Colorado § 15-14-723 - Remedies under other law.

§ 15-14-723. Remedies under other law.

The remedies under this part 7 are not exclusive and do not abrogate any right or remedy under the law of this state other than this part 7.

Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 396, § 1, effective April 9.

OFFICIAL COMMENT

The remedies under the Act are not intended to be exclusive with respect to causes of action that may accrue in relation to a power of attorney. The Act applies to many persons, individual and entity (see Section 15-14-702(6) (defining "person" for purposes of the Act)), that may serve as agents or that may be asked to accept a power of attorney. Likewise, the Act applies to many subject areas (see Subpart 2) over which principals may delegate authority to agents. Remedies under other laws which govern such persons and subject matters should be considered by aggrieved parties in addition to remedies available under this Act. See, e.g., Section 15-14-717 Comment.

SUBPART 2

AUTHORITY

OFFICIAL GENERAL COMMENT

Subpart 2 is based in part on the predecessor Uniform Statutory Form Power of Attorney Act, approved in 1988. It provides the default statutory construction for authority granted in a power of attorney. Sections 15-14-727 through 15-14-740 describe authority with respect to various subject matters. These descriptions may be incorporated by reference in the optional statutory form (Section 15-14-741) or in an individually drafted power of attorney. Incorporation is accomplished either by referring to the descriptive term for the subject or by providing a citation to the section in which the authority is described (Section 15-14-725). A principal may also modify any authority incorporated by reference (Section 15-14-725(3)). Section 15-14-726 supplements Sections 15-14-727 through 15-14-740 by providing general terms of construction that apply to all grants of authority under those sections unless otherwise indicated in the power of attorney.

Most of the language in Sections 15-14-727 through 15-14-739 of Subpart 2 comes directly from the Uniform Statutory Form Power of Attorney Act. The language has been revised where necessary to reflect modern custom and practice. Where significant changes have been made, they are noted in a comment to the relevant section. In general, there are two important differences between the statutory treatment of authority in this Act and in the Uniform Statutory Form Power of Attorney Act. First, this Act includes a section that provides a default rule for the parameters of gift making authority (Section 15-14-740). Second, this Act identifies specific acts that may be authorized only by an express grant in the power of attorney (Section 15-14-724(1)). Express authorization for the acts listed in Section 15-14-724(1) is required because of the risk those acts pose to the principal's property and estate plan. The purpose of Section 15-14-724(1) is to make clear that authority for these acts may not be inferred from a grant of general authority.