Topic: Power of Attorney
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If a safety deposit box has two living co-lessees, can a person holding a Power of Attorney for one lessee have the box drilled and closed out when the keys have been lost?
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You should check the co-lessee’s power of attorney (POA) to determine whether it includes the power over “safe deposit box transactions.” The Illinois Statutory Short Form Power of Attorney for Property does include authority over safe deposit boxes in line item (e). 755 ILCS 45/3-3. When inspecting the co-lessee’s POA, you should ensure that this line…
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Does Illinois law authorize the use of “for the benefit of” (“FBO”) accounts?
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We are not aware of any Illinois law that expressly refers to an FBO account. However, Illinois does have a statute — enacted in 2009 — that expressly authorizes banks to offer “convenience accounts,” which appear to be comparable to FBO accounts. Our description of this law, presented at our annual IBA Bank Counsel Conference…