Records of transactions; accounting
Sec. 4. (a) The attorney in fact shall keep complete records of all
transactions entered into by the attorney in fact on behalf of the
principal:
(1) for six (6) years after the date of the transaction; or
(2) until the records are delivered to the successor attorney in
fact;
whichever occurs first.
(b) Except as otherwise stated in the power of attorney, the
attorney in fact is not required to render an accounting. The attorney
in fact shall render a written accounting if an accounting is ordered
by a court, requested by the principal, a guardian appointed for the
principal, or, upon the death of the principal, the personal
representative of the principal's estate, or an heir or legatee of the
principal.
(c) An attorney in fact shall deliver an accounting requested under
subsection (b) to:
(1) the principal;
(2) a guardian appointed for the principal;
(3) the personal representative of the principal's estate;
(4) an heir of the principal after the death of the principal; or
(5) a legatee of the principal after the death of the principal;
not later than sixty (60) days after the date the attorney in fact
receives the written request for an accounting. In the event of the
principal's death, an accounting under this subsection must be
requested not later than nine (9) months after the date of the
principal's death.
(d) Not more than one (1) accounting is required under this
section in each twelve (12) month period unless the court, in its
discretion, orders additional accountings.
(e) If an attorney in fact fails to deliver an accounting as required
under subsection (c), the person requesting the accounting may
initiate an action in mandamus to compel the attorney in fact to
render the accounting. The court may award the attorney's fees and
court costs incurred under this subsection to the person requesting
the accounting if the court finds that the attorney in fact failed to
render an accounting as required under this section without just
cause.
As added by P.L.149-1991, SEC.2. Amended by P.L.77-1998, SEC.1;
P.L.252-2001, SEC.35; P.L.165-2002, SEC.8.
Last modified: May 27, 2006