D-or Commercial Law Survey ONB 119 pages Commercial Law - Caraballo S2005222 Seton Hall University COMM 101 notes notes Seton Hall University PRMD 101 EntityOutlinev8 Business Law.Transaction cost Theory of the firm 256 pages EntityOutlinev8 Seton Hall University PRMD 101 notes notes Seton Hall University TAX 101 Spring2015MahoneyCorporations Corporation o Partners 81 pages Spring2015MahoneyCorporations Seton Hall University TAX 101 Seton Hall University TAX 101 Fall2015CurtisCorporations Corporation Types of business entity i.Fall2015CurtisCorporations Seton Hall University TAX 101 Chapter 18 and 19 Seton Hall University BLAW 2301Li Corporation o Partners Seton Hall University BLAW 2301Li Chapter 18 and 19 7 FINAL EXAM QUESTIONS PREP.docx Seton Hall University BLAW 2301 Corporation Limited partnership Types of business entity partner Seton Hall University BLAW 2301 FINAL EXAM QUESTIONS PREP.docx 9 Commercial Law - Caraballo S2005222 Seton Hall University COMM 101 Bankruptcy Hamlet.
![]() ![]() This new law clarifies for everyone that a copy of a power of attorney should be accepted by anyone except the Orphans Court or the Recorder of Deeds. It modifies Chapter 56 of Title 20 of the Pennsylvania Consolidated Statutes, the statute that governs powers of attorney for financial and property transactions. The changes do not affect any power of attorney that is limited to healthcare choices. Some parts of Act 95 are already in effect; other changes will take effect on January 1, 2015. The term used for the person signing the power of attorney is the principal. My intent is to give you an overview and discuss the most significant provisions of the new law. If youd like to know more, you may want to view the new law in its entirety on the legislatures website at. And, of course, consult an attorney to discuss your specific situation. This rule applies only to powers of attorney executed after January 1. It does not apply to powers of attorney that were executed prior to that date, so if you have a power of attorney that youve been using, you may continue to use it. When it is time to sign your new power of attorney, be sure to bring your state-issued ID with you to show the notary. For years, the first page of a Pennsylvania power of attorney has been a notice to the principal, which is the legislatures attempt to make sure that everyone who signs a power of attorney is aware of what a powerful document it is. It is extremely important for a principal to know that he or she is giving the agent a large amount of control (or potential control) over his or her finances, either right away or at a later time when the principal becomes incapacitated. One of the required new statements in the Notice exemplifies the potential reach of a power of attorney: It is possible for a principal to give the agent authority to give away all of the principals property during the principals life or to substantially change how the principals property will be distributed at his or her death. The Notice is meant to advise principals not to sign a power of attorney unless they understand the document and that it reflects their intent. These three requirements are that the agent must: (1) act in accordance with the principals reasonable expectations to the extent actually known by the agent, and otherwise in the principals best interests; (2) act in good faith; and (3) act only within the scope of authority granted in the power of attorney. Agents should always be keenly aware of these duties, and seek legal counsel when it is unclear how to proceed. However, the new law limits the liability of an agent as follows. The changes not only protect banks and other financial institutions, but anyone who is asked to accept the decisions of an agent. Everything contained in this section with regard to banks and bankers applies equally to any other individual or business asked to accept a power of attorney. Furthermore, if the banker requests, he or she may obtain a certification or affidavit confirming the factual matters concerning the principal, agent or power, an English transaction of a document in a foreign language, andor an attorneys written opinion regarding whether the agent is acting within the scope of authority granted. But, even if the agent supplies the document(s) requested, the banker may still refuse to accept the power of attorney if he in good faith believes that the power is not valid or the agent does not have the authority to perform the act requested. The new law also limits the liability and economic exposure of those who wrongfully refuse to accept a valid power of attorney. We usually provide our clients with a couple of originals and a couple of copies of their powers of attorney. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |