§ 15-14-606 — Duty - standard of care - record keeping - exoneration

Unless
otherwise agreed by the principal and agent in the agency instrument, an agent is
under no duty to exercise the powers granted by the agency or to assume control of
or responsibility for any of the principal's property or affairs. Whenever the agent
exercises the powers granted by the agency, the agent shall use due care to act in
the best interests of the principal in accordance with the terms of the agency. Any
agent who acts under an agency instrument shall be liable for any breach of legal
duty owed by the agent to the principal under Colorado law. The agent shall keep a
record of all receipts, disbursements, and significant actions taken under the
agency. The agent shall not be liable for any loss due to the act or default of any
other person.

Legislative History

Source: L. 94: Entire part added, p. 1072, � 1, effective January 1, 1995. L. 2000: Entire section amended, p. 1834, � 9, effective January 1, 2001. L. 2009: Entire section amended, (HB 09-1198), ch. 106, p. 423, � 10, effective January 1, 2010.