8.6. HANDOUTS 04-04-2016 - Laserfiche WebLink

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You have been nominated by the principal to act as an attorney-in-fact. You are under no duty to exercise the authority granted by the power of attorney. However, when you do exercise any power conferred by the power of attorney, you must. (1) act with the interests of the principal utmost in mind; (2) 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; (3) render accountings as directed by the principal or whenever you reimburse yourself for expenditures made on behalf of the principal; (4) act in good faith for the best interest of the principal, using due care, competence, and diligence; (5) cease acting on behalf of the principal if you learn of any event that terminates this power of attorney or terminates your authority under this power of attorney, such as revocation by the principal of the power of attorney, the death of the principal, or the commencement of proceedings for dissolution, separation, or annulment of your marriage to the principal; (6) disclose your identity as an attorney-in-fact whenever you act for the principal by signing in substantially the following manner: Signature by a person as "attorney-in-fact for (name of the principal)" or "(name of the principal) by (name of the attorney-in-fact) the principal's attorney-in-fact"; (7) acknowledge you have read and understood this IMPORTANT NOTICE TO THE ATTORNEY(S)-IN- FACT by signing the power of attorney form. You are personally liable to any person, including the principal, who is injured by an action taken by you in bad faith under the power of attorney or by your failure to account when the duty to account has arisen. - The meaning of the powers granted to you is contained in Minnesota Statutes chapter 523, If there is anything about this document or your duties that you do not understand, you should seek legal advice.