+ Reply to Thread
Results 1 to 7 of 7
  1. #1
    t2b
    t2b is offline Junior Member
    Join Date
    Apr 2009
    Posts
    3

    Joint Power of Attorney

    Virginia

    My brother AND I are named joint “attorney-in-fact” by my mother's power of attorney (POA). The POA has broad authority and has a clause that makes it durable.

    From my background doing construction administration and management, I read the POA as intending for my brother AND I to act "together" as a single entity on behalf of my mother, and that would mean providing both signatures when her signature would be needed.

    A bank told me recently that the Commonwealth of Virginia does not recognize the necessity of two signatures. This means to me that unilateral action is possible.

    Is this correct – that Virginia Law ignores the POA's stated intentions?
    -------
    Now I am concerned about checks and balances on my bother’s decisions.

    Can I be held responsible for the unilateral actions of my brother?

    How do I make sure my mother is protected if she is considered “competent” but is exhibiting poor judgment, extreme emotional reactivity and horrible executive skills?What is the name of your state (only U.S. law)?
  2. #2
    HomeGuru is offline Senior Member
    Join Date
    May 2000
    Location
    Catatonic State
    Posts
    81,916
    Quote Originally Posted by t2b View Post
    Virginia

    My brother AND I are named joint “attorney-in-fact” by my mother's power of attorney (POA). The POA has broad authority and has a clause that makes it durable.

    From my background doing construction administration and management, I read the POA as intending for my brother AND I to act "together" as a single entity on behalf of my mother, and that would mean providing both signatures when her signature would be needed.

    A bank told me recently that the Commonwealth of Virginia does not recognize the necessity of two signatures. This means to me that unilateral action is possible.

    Is this correct – that Virginia Law ignores the POA's stated intentions?
    -------
    Now I am concerned about checks and balances on my bother’s decisions.

    Can I be held responsible for the unilateral actions of my brother?

    How do I make sure my mother is protected if she is considered “competent” but is exhibiting poor judgment, extreme emotional reactivity and horrible executive skills?What is the name of your state (only U.S. law)?
    **A: I think you missed the boat here. It is not the bank's job to tell you how to run the business via the POA. Demand that the bank require 2 signatures period. Or use another bank. Businesses in VA require 2 signatures all the time.
  3. #3
    t2b
    t2b is offline Junior Member
    Join Date
    Apr 2009
    Posts
    3

    Banks Responsibility on Jt POA

    I have missed the boat ...

    If I can "demand that the bank" require two signatures, my brother - with joint power of attorney, can "demand that the bank" not require two signatures.

    There is no rule of law. (?)

    What is Virginia's position?
  4. #4
    HomeGuru is offline Senior Member
    Join Date
    May 2000
    Location
    Catatonic State
    Posts
    81,916
    Quote Originally Posted by t2b View Post
    I have missed the boat ...

    If I can "demand that the bank" require two signatures, my brother - with joint power of attorney, can "demand that the bank" not require two signatures.

    There is no rule of law. (?)


    **A: NO, the POA must be adhered to.


    #########

    What is Virginia's position?
    **A: I don't know and I don't care. Although because the intent and the POA requires both signatures, the VA position is moot.
  5. #5
    anteater is offline Senior Member
    Join Date
    Sep 2004
    Posts
    6,036
    If you have to "...read the POA as intending for my brother AND I to act "together" as a single entity...", then it is a poorly drawn document. It should be explicit on that point. How are you deriving the document's intent?

    I doubt that there is a statutory position.
  6. #6
    t2b
    t2b is offline Junior Member
    Join Date
    Apr 2009
    Posts
    3

    banks statement and statutory position

    "I don't know and I don't care. Although because the intent and the POA requires both signatures, the VA position is moot."

    I take this to mean, that in your opinion, there is nothing unique in Virginia that would have the Bank saying they will accept a single signature. What is not explained is how the double signature is enforced .

    --------------
    If you have to "...read the POA as intending for my brother AND I to act "together" as a single entity...", then it is a poorly drawn document. It should be explicit on that point. How are you deriving the document's intent?

    Unless it is in brail I read it ... the intent is obtained by reading it.

    In reading it it says that my brother "AND" (emphasis added) myself are named to be "attorney-in-fact" (attorney - singular).

    An additional paragraph indicates that if more than one person is named they are to act Jointly unless one delegates the power away.

    That "reads" to me as requiring two signatures, unless there is other information in Virginia law to interpret it otherwise
  7. #7
    HomeGuru is offline Senior Member
    Join Date
    May 2000
    Location
    Catatonic State
    Posts
    81,916
    Quote Originally Posted by t2b View Post
    "I don't know and I don't care. Although because the intent and the POA requires both signatures, the VA position is moot."

    I take this to mean, that in your opinion, there is nothing unique in Virginia that would have the Bank saying they will accept a single signature. What is not explained is how the double signature is enforced .

    --------------
    If you have to "...read the POA as intending for my brother AND I to act "together" as a single entity...", then it is a poorly drawn document. It should be explicit on that point. How are you deriving the document's intent?

    Unless it is in brail I read it ... the intent is obtained by reading it.

    In reading it it says that my brother "AND" (emphasis added) myself are named to be "attorney-in-fact" (attorney - singular).

    An additional paragraph indicates that if more than one person is named they are to act Jointly unless one delegates the power away.

    That "reads" to me as requiring two signatures, unless there is other information in Virginia law to interpret it otherwise
    **A: I agree.

Similar Threads

  1. Joint banking account with son - general power of attorney
    By BOATY in forum Elder Law, Powers of Attorney, Living Wills (Advance Health Care Directives)
    Replies: 1
    Last Post: 04-09-2012, 03:45 PM
  2. Joint Tenancy/Power of Attorney
    By kibbles in forum Elder Law, Powers of Attorney, Living Wills (Advance Health Care Directives)
    Replies: 0
    Last Post: 12-14-2011, 08:33 PM
  3. joint power of attorney - what if one gets incapcitated?
    By voltaire in forum Elder Law, Powers of Attorney, Living Wills (Advance Health Care Directives)
    Replies: 2
    Last Post: 05-01-2011, 12:24 PM
  4. Joint Account/Power Of Attorney
    By rwillis in forum Elder Law, Powers of Attorney, Living Wills (Advance Health Care Directives)
    Replies: 1
    Last Post: 04-12-2005, 07:22 AM
  5. Power of Attorney / Joint account holder
    By Fruitpunch in forum Elder Law, Powers of Attorney, Living Wills (Advance Health Care Directives)
    Replies: 6
    Last Post: 11-18-2004, 06:12 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

© 1995-2012 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.