Tuesday, June 14, 2022

Article: Restraining the Unsupervised Fiduciary

Thomas E. Simmons and Andrew J. Knutson recently published an Article entitled, Restraining the Unsupervised Fiduciary, South Dakota Law Review, 2021. Below is the abstract for the Article:

In 2020, Governor Kristi Noem signed South Dakota’s slightly tweaked version of the Uniform Power of Attorney Act (UPOAA) into law. That uniform act-now enacted in a total of twenty-eight states since approved by tile Uniform Law Commissioners in 2006, represents a significant advancement in clarifying and regulating the use of powers of attorney. Given the widespread use of powers ofattorney and their great potential for abuse and misuse, a comprehensive set of rule-both default and mandatory-are warranted. This article summarizes the UPOAA as well as the history ofunifbrm acts which preceded it. The arrangement and structure of the Act and its incorporation ofa statutory power ofattorney form are detailed. Key deviations from the UPOAA approved in South Dakota are summarized. Finally, this article sketches some of most important powers of attorney opinions issued by the South Dakota Supreme Court in the last twentyfive years and considers which aspects of that jurisprudence may have been displaced or supplemented with the new power of attorney act statutes.



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