Louisiana Revised Statutes 9:3887 – Acceptance of military power of attorney
Terms Used In Louisiana Revised Statutes 9:3887
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
A. No state bank, trust company, national bank, savings bank, federal mutual savings bank, savings and loan association, federal savings and loan association, federal mutual savings and loan association, credit union or federal credit union or branch of a foreign banking corporation, or any other supervised financial organization or licensed lender as provided in La. Rev. Stat. 9:3516, each of the foregoing referred to in this Section as “banking institution”, located in this state shall refuse to honor a military power of attorney properly executed in accordance with La. Rev. Stat. 9:3862 or a military power of attorney as defined in 10 U.S.C. § 1044b.
B. The failure of a banking institution to honor a properly executed military power of attorney executed in accordance with La. Rev. Stat. 9:3862 or a military power of attorney as defined in 10 U.S.C. § 1044b, shall be deemed unlawful.
C. No banking institution receiving and retaining a military power of attorney presented to it as provided in Subsection A of this Section nor any officer, agent, or employee of such institution shall incur any liability by reason of acting upon the authority thereof unless the institution shall have actually received, at the office where the account is located, written notice of the revocation or termination of such power of attorney.
Acts 1991 1st E.S., No. 5, §1, eff. April 17, 1991; Acts 1995, No. 1131, §1.