Indiana Code 30-5-6-4.5. Attorney in fact’s authority to hire persons; cost incurred to defend actions of attorney in fact
(1) attorneys;
Terms Used In Indiana Code 30-5-6-4.5
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Fiduciary: A trustee, executor, or administrator.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) investment advisers; and
(4) agents;
to assist the attorney in fact in the performance of the attorney in fact’s fiduciary duties. Any reasonable costs incurred with regard to services rendered for the benefit of the principal shall be paid from the principal’s asset holdings.
(b) Except as provided in subsection (c), if an accounting is requested as set forth in section 4 of this chapter, or a petition to settle and allow an account is filed under section 4.1 of this chapter, costs incurred by the attorney in fact:
(1) to defend the actions of the attorney in fact on behalf of the principal with regard to the preparation of the accounting; and
(2) to defend any other actions of the attorney in fact on behalf of the principal;
shall be paid from the principal’s asset holdings.
(c) If a court determines that an attorney in fact:
(1) breached the attorney in fact’s fiduciary duty or obligation to the principal; or
(2) was engaged in self-dealing activities with the principal’s asset holdings;
the court may determine that the attorney in fact is responsible for the payment of the costs incurred under subsection (b).
As added by P.L.165-2002, SEC.9. Amended by P.L.81-2015, SEC.23.