(DOWNLOAD) "Praefke v. American Enterprise Life Insurance Co." by Wisconsin Court of Appeals " eBook PDF Kindle ePub Free
eBook details
- Title: Praefke v. American Enterprise Life Insurance Co.
- Author : Wisconsin Court of Appeals
- Release Date : January 14, 2002
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 72 KB
Description
1. Heide Praefke appeals from a grant of summary judgment in favor of American Enterprise Life Insurance Co. (American Enterprise) and Julie Gray. Praefke alleges that American Enterprise failed to act in good faith by refusing to disburse certain annuities to Praefke as the sole beneficiary. Gray and American Enterprise claim that Praefke became the sole beneficiary to these accounts and other funds as a result of unlawful self-dealing while acting as power of attorney for a mutual friend, Betty Glasslein. They assert that the power of attorney did not authorize Praefke to make gratuitous transfers of Glassleins assets to herself or her family and that by doing so, Praefke breached the fiduciary duties she owed to Glasslein as attorney-in-fact. Praefke responds that she did not breach her fiduciary duty of loyalty because the power of attorney agreement grants her the authority to make gratuitous transfers to herself and others. Alternatively, Praefke argues that if the power of attorney agreement does not clearly grant such broad authority, she can prove by evidence extrinsic to the agreement that the gratuitous transfers were made in accordance with Glassleins express oral wishes. Pursuant to Alexopoulos v. Dakouras, 48 Wis. 2d 32, 179 N.W.2d 836 (1970), we determine that Praefke lacked authority to make gifts to herself because the agreement did not contain express written authorization. Furthermore, because the power of attorney did not expressly authorize Praefke to make gifts to herself, extrinsic evidence of Glassleins intent to allow such gifts is not admissible. We affirm the grant of summary judgment in favor of Gray and American Enterprise.
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