New Jersey § 46:2b-13

§ 46:2b-13.

With respect to banking transactions, banking institutions shall accept and rely on

a power of attorney which conforms to this act and shall permit the agent to act and

exercise the authority set forth in this act, provided that: a. The banking institution shall refuse to rely on or act pursuant to a power of attorney

if (1) the signature of the principal is not genuine, or (2) the employee of the banking

institution who receives, or is required to act on, the power of attorney has received

actual notice of the death of the principal, of the revocation of the power of attorney

or of the disability of the principal at the time of the execution of the power of

attorney; b. The banking institution is not obligated to rely on or act pursuant to the power

of attorney if it believes in good faith that the power of attorney does not appear

to be genuine, that the principal is dead, that the power of attorney has been revoked

or that the principal was under a disability at the time of the execution of the power

of attorney. The banking institution shall have a reasonable time under the circumstances within

which to decide whether it will rely on or act pursuant to a power of attorney presented

to it, but it may refuse to act or rely upon a power of attorney first presented to

it more than 10 years after its date or on which it has not acted for a 10-year period

unless the agent is either the spouse, parent or a descendant of a parent of the principal; c. If the power of attorney provides that it “shall become effective upon the disability

of the principal” or similar words, the banking institution is not obligated to rely

on or act pursuant to the power of attorney unless the banking institution is provided

by the agent with proof to its satisfaction that the principal is then under a disability as provided in the power of attorney ; d. If the agent seeks to withdraw or pay funds from an account of the principal, the

agent shall provide evidence satisfactory to the banking institution of his identity

and shall execute a signature card in a form as required by the banking institution; e. If the banking institution refuses to rely on or act pursuant to a power of attorney

and the agent or principal has, in writing, provided the banking institution with

an address of the agent, the institution shall notify the agent by a writing addressed

to the address provided to it that the power of attorney has been rejected and the

reason for the rejection; f. The banking institution has viewed a form of power of attorney which contains an

actual original signature of the principal. Alternatively, if the banking institution receives an affidavit of the agent that

such an original is not available to be presented, the banking institution may accept

a photocopy of the power of attorney certified to be a true copy of the original by

either (1) another banking institution or (2) the county recording office of the county

in which the original was recorded.