A. Any person over eighteen (18) years of age may execute a supervised power ofattorney pursuant to the provisions of this section.

B. A supervised power of attorney is a power of attorney by which a person nominates another to be the attorney-in-fact of such person and charges such attorney-in-fact with the care, custody and management of the estate of such person and which is approved by the court as such.

C. Any such nomination shall be by a written instrument approved by the district court of the county of residence of the person executing the power upon a petition filed by such person.

Before approving any such nomination, the court shall cause notice of such petition to be:

1. published for at least one (1) time in a newspaper, authorized to publish legal notices, of general circulation in the county in which the petition has been filed; and

2. mailed by certified mail to each heir-at-law of the person creating the power at such heir's address as last known to the petitioner.

Such notice shall be published or mailed as required, at least ten (10) days prior to the date set by the court for hearing on the petition. After hearing and examination upon such petition, the district court shall approve of such supervised power of attorney if it appears to the court that such approval would be in the best interest of the petitioner.

D. The holder of a supervised power of attorney shall give bond to the State of Oklahoma in like manner and with like conditions as provided for guardians of incapacitated and partially incapacitated persons unless the court determines that a bond is not necessary.

E. Upon the appointment of a holder of a supervised power of attorney and approval thereof by the court, the person shall not thereafter have the power to enter into any contract creating an obligation against his estate except for necessities. All acts done by the holder of a supervised power of attorney shall have the same effect and inure to the benefit of and bind such person and his heirs-at-law. A supervised power of attorney shall not be affected by the subsequent disability or incapacity of the person executing it.

F. The holder of a supervised power of attorney shall be required to make at least an annual accounting to the court and to the person of any receipts and disbursements received or expenditures made by the holder of the supervised power of attorney on behalf of such person during the previous year. The court shall set the accounting for hearing and cause notice to be mailed to the person and to each of his heirs-at-law at such heir's address as last known to the holder of the power of attorney at least ten (10) days prior to the hearing. At the hearing the court shall examine such account and approve the same if all receipts appear to be accounted for and if all expenditures appear to be proper and in the best interests of the ward.

G. The holder of a supervised power of attorney may receive as compensation for his services the compensation provided by law for guardians pursuant to the provisions of Section 4-401 of Title 30 of the Oklahoma Statutes if allowed by the court.

H. Except as otherwise provided in this section, the holder of a supervised power of attorney shall comply with all laws applying to the estate of a person under guardianship insofar as they pertain to the sale, mortgage or leasing of the property of a person granting such power.

I. A supervised power of attorney may be discharged by the court upon the application of the person, any of his heirs-at-law, or the holder of the supervised power of attorney or otherwise upon such notice to the person, his heirs-at-law, or the holder of the supervised power of attorney not joining in the petition as the court may determine reasonable and proper, when it appears that the supervised power of attorney is no longer necessary. Upon the termination of a supervised power of attorney, a holder of a supervised power of attorney shall account to the court and shall turn over all assets in his possession belonging to the person either to such person or to his personal representative as the court shall direct.

J. A holder of a supervised power of attorney shall keep safe the estate of the person and shall perform diligently and in good faith, as a prudent person would manage his own property, not with regard to speculation but with regard to conservation and growth, the specific duties and powers granted by the supervised power of attorney.

K. As used in this section the term "heirs-at-law" shall mean those persons then living who would inherit from the person executing the supervised power of attorney under Section 213 of Title 84 of the Oklahoma Statutes should such person die at the time in question.

Added by Laws 1989, c. 270, § 4, eff. Nov. 1, 1989.