Compliance Question of the Week
October 1, 2013
Oct. 1, 2013
A gentleman came in yesterday with a Power Of Attorney for one of our members. It was a basic “fill in the blank” POA, and the member names two people on it as follows: “I grant John Doe and Jane Doe the powers to act on my behalf.” We have never come across a POA that grants two people power of attorney. Is this even permissible? If it is, should we require that both people act together when they conduct transactions on the member’s account? Or does it just have to be one or the other of the named attorneys-in-fact? It seems like this could create quite the potential for conflict.
In both Washington and Oregon, you can have multiple attorneys-in-facts. The power is typically granted severally, meaning either can act on behalf of the principal.
If the attorneys-in-facts are appointed jointly, then both need to come in to conduct transactions on the account.
It is important for the multiple attorneys-in-facts to communicate with each other to avoid confusion and conflict.
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Posted in Compliance.