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2007 SESSION

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HB 2864 Powers of attorney; duties and liabilities of agents.

Introduced by: Brian J. Moran | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Duties and liabilities of a holder of a power of attorney.  States that a holder of any power of attorney has a fiduciary relationship with the subject of the power of attorney and may be held liable for any breach of that fiduciary duty. The bill also expands the financial accounting requirement for a holder of the power of attorney from two years prior to the request to five years. The bill also provides that if the holder of the power of attorney is removed from his position by the court due to abuse, neglect, or exploitation of the principal, the holder of the power of attorney shall bear the costs and fees associated with the performance of his duties.

SUMMARY AS PASSED HOUSE:

Duties and liabilities of a holder of a power of attorney.  States that a holder of any power of attorney has a fiduciary relationship with the subject of the power of attorney and may be held liable for any breach of that fiduciary duty. The bill also expands the financial accounting requirement for a holder of the power of attorney from two years prior to the request to five years. The bill also provides that in the case of an indigent principal, if the holder of the power of attorney is removed from his position by the court due to abuse, neglect, or exploitation of the principal, the holder shall bear the costs and fees associated with the performance of his duties.

SUMMARY AS INTRODUCED:

Duties and liabilities of holders of power of attorneys.  States that holders of powers of attorney have fiduciary relationships with the subjects of the powers of attorney. Expands the financial accounting requirement from two years prior to the request to five years. Also states that the Commonwealth shall bear the costs and fees for indigent subjects of powers of attorney.