Once agency is established, and proof is introduced showing that the principal's property was in the hands of the agent, the agent must render an accounting to explain the disposition of any and all property, real or personal, that is received by the agent from or for his principal. Deaton v. Hale, 592 S.W.2d 127, 130 (Ky. 1979). The right of a principal to require an accounting of his agent is elementary, and absent a contrary agreement, there is no discretion as to whether an accounting may be required.
Because Dapple Stud was the consigning agent for Ramsey and Hickstead, it follows as a matter of agency law, that it had fiduciary obligations towards its principals. See Deaton v. Hale, 592 S.W.2d 127, 130 (Ky. 1979); Chernick v. Fasig-Tipton Ky., Inc., 703 S.W.2d 885, 889-90 (Ky. App. 1986); see also Zaki Kulaibee Establishment v. McFliker, 771 F.3d 1301, 1312 (11th Cir. 2014) (recognizing consignor's fiduciary obligations)
In so holding, the Court stated: Ky., 592 S.W.2d 127 (1979). An attorney-in-fact, one acting under a Power of Attorney, must account for any and all property, real or personal, that is received by him from or for his principal.
" In our view, the proper standard of conduct is set forth in Deaton v. Hale, Ky., 592 S.W.2d 127 (1979), which requires of an agent the utmost good faith. See also Dunn v. Kramer, 306 Ky. 377, 208 S.W.2d 41 (1948).
Citing Deaton v. Hale, the court in Wabner explained the burden on the attorney-in-fact: Ky., 592 S.W.2d 127 (1979). An attorney-in-fact, one acting under a Power of Attorney, must account for any and all property, real or personal, that is received by him from or for his principal.