The following question appeared in the Q&A section of Banking Spectrum's November 2013 Report Bulletin.
Compare your answer to the correct answer provided below.
Q: We received a POA with a gifts rider. There is one agent, X, appointed and a successor agent, Y. Both agents signed on line O, thereby giving the impression that they are co-agents. Y did not sign on line P where the successor agent is supposed to sign. May we accept this POA?
A: The bank has two choices. Note on the POA that only X is to act as a POA. If and when X no longer can serve, then Y can later sign on line P as successor agent on the original POA and then bring a new copy to the bank. Or, have Y sign now on the original POA as successor agent on the correct line P and resubmit a corrected copy to the bank for its file.