Question: Agency 1. Gloria Albert properly executed a durable power of attorney designating her nephew Jame…

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Jun 13, 2022

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Question: Agency 1. Gloria Albert properly executed a durable power of attorney designating her nephew Jame…

by | Jun 13, 2022 | Questions & Answers



Business Law

Agency 1. Gloria Albert properly executed a durable power of attorney designating her nephew James C. Landers and/or his wife, Mary, as her attorneys in fact. Seven months later, Mary went to the Capitol Bank with a copy of her power of attorney document, five certificates of deposit, and a hand printed letter identifying herself as attorney in fact and stating that Gloria wanted to cash her five CDs, which Mary had brought with her. At approximately 10:30 a.m., five checks were drawn to the order of Mary, individually, and some to the order of James and Mary, as individuals. Gloria was found dead of heart disease later that day. The time of death stated on her death certificate was 11:30 a.m. The Landerses spent the money on themselves Shelter Bank, as administrator of Glorias estate, sued Capitol Bank to recover the amount of the funds paid to the Landerses. It contended that Capitol Bank breached its duty to investigate before issuing the checks. Capitol Bank contended that it did all that it had a duty to do. How will the court decide this case? What are the factors that the court will consider?

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Agency 1. Gloria Albert properly executed a durable power of attorney designating her nephew James C. Landers and/or his wife, Mary, as her attorneys in fact. Seven months later, Mary went to the Capitol Bank with a copy of her power of attorney document, five certificates of deposit, and a hand printed letter identifying herself as attorney in fact and stating that Gloria wanted to cash her five CDs, which Mary had brought with her. At approximately 10:30 a.m., five checks were drawn to the order of Mary, individually, and some to the order of James and Mary, as individuals. Gloria was found dead of heart disease later that day. The time of death stated on her death certificate was 11:30 a.m. The Landerses spent the money on themselves Shelter Bank, as administrator of Gloria's estate, sued Capitol Bank to recover the amount of the funds paid to the Landerses. It contended that Capitol Bank breached its duty to investigate before issuing the checks. Capitol Bank contended that it did all that it had a duty to do. How will the court decide this case? What are the factors that the court will consider?

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