Plain English Breakdown
The bill summary does not provide specific details on how it will affect existing powers of attorney before the new definition takes effect, leaving some uncertainty in this area.
Changing How Power of Attorney Is Verified
This bill amends Virginia's Uniform Power of Attorney Act to redefine 'acknowledged' as meaning a power of attorney has been purportedly verified before a notary public or authorized individual, and it removes restrictions on relying on an acknowledged power of attorney containing a forged signature.
What This Bill Does
- Amends the definition of 'acknowledged' in Virginia's Uniform Power of Attorney Act to mean that a power of attorney has been purportedly verified before a notary public or authorized individual.
- Eliminates provisions prohibiting reliance on an acknowledged power of attorney containing a forged signature if accepted in good faith.
Who It Names or Affects
- People who create, use, or rely on powers of attorney in Virginia.
- Businesses and organizations that deal with powers of attorney.
Terms To Know
- Power of Attorney
- A legal document where one person (the principal) gives another person (the agent) the authority to act on their behalf in certain situations.
- Acknowledged
- When a power of attorney has been purportedly verified before a notary public or an authorized individual.
Limits and Unknowns
- The bill does not provide detailed procedures for businesses and organizations to follow when dealing with acknowledged powers of attorney.
- It is unclear how this change will affect existing powers of attorney before the new definition takes effect.