(755 ILCS 45/3-1) (from Ch. 110 1/2, par. 803-1)
Sec. 3-1.
Purpose.
The General Assembly finds that the public interest
requires a standardized form of power of attorney that individuals may use
to authorize an agent to act for them in dealing with their property and
financial affairs.
A short statutory form offering a set of optional powers is necessary so
that the individual may design the power of attorney best suited to his or
her needs in a simple fashion and be assured that the agent's authority
will be honored by third parties with whom the agent deals, regardless of
the physical or mental condition of the principal at the time the power
is exercised.
The General Assembly intends that when a power in substantially the form
set forth in this Act is used, third parties who rely in good faith on the
acts of the agent within the scope of the power may do so without fear of
liability to the principal. However, this form is not meant to be
exclusive and other forms of power of attorney may be used.
(Source: P.A. 85-701.)
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