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4565 Bayside Road - 06-117-23-21-0010
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Project Packet
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Page5of 5 STATUTORY SHORT FORM POWER OF ATTORNEY MINNESOTA STATUTES, SECTION 523.23 <br />TERMINATION: If you choose, your attorney(s)-in-fact may exercise these powers throughout your lifetime, both before and after you <br />become incapacitated. However, a court can take away the powers of your attorney(s)-in-fact because of improper acts. You may <br />also revoke this power of attorney if you wish. This power of attorney is automatically terminated if the power is granted to your <br />spouse and proceedings are commenced for dissolution, legal separation, or annulment of your marriage. This power of attorney <br />authorizes, but does not require, the attorney(s)-in-fact to act for you. You are not required to sign this power of attorney, but it will <br />not take effect without your signature. You should not sign this power of attorney if you do not understand everything in it, and what <br />your attorney(s)-in-fact will be able to do if you do sign it. <br />Please place your initials on the following line indicating you have read this IMPORT ANT NOTICE TO THE PRINCIPAL: ___ _ <br />IMPORTANT NOTICE TO THE ATTORNEY(S)-IN-FACT <br />You have been nominated by the principal to act as an attorney-in-fact. You are under no duty to exercise the authority granted by <br />the power of attorney. However, when you do exercise any power conferred by the power of attorney, you must: <br />(1) act with the interests of the principal utmost in mind; <br />(2) exercise the power in the same manner as an ordinarily prudent person of discretion and intelligence would <br />exercise in the management of the person's own affairs; <br />(3) render accountings as directed by the principal or whenever you reimburse yourself for expenditures made on <br />behalf of the principal; <br />(4) act in good faith for the best interest of the principal, using due care, competence, and diligence; <br />(5) cease acting on behalf of the principal if you learn of any event that terminates this power of attorney or <br />terminates your authority under this power of attorney, such as revocation by the principal of the power of attorney, <br />the death of the principal, or the commencement of proceedings for dissolution, separation, or annulment of your <br />marriage to the principal; <br />(6) disclose your identity as an attorney-in-fact whenever you act for the principal by signing in substantially the <br />following manner: <br />Signature by a person as "attorney-in-fact for (name of the principal)" or "(name of the principal) by (name of the <br />attorney-in-fact) the principal's attorney-in-fact"; <br />(7) acknowledge you have read and understood this IMPORTANT NOTICE TO THE ATTORNEY{S)-IN-FACT by <br />signing the power of attorney form. <br />You are personally liable to any person, including the principal, who is injured by an action taken by you in bad faith under the <br />power of attorney or by your failure to account when the duty to account has arisen. <br />The meaning of the powers granted to you is contained in Minnesota Statutes, chapter 523. If there is anything about this document <br />or your duties that you do not understand, you should seek legal advice.
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