Sec. 1. 18-A MRSA §5-508, sub-§(h) is enacted to read:

(h)__The requirements of this section do not apply to any durable financial power of attorney:

(1)__Granted by a person other than an individual; or

(2)__Granted to the secured party or mortgagee in a security agreement or mortgage.

SUMMARY

Current law requires certain limitations and disclosures concerning durable financial powers of attorney in order to protect individuals who grant authority to another to handle their financial affairs. This bill makes those required disclosures and limitations inapplicable to durable financial powers of attorney granted by someone other than an individual, such as a corporation, or by an individual when the power is granted to a secured party or the mortgagee in a security agreement or mortgage.