A provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal’s successors in interest except to the extent the provision:
(1) Relieves the agent of liability for breach of duty committed dishonestly, with an improper motive, or with reckless indifference to the purposes of the power of attorney or the best interest of the principal; or
Need help with a review of a power of attorney? Chat with an attorney and protect your rights.

Terms Used In Kentucky Statutes 457.150

  • Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Kentucky Statutes 457.020
  • Fiduciary: A trustee, executor, or administrator.
  • Power of attorney: means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. See Kentucky Statutes 457.020
  • 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
  • Principal: means an individual who grants authority to an agent in a power of attorney. See Kentucky Statutes 457.020

(2) Was inserted as a result of an abuse of a confidential or fiduciary relationship with the principal.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 15, effective July 14, 2018.