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

By Michael Stevens

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.

Full post as published by Kentucky Cases on March 21, 2010 (boomark / email).