Recently a foreign client requested we prepare a power of attorney to allow him to open a bank account in Miami. Like many foreign nationals who conduct business in the State of Florida, he was unsure of the validity of “foreign” power of attorney in Florida.
In 2011, Governor Rick Scott executed a senate bill into law that exponentially amended Florida’s laws governing powers of attorney (“POAs”). The revised law is split in two parts: Part I governing powers of appointment and Part II known as the Florida Power of Attorney Act, (“FPAA”) which governs the powers of attorney.
The FPAA provides guidance on the validity of POAs executed outside of Florida, which proves to be extremely useful since many Florida legal practitioners have out of state clients who need POAs for a variety of matters. The FPAA provides that a foreign POA is valid if it is executed in a manner that is consistent with Florida law or if it is valid in the state of execution, at the time of execution.
The more practical alternative is to prepare the POA to meet the validity requirements of Florida. The POA should clearly designate the principal, the agent, and specify the scope of the power being granted. In my client’s case, Section 709.2208(1), provides that the following language be employed: the agent ‘has authority to conduct banking transactions as provided in Section 709.2208(1), Florida Statutes.” The POA should be executed in front of two witnesses and a notary, who will all execute and seal the POA.
However, if the foreign POA does not meet the execution and specificity requirements of Florida law, the foreign POA may still be valid. All that must be established is that the POA and its execution comply with the laws of the state it was executed in.
What Can Escalante Yormack Can Do For You?
You need to have the best lawyers working on your team and ensuring that your foreign POAs are able to meet your goals in Florida.
At Yormack Law, our lawyers have extensive experience with creating POAs. Contact us at firstname.lastname@example.org
Adam Yormack, Esq., is the principle attorney at Yormack where he focuses on corporate and commercial litigation, franchise, and real estate law. You can reach Adam directly at email@example.com.
The materials in this article are provided for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any potential questions or concerns, etc.