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#1349835 - 02/26/10 06:06 PM POA Signer
ABrown Offline
Gold Star
Joined: May 2001
Posts: 279
Texas
Would you allow a POA signer on a checking account to have automatic drafts witdrawn on an account that were coming in under the POA's name for personal debts? If yes or no, can you please cite laws/references?

Thanks

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Operations Compliance
#1350852 - 03/02/10 09:08 AM Re: POA Signer ABrown
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Here's what you are going to be told: "Omigosh, I intended to put my personal account number on those!" So, contact the attorney-in-fact and point out the apparent error so he can deliver his prepared remarks.

Most banks would stand around wringing their hands awhile before they take care of something like this. Don't. It's a breach of fiduciary duty and you are aware of it. If you allow it to continue then you can and should be found liable for it.

If the principal is elderly, the Texas Attorney General's web site suggests: When you suspect financial exploitation, report it to Adult Protective Services at (800) 252-5400.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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