2006 Minnesota Statutes

523.21 DUTIES OF AN ATTORNEY-IN-FACT.
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.
History: 1984 c 603 s 23; 1992 c 548 s 19