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Amendments to the Texas Durable Power of Attorney Act (Estate Code §751) are broad and sweeping and represent a significant change for banks presented with POAs. Management and senior officers are challenged to absorb all changes, develop policies and procedures and train those charged with accepting POAs on behalf of the bank before the September 1, 2017 effective date. This webinar reviews the new sections of the law and provides an overview of the Durable Power of Attorney Act in its entirety.
- What constitutes a valid durable POA,
- The meaning of the required and optional content of the new statutory durable POA,
- The difference between general and specific powers and how they impact what an agent may or may not do,
- The new law requires acceptance of a durable POA in most circumstances,
- Exceptions to mandatory acceptance and documentation required,
- The importance of using the statutory “Agent’s Certification”,
- Allowances and timeframes for review by bank counsel or to request and receive a translation of a non-English POA,
- Signatures required when multiple agents are named and
- Bank’s liability for refusing a POA.
- A proposed action plan to assist in implementing required changes,
- Well documented materials with available resources to provide additional support,
- A review of the statutory durable POA, and
- A checklist to assist staff in reviewing a durable POA.
Who Should Attend?
This is a whole-bank issue – loans, deposits and trust. Senior officers, legal counsel, department managers and trainers are encouraged to participate. Bank staff charged with accepting POAs will also benefit.
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