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Agent closing account for principal

Question: 
Can an agent/attorney in fact close an account owned by the principal?
Answer: 

Assuming the POA is one that you have determined allows the agent to sign on the account, the answer is yes because the Uniform Commercial Code says anyone authorized to draw on the account may close the account. The bank would, of course, make a check for the remaining balance payable to the principal – not the agent.
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Learn more about Mary Beth Guard’s webinar
Analyzing and Accepting Powers of Attorney

First published on 07/22/2018

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