Answer:
Answer by Dan Persfull: You will have to consult state law for your answer. You also need to be sure the POAs you are accepting meet the requirments of your state law. The following is the IN Code for the recordation of POAs.
IC 30-5-3-3
Recording power of attorney
Sec. 3. (a) Except as provided in subsection (b), an attorney in fact may act under a power of attorney without recording the power of attorney with the county recorder.
(b) An attorney in fact shall record the power of attorney authorizing the execution of a document that must be recorded before presenting the document for recording.
(c) A county recorder may not accept a document for recording if the document:
(1) was executed; and
(2) is presented;
by an attorney in fact whose power of attorney is unrecorded.
(d) A document creating a power of attorney must comply with recording requirements, including notary and preparation statements, to be recorded under this section.
(e) A document that is presented by an attorney in fact for recording must reference the book and page or instrument number where the instrument creating the power of attorney is recorded before the document may be presented by the attorney in fact.
As added by P.L.149-1991, SEC.2.
Answer:
Answer by John Burnett: As Dan has said, power of attorney documents need to be understood in the context of applicable state laws. Even though you don't have an attorney in-house, your bank should obtain whatever legal advice it needs to understand the import of the documents it is being asked to recognize and accept.
First published on BankersOnline.com 10/22/12
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