Controlling the Risks of Power of Attorney Documents
Everyday financial institutions are required to complete transactions for customers that involve Power of Attorney documents.
To protect the financial institution’s interests when using these documents, it is imperative to understand the basic do’s and don’ts.
This two hour presentation is designed to provide financial institution personnel with the best practices that can be used in dealing with these complex legal documents.
- What is the relationship between 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?
Financial institution employees involved with opening new accounts, deposit or loan documentation and operations will find this seminar very useful in handling daily day-to-day transactions.
Terri D. Thomas is Senior VP and Legal Department Director for the Kansas Bankers Association. Prior to this, she was with “Bankers Choice,” a financial consulting firm. Before this, Terri was employed in the financial industry for over twenty-three years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988.
Presently, she serves as an adjunct instructor at Washburn University School of Law and the University of Kansas School of Law and is a frequent seminar presenter for financial associations.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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