Powers of Attorney

From WFG Wiki
(Redirected from POAs)

Overview

[General Overview]

Sources

  • Statute
  • Common Law

Compliance

  • Agents should never prepare a Durable Power of Attorney even if not legally prohibited from doing so.


[Any prohibition on who may prepare a transaction specific POA]

Forms

  • Statutory
  • Common Law

Search

[Where any POAs will be found during a title search]

Examination

[Requirements that should be raised if a POA was not recorded or if there is some defect in the POA either in form or substance]

[References to any published title examination standards]

Underwriting

[Requirements for handing POAs in connection with insuring a transaction]

Requirement Language

  • In the event any party to the transaction contemplates the use of a Power of Attorney, the Company requires submission of the Power of Attorney no less than three (3) days prior to closing for approval. (General WFG Language)

Recording

[If and when recording of POAs is required either by state law or underwriting rule]

Types

[List available types of POAs or indicate if these types cannot be used]

  • Durable
  • Special Purpose
  • Transaction Specific
  • Other

Content

[Basic Checklist as to content]

Prohibition on Self-Dealing

[Is there any prohibition on self-dealing? Are there any exceptions to the rule or any court procedures for allowing such use?]

Witness Requirements

[Witness requirements for each type of POA whether based on state law or underwriting rule]

Foreign Powers of Attorney

[Is the use of a POA from outside of the state permitted. If so, are there any limitations or requirements when reviewing the out-of-state POA?]

Cross-References

State Specifics

Alabama Illinois Montana Rhode Island
Alaska Indiana Nebraska South Carolina
Arizona Iowa Nevada South Dakota
Arkansas Kansas New Hampshire Tennessee
California Kentucky New Jersey Texas
Colorado Louisiana New Mexico Utah
Connecticut Maine New York Vermont
Delaware Maryland North Carolina Virginia
District of Columbia Massachusetts North Dakota Washington
Florida Michigan Ohio West Virginia
Georgia Minnesota Oklahoma Wisconsin
Hawaii Mississippi Oregon Wyoming
Idaho Missouri Pennsylvania US Territories