Texas Estates Code 751.101 – Fiduciary Duties
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Terms Used In Texas Estates Code 751.101
- Fiduciary: A trustee, executor, or administrator.
- Person: includes a natural person and a corporation. See Texas Estates Code 22.027
- 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
A person who accepts appointment as an agent under a durable power of attorney as provided by § 751.022 is a fiduciary as to the principal only when acting as an agent under the power of attorney and has a duty to inform and to account for actions taken under the power of attorney.
