Tennessee Code 34-6-107 – Fiduciary relationship of attorney in fact with the principal
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Terms Used In Tennessee Code 34-6-107
- Court: means any court having jurisdiction to hear matters concerning guardians or conservators. See Tennessee Code 34-1-101
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a guardian, coguardian, conservator, co-conservator, or qualified trustee as defined in §. See Tennessee Code 34-1-101
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
An attorney in fact is in a fiduciary relationship with the principal, but only to the extent that the attorney in fact undertakes to act under the power of attorney. Among the fiduciary duties required by law, an attorney in fact has a duty to adequately account to the principal, or to any legal representative of the principal appointed by the principal or by a court, for actions taken by the attorney in fact in the exercise of the power of attorney. It is the intent of the general assembly that this section have retroactive application.