Bill Summary for S 569 (2017-2018)

Summary date: 

Apr 20 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
Senate Bill 569 (Public) Filed Thursday, March 30, 2017
Intro. by Daniel, Newton.

View: All Summaries for BillTracking:

Bill summary

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.

© 2022 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view