________________________ 7

[This document prepared by: 8

__________________________________________________________________ 9

__________________________________________________________________] 10

IMPORTANT INFORMATION FOR AGENT 11

Agent’s Duties 12

When you accept the authority granted under this power of attorney, a special legal 13

relationship is created between you and the principal. This relationship imposes upon you 14

legal duties that continue until you resign or the power of attorney is terminated or revoked. 15

You must: 16

(1) do what you know the principal reasonably expects you to do with the 17

principal’s property or, if you do not know the principal’s expectations, act in the principal’s 18

best interest; 19

(2) act in good faith; 20

(3) do nothing beyond the authority granted in this power of attorney; and 21

(4) disclose your identity as an agent whenever you act for the principal by 22

writing or printing the name of the principal and signing your own name as “agent” in the 23

following manner: 24

8

(Principal’s Name) by (Your Signature) as Agent 1

Unless the Special Instructions in this power of attorney state otherwise, you must 2

also: 3

(1) act loyally for the principal’s benefit; 4

(2) avoid conflicts that would impair your ability to act in the principal’s best 5 interest; 6

(3) act with care, competence, and diligence; 7

(4) keep a record of all receipts, disbursements, and transactions made on behalf 8

of the principal; 9

(5) cooperate with any person that has authority to make health-care decisions for 10

the principal to do what you know the principal reasonably expects or, if you do not know the 11

principal’s expectations, to act in the principal’s best interest; and 12

(6) attempt to preserve the principal’s estate plan if you know the plan and 13

preserving the plan is consistent with the principal’s best interest. 14

Termination of Agent’s Authority 15

You must stop acting on behalf of the principal if you learn of any event that 16

terminates this power of attorney or your authority under this power of attorney. Events that 17

terminate a power of attorney or your authority to act under a power of attorney include: 18

(1) death of the principal; 19

(2) the principal’s revocation of the power of attorney or your authority; 20

(3) the occurrence of a termination event stated in the power of attorney; 21

(4) the purpose of the power of attorney is fully accomplished; or 22

(5) if you are married to the principal, a legal action is filed with a court to end 23

your marriage, or for your legal separation, unless the Special Instructions in this power of 24

attorney state that such an action will not terminate your authority. 25

9

Liability of Agent 1

The meaning of the authority granted to you is defined in the Uniform Power of 2

Attorney Act, parts 5 and 6 of this article. If you violate the Uniform Power of Attorney Act 3

or act outside the authority granted, you may be liable for any damages caused by your 4

violation. 5

If there is anything about this document or your duties that you do not 6

understand, you should seek legal advice. 7

§5-702. AGENT’S CERTIFICATION. The following optional form may be used 8

by an agent to certify facts concerning a power of attorney. 9

AGENT’S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY 10

AND AGENT’S AUTHORITY 11

State of _____________________________ 12

[County] of___________________________] 13

I, _____________________________________________ (Name of Agent), certify under 14

penalty of perjury that __________________________________________(Name of 15

Principal) granted me authority as an agent or successor agent in a power of attorney dated 16

________________________. 17

I further [certify] that to my knowledge: 18

(1) the Principal is alive and has not revoked the Power of Attorney or my 19

authority to act under the Power of Attorney and the Power of Attorney and my authority to 20

act under the Power of Attorney have not terminated; 21

(2) if the Power of Attorney was drafted to become effective upon the happening 22

of an event or contingency, the event or contingency has occurred; 23

10

(3) if I was named as a successor agent, the prior agent is no longer able or 1

willing to serve; and 2

(4)__________________________________________________________________3

___________________________________________________________________________4

___________________________________________________________________________5

___________________________________________________________________________6

_______________________________________ 7

(Insert other relevant statements) 8

SIGNATURE AND ACKNOWLEDGMENT 9

____________________________________________ _______________ 10

Agent’s Signature Date 11

____________________________________________ 12

Agent’s Name Printed 13

____________________________________________ 14

____________________________________________ 15

Agent’s Address 16

____________________________________________ 17

Agent’s Telephone Number 18

This document was acknowledged before me on __________________________, 19

(Date) 20

by______________________________________. 21

(Name of Agent) 22

____________________________________________ (Seal, if any) 23

Signature of Notary 24

11

My commission expires: ________________________ 1

[This document prepared by: 2

_________________________________________________________________] 3

4 5 6

BILL SUMMARY 7 8

This bill is part of the Uniform Power of Attorney Act and provides a concise, 9

optional statutory form for creating a power of attorney under the Uniform Power of 10

Attorney Act. The drafters of the Uniform Power of Attorney Act, the National Conference 11

of Commissioners of Uniform State Laws have explained in the Summary to the Act that, the 12

advantage of a statutorily-sanctioned form is the promotion of uniformity in power of 13

attorney practice. In states such as Illinois and New York, where state-sanctioned statutory 14

forms have existed for many years, the statutory form is widely used by both lawyers and lay 15

persons. The familiarity and common understanding achieved with the use of one statutory 16

form also facilitates acceptance of powers of attorney. In the twenty years preceding this 17

Act, the number of states with statutory forms has increased from only a few to eighteen. 18

The Conference further explains that in addition to the statutory form power of 19

attorney, the Act provides an optional form for agent certification of facts pertaining to a 20

power of attorney (section 5-702). The form lists factual matters about which persons 21

commonly request certification (e.g., the principal is alive and has not revoked the power of 22

attorney or the agent’s authority), and provides a designated space for certification of 23

additional factual statements. Both the statutory form power of attorney and the agent 24

certification form may be tailored to accommodate individual circumstances and objectives. 25

12

An important component of the statutory form is a specific list of transactions that 1

any prospective principal can choose from in delegating powers to an agent. These are set 2

out in the statute in a list. If the principal has a pre-printed form that replicates the statute, all 3

the principal has to do is initial the transaction categories that he or she wishes the agent to 4

conduct on his or her behalf. Examples of the kinds of transactions listed are "real property 5

transactions" and "tangible personal property transactions". 6

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BR09-0409(b)/July 6, 2009/YLY 11

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