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Delaware Laws | Title 12 Decedents' Estates and Fiduciary Relations
CHAPTER 47. UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT
Sec. 4706. Release or modification of restrictions on management, investment, or purpose.

(1) The institutional fund subject to the restriction has a total value of less than $25,000; (5853)

(2) More than 20 years have elapsed since the fund was established; and (5854)

(3) The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument. (5855)

(59 Del. Laws, c. 572, Sec. 1; 76 Del. Laws, c. 159, Sec. 1.) (5856)

Sec. 4707. Reviewing compliance. (5857)(Text)

Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. (5858)

(59 Del. Laws, c. 572, Sec. 1; 70 Del Laws, c. 186, Sec. 1; 76 Del. Laws, c. 159, Sec. 1.) (5859)

Sec. 4708. Application to existing institutional funds. (5860)(Text)

This chapter applies to institutional funds existing on or established after July 31, 2007. As applied to institutional funds existing on July 31, 2007, this chapter governs only decisions made or actions taken on or after that date. (5861)

(76 Del. Laws, c. 159, Sec. 1.) (5862)

Sec. 4709. Relation to Electronic Signatures In Global and National Commerce Act. (5863)(Text)

This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U.S.C. Sec. 7001(a), or authorize electronic delivery of any of the notices described in Sec. 103 of that act, 15 U.S.C. Sec. 7003(b). (5864)

(76 Del. Laws, c. 159, Sec. 1.) (5865)

Sec. 4710. Applicability and construction. (5866)(Text)

This chapter shall apply solely to trusts and estates included within the meaning of the terms "institution", "institutional fund" and "person" as used under this chapter and no part of this chapter shall apply to, or affect, the validity, construction, interpretation, effect, administration or management of any other trust or estate or the governing instrument thereof. (5867)

(76 Del. Laws, c. 159, Sec. 1.) (5868)

Decedents' Estates and Fiduciary Relations Fiduciary Relations (5869)

CHAPTER 49. DURABLE POWERS OF ATTORNEY (5870)(Text)

Sec. 4901. Defined. (5871)(Text)

A durable power of attorney is a power of attorney by which a principal designates another agent in writing, and the writing contains the words: "This power of attorney shall not be affected by subsequent disability or incapacity of the principal," or "This power of attorney shall become effective upon the disability or incapacity of the principal," or similar words showing the intent of the principal that the authority conferred shall be exercisable notwithstanding the principal's subsequent disability or incapacity. (5872)

(63 Del. Laws, c. 267, Sec. 1; 77 Del. Laws, c. 467, Sec. 1.) (5873)

Sec. 4902. Power not affected by disability. (5874)(Text)

All acts done by an agent pursuant to a durable power of attorney during any period of disability or incapacity of the principal have the same effect and inure to the benefit of and by the principal, and the principal's successors in interest, as if the principal were competent and not disabled. (5875)

(63 Del. Laws, c. 267, Sec. 1; 70 Del Laws, c. 186, Sec. 1; 77 Del. Laws, c. 467, Sec. 1.) (5876)

Sec. 4903. Relation of agent to court-appointed fiduciary. (5877)(Text)

(a) The appointment of a guardian or other fiduciary charged with the management of the principal's property or the care of the principal's person shall terminate all powers of attorney created pursuant to this chapter to the extent the powers held by the agent prior to the appointment of a guardian or other fiduciary are granted to the guardian or other fiduciary. (5878)

(b) After the appointment of a guardian or other fiduciary charged with the management of the principal's property or the care of the principal's person, the agent is accountable to such guardian or other fiduciary as well as to principal as to any powers which the agent continues to hold. A guardian or other fiduciary shall only have such powers to revoke or amend the powers of the agent as shall be given to such guardian or other fiduciary by the court. (5879)

(63 Del. Laws, c. 267, Sec. 1; 70 Del Laws, c. 186, Sec. 1; 77 Del. Laws, c. 467, Sec. 1.) (5880)

Sec. 4904. Death, disability or incapacity of principal. (5881)(Text)

(a) The death of a principal who has executed a written power of attorney, durable or otherwise, does not revoke nor terminate the agency as to the agent, or other person who, without actual knowledge of the death of the principal, acts in good faith under the power. Any action so taken, unless otherwise invalid or unenforceable, binds the successors in interest of the principal. (5882)

(b) The disability or incapacity of a principal who has previously executed a written power of attorney that is not a durable power does not revoke nor terminate the agency as to the agent, or other person who, without actual knowledge of the disability or incapacity of the principal, acts in good faith under the power. Any action so taken, unless otherwise invalid or unenforceable, binds the principal and the principal's successors in interest. (5883)

(63 Del. Laws, c. 267, Sec. 1; 70 Del Laws, c. 186, Sec. 1; 77 Del. Laws, c. 467, Sec. 1.) (5884)

Sec. 4905. Exercise of power after revocation. (5885)(Text)

As to acts undertaken in good faith reliance thereon, an affidavit executed by the agent under a power of attorney, durable or otherwise, stating that the agent did not have at the time of exercise of the power actual knowledge of the termination of the power by revocation or of the principal's death, disability or incapacity is conclusive proof of the nonrevocation or nontermination of the power at that time. If the exercise of the power of attorney requires execution and delivery of any instrument that is recordable, the affidavit when authenticated for record is likewise recordable. This section does not affect any provision in a power of attorney for its termination by expiration of time, the occurrence of an event other than an expressed revocation or a change in the principal's capacity. (5886)

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