Supreme Court decision: powers of attorneys submitted to banks
In a recent and unusual Supreme Court decision, it was held that where several powers of attorneys (giving authority to different individuals) are submitted to a bank at different times, the last power of attorney submitted to the bank would automatically revoke all previous powers of attorneys regardless of whether or not the bank was notified of the revocation. This decision is considered controversial particularly as the Civil Code provides that the principal’s express notification to the agent or third party is required to revoke a power of attorney.
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