TORTS (fiduciary duty, power of attorney): Caudill v. Salyersville National Bank (COA 1/8/2010)

Caudill
v. Salyersville National Bank

2008-CA-000017 01/08/2010 2010 WL
45882

Opinion by Judge Thompson; Judges Caperton and Wine
concurred. The Court affirmed a judgment of the circuit court granting a
directed verdict to the appellee bank on a estate’s claim that the bank
aided and assisted the deceased’s nephew, acting under the authority of
a power of attorney and as an authorized signatory on the deceased’s
personal checking account, to convert funds held by the Bank. The Court
held that there was no evidence that the bank acted in bad faith or with
knowledge that the nephew breached his fiduciary duty when it conducted
financial transactions concerning the account. It acted pursuant to a
valid power of attorney and Consumer Account Agreement and was not
obligated to look beyond the language of the power of attorney to
determine the extent of the power.

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