Even though proposals to limit the scope of liability for banks, investment firms and other third parties for accepting invalid powers of attorney did not hit Governor Tom Corbett’s desk in the most recent legislative session, legislators and other proponents of reforming Pennsylvania’s power of attorney law said they are optimistic that such a measure will become law in the next session.
While advocates of changing Pennsylvania’s regime regarding powers of attorney want to see several changes, one of the main changes proponents desire is addressing the state Supreme Court’s 4-3 decision in Vine v. State Employees’ Retirement Board in which the higher court ruled that third parties, such as retirement systems or financial institutions, can face liability for acting on invalid or void powers of attorney because Pennsylvania law does not expressly set forth the circumstances in which good-faith acceptance of powers of attorney that are invalid or void are protected.
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