HF 2479

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to legislative enactments; correcting miscellaneous oversights,
inconsistencies, ambiguities, unintended results, and technical errors; amending
Minnesota Statutes 2006, section 523.24, subdivision 9.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2006, section 523.24, subdivision 9, is amended to read:

Subd. 9.

Fiduciary transactions.

In a statutory short form power of attorney, the
language conferring general authority with respect to fiduciary transactions, means that
the principal authorizes the agent:

(1) to represent and act for the principal in all ways and in all matters affecting any
fund with respect to which the principal is a fiduciary;

(2) to initiate, participate in, and oppose any proceeding, judicial or otherwise, for
the removal, substitution, or surcharge of a fiduciary, to conserve, to invest or to disburse
anything received for the purposes of the fund for which it is received, and to reimburse
the attorney-in-fact for any expenditures properly made by the attorney-in-fact in the
execution of the powers conferred on the attorney-in-fact by the statutory short form
power of attorney;

(3) to agree and contract, in any manner, with any person, and on any terms which
the attorney-in-fact selects for the accomplishment of the purposes enumerated in this
subdivision, and to perform, rescind, reform, release, or modify the agreement or contract
or any other similar agreement or contract made by or on behalf of the principal;

(4) to execute, acknowledge, verify, seal, file, and deliver any consent, designation,
pleading, notice, demand, election, conveyance, release, assignment, check, pledge,
waiver, admission of service, notice of appearance, or other instrument which the
attorney-in-fact deems useful for the accomplishment of any of the purposes enumerated
in this subdivision;

(5) to hire, discharge, and compensate any attorney, accountant, expert witness, or
other assistants, when the attorney-in-fact deems that action to be desirable for the proper
execution by the attorney-in-fact of any of the powers described in this subdivision, and
for the keeping of needed records; and

(6) in general, and in addition to all the specific acts listed in this subdivision, to do
any other acts with respect to a fund of which the principal is a fiduciary.

Nothing in this subdivision authorizes delegation of any power of a fiduciary unless
the power is one the fiduciary is authorized to delegate under the terms of the instrument
governing the exercise of the power or under local law.

For the purposes of clauses (1) to (6), "fund" means any trust, probate estate,
guardianship, conservatorship, escrow, custodianship, or any other fund in which the
principal has, or claims to have, an interest as a fiduciary.

All powers described in this subdivision are exercisable equally with respect to
any fund of which the principal is a fiduciary deleted text begin to deleted text end new text begin at new text end the giving of the power of attorney
or becomes a fiduciary after that time, and whether located in the state of Minnesota
or elsewhere.

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Unless otherwise provided, each section in this act takes effect at the time the
provision being corrected takes effect.
new text end