South Carolina Code 62-8-115. Exoneration of agent
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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:
Terms Used In South Carolina Code 62-8-115
- Fiduciary: A trustee, executor, or administrator.
- Fraud: Intentional deception resulting in injury to another.
- 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) dishonestly;
(B) in bad faith;
(C) with reckless indifference to the purposes of the power of attorney;
(D) through wilful misconduct;
(E) through gross negligence; or
(F) with actual fraud; or
(2) was inserted as a result of an abuse of a confidential or fiduciary relationship with the principal.