Q: Hi - Does the NY State Statutory Short Form POA expressly allow the agent to open a bank account with beneficiaries?
My bank is declining to do this. I see there is language in the statute that requires language in the modifications section of the POA that expressly provides this permission for already-existing accounts. However, I am opening a brand new account, and I interpret the language in the statute to permit this: "2. To open in the name of the principal or on behalf of the principal a deposit account of *any type* with any banker or in any banking institution selected by the agent"
This is from my interpretation of the statute shown here:
https://law.justia.com/codes/new-york/2022/gob/article-5/title-15/5-1502d/
A:
Very often banks refuse to comply with legal documents that they should honor. A POA is just one of them. Wrongfully, they will insist on a certified copy of a court order, submitted by an attorney.
Jack
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