MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Judiciary

By: Senator(s) Tollison

AN ACT TO AMEND SECTION 87-3-7, MISSISSIPPI CODE OF 1972, TO CLARIFY EVIDENCE OF A PRINCIPAL'S INTENT TO GIVE AN ATTORNEY-IN-FACT OR AGENT FULL POWER TO GIVE GIFTS IN ACCORDANCE WITH THE PRINCIPAL'S PERSONAL HISTORY OF MAKING OR JOINING IN THE MAKING OF LIFETIME GIFTS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 87-3-7, Mississippi Code of 1972, is amended as follows:

87-3-7. Special form not required; gifts given under a power of attorney.

(1) A letter of attorney to transact any business need only express plainly the authority conferred.

(2) If any power of attorney or other writing (a) authorizes an attorney-in-fact or other agent to do, execute or perform any act that the principal might or could do, or (b) evidences the principal's intent to give the attorney-in-fact or agent full power to handle the principal's affairs or deal with the principal's property, the attorney-in-fact or agent shall have the power and authority to make gifts in any amount of any of the principal's property to any individuals or to any organizations described in Sections 170(c) and 2522(a) of the Internal Revenue Code or corresponding future provisions of federal tax law, or both, in accordance with the principal's personal history of making or joining in the making of lifetime gifts.

(3) Subsection (2) as set forth above is declaratory of past and present law in the State of Mississippi, and shall be applied to all powers of attorney, whether executed before, on or after the effective date of Senate Bill No. 3004, 1999 Regular Session.

SECTION 2. This act shall take effect and be in force from and after its passage.