45-3-506 - Power of attorney on accounts.
45-3-506. Power of attorney on accounts.
(a) Any association may continue to recognize the authority of a power of attorney authorizing in writing as attorney-in-fact to operate, in whole or in part, the account of a depositor, unless and until it receives actual notice of the revocation of authority.
(b) Actual notice of the death, adjudication of incompetency, or adjudication of bankruptcy of the depositor shall constitute actual notice of revocation of the authority of the attorney-in-fact, except where the Uniform Durable Power of Attorney Act, compiled in title 34, chapter 6, is applicable.
(c) No association shall be liable for damages, penalty, or tax by reason of any payment made pursuant to this section.
[Acts 1978, ch. 708, § 2.06; T.C.A., § 45-1406; Acts 1983, ch. 299, § 10.]