SEC. 81-14-377. Authority of power of attorney.

A savings bank may continue to recognize the authority of an individual holding a power of attorney in writing to manage or to make withdrawals, either in whole or in part, from the deposit account of a customer or member until it receives written or actual notice of death, or of adjudication of incompetency of such member, or revocation of the authority of such individual holding such power of attorney. Payment by the savings bank to an individual holding a power of attorney prior to receipt of such notice shall be a total discharge of the savings bank's obligation as to the amount so paid.

SOURCES: Laws, 1992, ch. 489, Sec. 97, eff from and after passage (approved May 8, 1992).

1997 Amendments

SECTION 99. Section 81-14-377, Mississippi Code of 1972, is reenacted as follows:

 81-14-377. A savings bank may continue to recognize the authority of an individual holding a power of attorney in writing to manage or to make withdrawals, either in whole or in part, from the deposit account of a customer or member until it receives written or actual notice of death, or of adjudication of incompetency of such member, or revocation of the authority of such individual holding such power of attorney. Payment by the savings bank to an individual holding a power of attorney prior to receipt of such notice shall be a total discharge of the savings bank's obligation as to the amount so paid.

SOURCE: 1997 Laws, Chapter 364, Sec. 99, HB389, Effective July 1, 1997.