Any person making or doing any payment or act in good faith, in pursuance of a power-of-attorney, shall not be liable in respect of the payment or act by reason that, before the payment or act, the donor of the power had died or become 1*** of unsound mind, 2*** or insolvent, or had revoked the power, if the fact of death, 3*** unsoundness of mind, 4*** insolvency or revocation was not, at the time of the payment or act, known to the person making or doing the same.

But this section shall not affect any right against the payee of any person interested in any money so paid; and that person shall have the like remedy against the payee as he would have had against the payer, if the payment had not been made by him.

This section applies only to payments and acts made or done after this Act comes into force.

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Footnote :

1. The word "lunatic," omitted by s. 4, ibid. (w.e.f. 22-10-1980).
2. The word "or bankrupt" omitted by s. 4, ibid. (w.e.f. 22-10-1980).
3. The word "lunacy," omitted by s. 4, ibid. (w.e.f. 22-10-1980).
4. The word "bankruptcy," omitted by s. 4, ibid. (w.e.f. 22-10-1980).