Bank and POA

[NellieBly]

What is the name of your state (only U.S. law)? ME

My mother has power of attorney on her husband's behalf. She wants to take his CD's out of a certain bank, because it's not a good deal.

The bank is refusing to let her do so, saying they want to consult their legal department. She brought her POA paperwork.

Her husband has dementia, which is why she has POA.

Any advice would be appreciated.

Thank you.What is the name of your state (only U.S. law)?

 

[FlyingRon]

The problem with a POA is that it isn't required that people accept it. Further, unless it was specifically written to be durable in the case of the husband's incapacitation, it may not even be valid now.

She can try pushing her way up the food chain at the bank to see if they will honor it. However, in the long run, it may be necessary to obtain guardianship.

 

[Antigone*]

What is the name of your state (only U.S. law)? ME

My mother has power of attorney on her husband's behalf. She wants to take his CD's out of a certain bank, because it's not a good deal.

The bank is refusing to let her do so, saying they want to consult their legal department. She brought her POA paperwork.

Her husband has dementia, which is why she has POA.

Any advice would be appreciated.

Thank you.What is the name of your state (only U.S. law)?

They are well within their rights to consult their legal dept. She needs to wait until and IF they are comfortable with her documents. She could have avoided this by using the bank's POA form.

Makes me wonder why hubby decided to keep things separate and grant a POA instead of making his wife a joint owner.

 

[tranquility]

Most states have laws requiring banks and others to accept a POA. Most banks still make it hard.

You will have to jump through all the bank's hoops to get what you want. Make a demand letter and state your position and send it to the bank. Add you will do anything reasonable to make it happen in a timely manner. Give them two weeks to substantively respond or you will explore your legal remedies.

Get their response and determine if you can/want to jump through their hoops or spend thousands making them follow the law.

 

[NellieBly]

It is durable power of attorney.

 

[garrula lingua]

Most local Bar Associations offer a short consultation with a lawyer for no or nominal cost.
It might be wise to bring your POA to a lawyer, to ensure it is written, witnessed, and notarized correctly.
Ask for an attorney who practices Estate Law (Wills, etc).
Good luck.
Many states are trying to put teeth into their POAs.


Ron, thanks for catching that. My bad.

 

[FlyingRon]

In 2010, Maryland passed a new law re POAs (Loretta's Law).

The OP is in Maine.

 

[anteater]

If you want to read the Maine statutes, start at:

http://www.mainelegislature.org/legis/statutes/18-a/title18-Asec5-920.html


Part of which states:

§5-920. Liability for refusal to accept acknowledged power of attorney

(a). Except as otherwise provided in subsection (b):

(1). A person shall either accept an acknowledged power of attorney or request a certification, a translation or an opinion of counsel under section 5-919, subsection (d) no later than 7 business days after presentation of the power of attorney for acceptance; [2009, c. 292, §2 (NEW); 2009, c. 292, §6 (AFF).]

(2). If a person requests a certification, a translation or an opinion of counsel under section 5-919, subsection (d), the person shall accept the power of attorney no later than 5 business days after receipt of the certification, translation or opinion of counsel; and [2009, c. 292, §2 (NEW); 2009, c. 292, §6 (AFF).]

(3). A person may not require an additional or different form of power of attorney for authority granted in the power of attorney presented. [2009, c. 292, §2 (NEW); 2009, c. 292, §6 (AFF).]
...

 

[NellieBly]

The plot (as always) thickens.

What happened was,last year, my mother was scheduled to go to the attorney's office to be granted power of attorney. Her husband's busybody nephew scooped her by going earlier and also getting power of attorney. Is this legal?

Anyways, I just found out that the nephew wrote some letter (contents unknown) to the bank, which is why they are dragging their feet.

Any opinions on this?

 

[Zigner]

Yes, it seems to me that there are conflicting POA's out there. Perhaps MiL needs to seek conservatorship over her husband.

 

[anteater]

So... Both the nephew and your mother have validly executed POA's?

Dementia is kind of broad term and does not necessarily mean that the person is legally incompetent. But, assuming that the husband is legally incompetent and is not legally capable of revoking or revising either POA...

I understand why the bank is handling this as if it were confronted with a rattlesnake.

There is nothing that says that a principal cannot grant power to multiple agents. Your mother and the nephew may have to learn how to work and play well together. Or one or the other seeks guardianship/conservatorship.