Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Does an agent have legal obligations under a POA?

April 26, 2017agent Legal obligations POA

0

Posted

Does an agent have legal obligations under a POA?

1 Answer

0

Posted

Yes, an agent is required to act in the best interests of the principal. An agent is a fiduciary, which means that the law demands a strict adherence to standards of honesty and loyalty to the principal. An agent must account to the principal for all of his or her transactions on behalf of the principal. The agent must keep the principal’s property separate and apart from his or her own, and the agent must keep a separate checking account on behalf of the principal.