§ 17-113. Duties of agent relating to power of attorney
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2010
Effective: October 1, 2010
MD Code, Estates and Trusts, § 17-113
§ 17-113. Duties of agent relating to power of attorney
(a) Notwithstanding provisions in the power of attorney, an agent that has accepted appointment shall:
(b) Except as otherwise provided in the power of attorney, an agent that has accepted appointment shall:
(c) An agent that acts as provided in this section is not liable to any beneficiary of the principal's estate plan for failure to preserve the plan.
(d) An agent that acts with care, competence, and diligence for the best interest of the principal is not liable solely because the agent also benefits from an act taken by the agent or has an individual or conflicting interest in relation to the property or affairs of the principal.
(e) If an agent is selected by the principal because of special skills or expertise possessed by the agent or in reliance on the agent's representation that the agent has special skills or expertise, the special skills or expertise must be considered in determining whether the agent has acted with care, competence, and diligence under the circumstances.
(f) Absent a breach of duty to the principal, an agent is not liable if the value of the principal's property declines.
(g) An agent that exercises authority to delegate to another person the authority granted by the principal or that engages another person on behalf of the principal is not liable for an act, error of judgment, or default of that person if the agent exercises care, competence, and diligence in selecting and monitoring the person.
Credits
Added by Acts 2010, c. 689, § 1, eff. Oct. 1, 2010; Acts 2010, c. 690, § 1, eff. Oct. 1, 2010.
MD Code, Estates and Trusts, § 17-113, MD EST & TRST § 17-113
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |