I've written before about what appears to be a growing problem regarding the use of powers of attorney to effectively steal large sums of money. Fortunately, the Texas law makes misapplication of fiduciary property a crime. Section 32.45 of the Texas Penal Code specifically applies to: "an attorney in fact or agent appointed under a durable power of attorney."
The crime is classified from a Class C misdemeanor to a first degree felony, depending on the amount involved. The classification is enhanced if the crime is committed against an elderly person, which is typically the case.
This penal code provision also plays a role in civil litigation against the person who abuses the power of attorney. Texas law typically places limits on exemplary or punitive damages. Those limits do not apply if the defendant is found liable for misapplication of fiduciary property.
Proving that abuse is another matter!
Posted by: Doug Woolf | May 24, 2010 at 08:11 PM
Nice Article Michael !!
Posted by: Bob Stephens | July 30, 2010 at 01:43 AM
Michael - please join us on the net!
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Posted by: Bob Stephens | July 30, 2010 at 01:46 AM