AN ACT TO ADOPT THE UNIFORM POWER OF ATTORNEY ACT IN THIS STATE.
Senate committee substitute makes the following changes to the 1st edition.
Amends GS 32C-1-114 to add to the actions required when an agent exercises any of the powers granted in the power of attorney, to also require the agent to account to the principal or a person designated by the principal in the power of attorney.
Amends proposed GS 32C-1-117 (Agent's liability). Makes an agent who commits a breach of fiduciary duty under a power of attorney liable for both the amount required to restore the value of the property subject to the power of attorney and distributions from that property to what they would have been had the breach not occurred, and the profit the agent made by reason of the breach (was, liable for either restoration or profits, whichever is greater).
Amends proposed GS 32C-1-121 (Principles of law and equity). Clarifies that common law, including common law of agency and principles of equity, supplement GS Chapter 32C, except when modified by the Chapter or another provision of the General Statutes.
Amends proposed GS 32C-2-218 (Gifts authorized by court order) and GS 32C-2-219 (Certain acts authorized by the court). Provides that the agent may petition the court for authorization as described under those statutes, to the extent that the gift or act is reasonable under the circumstances (currently, does not require reasonableness).
Makes a technical change.
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