The attorney-in-fact shall keep complete records of all transactions entered into by the attorney-in-fact on behalf of the principal. The attorney-in-fact has no duty to render an accounting of those transactions unless: (1) requested to do so at any time by the principal; (2) the instrument conferring the power of attorney requires that the attorney-in-fact render accountings and specifies to whom the accounting must be delivered; or (3) the attorney-in-fact has reimbursed the attorney-in-fact for any expenditure the attorney-in-fact has made on behalf of the principal. A written statement that gives reasonable notice of all transactions entered into by the attorney-in-fact on behalf of the principal is an adequate accounting. The persons entitled to examine and copy the records of the attorney-in-fact are the principal, a person designated by the principal in the document creating the power of attorney as the recipient of accountings required by this section, and the guardian or conservator of the estate of the principal while the principal is living and the personal representative of the estate of the principal after the death of the principal. The attorney-in-fact has no affirmative duty to exercise any power conferred upon the attorney-in-fact under the power of attorney. In exercising any power conferred by the power of attorney, the attorney-in-fact shall exercise the power in the same manner as an ordinarily prudent person of discretion and intelligence would exercise in the management of the person's own affairs and shall have the interests of the principal utmost in mind. The attorney-in-fact is personally liable to any person, including the principal, who is injured by an action taken by the attorney-in-fact in bad faith under the power of attorney or by the attorney-in-fact's failure to account when the attorney-in-fact has a duty to account under this section.
Notes of Decisions
Northfield Care Ctr., Inc. v. Anderson, 707 N.W.2d 731 (Minn. Ct. App. 2006).
· cites it 4× “), only to the extent “the resident’s income or assets were misapplied,” we remand for the district court’s determination of whether appellant misapplied his mother’s income and direct the district court on remand to clarify that appellant is liable for the attorney fees in his…”
Molde v. CitiMortgage, Inc., 781 N.W.2d 36 (Minn. Ct. App. 2010).
· cites it 2× “2006); see also Minn.Stat. § 523.21 (2008) (describing relationship between attorney-in-fact and principal).”
In re Disciplinary Action Against Fett, 790 N.W.2d 840 (Minn. 2010).
· cites it 2× “could have been held personally liable to his brother or his brother’s estate for unauthorized transfers of assets, see Minn.Stat. § 523.21 (2008), and even for treble damages, see Minn.”
Younggren v. Younggren, 556 N.W.2d 228 (Minn. Ct. App. 1996).
· cites it 2× “” Minn.Stat. § 523.21 (1992). Appellants contend that they applied those funds to respondent’s outstanding debts, which was in accordance with their statutory duties.”
State v. Campbell, 756 N.W.2d 263 (Minn. Ct. App. 2008).
· cites it 2× “See Minn. Stat. § 523.21 (2006) (“In exercising any power conferred by [a POA], the attorney-in-fact shall exercise the power in the same manner as an ordinarily prudent person of discretion and intelligence would exercise in the management of the person’s own affairs and shall…”
In Re the Welfare of the Child of T.C.M., 758 N.W.2d 340 (Minn. Ct. App. 2008).
· cites it 2× “” Minn.Stat. § 523.21 *347 (2006). The Chellins, as the delegated guardians of the minor child, are under no affirmative duty to exercise the authority conferred upon them by the delegation of parental authority.”
Marriage of Fast v. Fast, 766 N.W.2d 47 (Minn. Ct. App. 2009).
“Appellant also asserts that the district court improperly modified the marriage dissolution by failing to enforce respondent’s obligation to hold appellant harmless on the Wells Fargo debt.”
Est. of Howard G. Boyd, Decedent. (Minn. Ct. App. 2016).
· cites it 2× “The duties of an attorney-in-fact are set forth in Minn. Stat. § 523.21 (2014): The attorney-in-fact has no affirmative duty to exercise any power conferred upon the attorney-in-fact under the power of attorney.”
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