H.P. 721 - L.D. 1011
An Act to Change the Application of the Durable Financial Power of Attorney Provisions
Be it enacted by the People of the State of Maine as follows:
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 a natural person;
(2) Granted to the secured party or mortgagee in a security agreement or mortgage; or
(3) Given by or on behalf of a debtor, guarantor or accommodation party as a part of loan documentation related to a credit transaction, if the creditor entered into the transaction for value.
Effective September 18, 1999, unless otherwise indicated.
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