August 14, 2018

by Ellen L. Fornash
Anselmo Lindberg & Associates, LLC– USFN Member (Illinois)

The Commonwealth of Kentucky has established Revised Statutes Chapter 457, short-titled the Uniform Power of Attorney Act, to codify provisions stemming from the Uniform Power of Attorney Act of 2006. The Chapter applies to any power of attorney created before, on, or after the effective date of July 14, 2018. This new chapter defines a power of attorney, its durability, and governs its execution, termination, and application.

KRS 457.050 is of particular interest as it governs the requirements for an execution of power of attorney by mandating that the power of attorney be signed by the principal (or by another at the direction and in the conscious presence of the principal) in the presence of two disinterested witnesses. The signature of the principal on the power of attorney will be deemed genuine if acknowledged by a notary public. Lenders and servicers who have documents executed by a power of attorney on their behalf, or accept loan documents executed by a power of attorney on behalf of a borrower, should be aware of these particular execution requirements.

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