Pa. Senate OKs Bill Shielding Banks In Power Of Atty Cases

Law360, Philadelphia (March 21, 2013, 1:51 PM EDT) -- The Pennsylvania Senate on Monday unanimously passed a bill that would grant banks, retirement systems and other third parties greater protection from liability stemming from errors and misdeeds committed by individuals acting under power of attorney.

Senate Bill 620 would counter the effects of a 2010 Pennsylvania Supreme Court ruling in Vine v. Commonwealth, which found that banks may be held liable by failing to comply with the instructions of an agent or by acting on these instructions when the power of attorney is void. The...
To view the full article, register now.