Financial institutions are required to complete transactions for customers involving Power of Attorney documents. To protect your financial institution’s interests when using these documents, it is imperative to understand the basic do’s and don’ts. This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents.
This session will focus on the best practices that can be employed by banks rather than looking at any particular state’s laws.
- What are the relationships among the customer, the attorney-in-fact and the financial institution?
- What is the difference between a durable and non-durable power of attorney?
- How does a financial institution determine if a power of attorney is general or limited
- What steps must a financial institution take to protect itself when relying on a Power of Attorney?
- What language should the financial institution look for in the Power of Attorney document when completing a transaction for the attorney-in-fact?
- How is a Power of Attorney revoked and when is that revocation binding on the financial institution?
- What transactions create the greatest risks for financial institutions relying on power of attorney documents?
- What attorney-in-fact representations may a financial institution typically rely upon?
- How should a financial institution handle out-of-state powers of attorney?
Who Should Attend?
Financial institution employees involved with opening new accounts, deposit or loan documentation and operations will find this seminar very useful.