Fiduciary duty opposed to financial liability

by ryan on September 10, 2017




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Fiduciary duty opposed to financial liability:

 

A fiduciary duty is a duty, conferred to an agent by assigning a power of attorney. According to the fiduciary duty, the agent must honestly perform his duty in your interest.

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The agent should not misuse the authority of the power of attorney by using his personal resources to conduct financial transactions on your behalf. In this situation, he is not liable to pay for the financial obligation for the transactions conducted on your behalf. However, the agent will be responsible for paying off the debts, if he agrees to serve as a cosigner for those transactions.
How the power of attorney can be misused?

An individual can face legal consequences if you misuse your legal authority. You might be sued in civil court or face criminal trials on the basis of violation of the law. You can put your agent behind bars, if the individual failed to perform the duties honestly set out under the power of attorney.

Therefore, try to execute your duties set in the power of attorney honestly otherwise you might face civil consequences.

About the Author : The following article is written by Sophie Kinsella who is a contributory guest columnist for various websites and communities including Oak View Law Group. She has completed her Graduation in Finance and is currently working with an Investment company located in California.

She has written some great articles on topics like bankruptcy, investment opportunities, debt settlement, debt settlement services and many more.

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