Tcdrs Durable Power Of Attorney Page 4
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4TCDRS-67
Revised
Durable Power of Attorney Act
10/2014
Page 4 of 4
§ 489B. Duty to Inform and Account
(a) The attorney in fact or agent is a fiduciary and has a duty to inform and to account for actions taken pursuant to the
power of attorney.
(b) The attorney in fact or agent shall timely inform the principal of all actions taken pursuant to the power of attorney.
Failure of the attorney in fact or agent to inform timely, as to third parties, shall not invalidate any action of the attor-
ney in fact or agent.
(c) The attorney in fact or agent shall maintain records of each action taken or decision made by the attorney in fact or
agent.
(d) The principal may demand an accounting by the attorney in fact or agent. Unless otherwise directed by the principal,
the accounting shall include:
(1) the property belonging to the principal that has come to the attorney in fact’s or agent’s knowledge or into the
attorney in fact’s or agent’s possession;
(2) all actions taken or decisions made by the attorney in fact or agent;
(3) a complete account of receipts, disbursements, and other actions of the attorney in fact or agent, including their
source and nature, with receipts of principal and income shown separately;
(4) a listing of all property over which the attorney in fact or agent has exercised control, with an adequate descrip-
tion of each asset and its current value if known to the attorney in fact or agent;
(5) the cash balance on hand and the name and location of the depository where the balance is kept;
(6) all known liabilities; and
(7) such other information and facts known to the attorney in fact or agent as may be necessary to a full and definite
understanding of the exact condition of the property belonging to the principal.
(e) Unless directed otherwise by the principal, the attorney in fact or agent shall also provide to the principal all documen-
tation regarding the principal’s property.
(f) The attorney in fact or agent shall maintain all records until delivered to the principal, released by the principal, or dis-
charged by a court.
TCDRS
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P.O. Box 2034
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Austin, TX 78768-2034
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(512) 328-8889 or 800-823-7782
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Fax: (512) 328-8887
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