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decedent. Mr. Hunt, Mr. Hammontree, and Ms. Williams were each
recipients of one of the annuities in issue. The durable power
of attorney contained broad grants of authority which stated,
inter alia:
My attorneys-in-fact shall have all of the powers,
discretions, elections, and authorities granted by
statute, common law, and under any rule of court.
* * * * * * *
My attorneys-in-fact may sell, convey, lease,
exchange, mortgage, pledge, release, hypothecate, or
otherwise deal with, dispose of, exchange, or encumber
any of my property, either real or personal.
* * * * * * *
My attorneys-in-fact may act in all matters with
respect to all powers described herein as freely,
fully, and effectively as I could or might do
personally if present and of sound and disposing mind.
The power of attorney did not, however, contain an explicit grant
of gift-giving authority. Decedent executed the durable power of
attorney by her own hand on July 17, 1992, and her signature was
notarized. Prior to initiating the transfer of the 19 annuities,
Mr. Murphy consulted the attorney who had drafted the durable
power of attorney regarding whether the attorneys in fact had the
power to make the transfers under the durable power of attorney.
Mr. Murphy was told that the attorneys in fact did have the power
to make such transfers.
The Rosa Neff Living Trust (the trust), a revocable trust,
was created on August 27, 1992, by Mr. Hunt, Mr. Hammontree, and
Ms. Williams, acting as decedent's attorneys in fact. Decedent
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