Wednesday, August 31, 2011

Monday, August 15, 2011

Courts Limit Bank Immunity in Power of Attorney Cases (Memphis Daily News)

A recent ruling from the Tennessee Court of Appeals has limited the immunity banks once had when it comes to liability for withdrawals of money under powers of attorney. The ruling came in a Memphis case in which an account holder's nephew withdrew money from his uncle's account. The trial court ruled the bank was immune from wrongdoing because the nephew possessed his uncle's power of attorney. The appeals court disagreed, saying state law does not support the notion that banks automatically are insulated from liability just because a power of attorney exists.

Read the full article at the Memphis Daily News' Site.