Unless otherwise agreed by the principal and agent in the agency instrument, an agent is under no duty to exercise the powers granted by the agency or to assume control of or responsibility for any of the principal's property or affairs. Whenever the agent exercises the powers granted by the agency, the agent shall use due care to act in the best interests of the principal in accordance with the terms of the agency. Any agent who acts under an agency instrument shall be liable for any breach of legal duty owed by the agent to the principal under Colorado law. The agent shall keep a record of all receipts, disbursements, and significant actions taken under the agency. The agent shall not be liable for any loss due to the act or default of any other person.
Source: L. 94: Entire part added, p. 1072, § 1, effective January 1, 1995. L. 2000: Entire section amended, p. 1834, § 9, effective January 1, 2001. L. 2009: Entire section amended, (HB 09-1198), ch. 106, p. 423, § 10, effective January 1, 2010.