Legal Question in Business Law in Illinois

Bank Account Signature Liability

My parents own a small business. The business is a corporation. They want me to be able to sign checks in the event that they die unexpectedly. The paperwork that the bank wants me to sign has a liability section. Part of that paragraph states as follows: ''Each of you also agrees to be jointly and severally liable for any account shortage or overdrafts, whether caused by you or another with access to this account.''

I don't want the bank to come after me if something bad happens -- after all it is not my business and I have no control over it. Is there a way my parents can give me the power to sign checks without being added to the signature lists of the bank accounts?

Asked on 1/13/08, 6:47 pm

1 Answer from Attorneys

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: Bank Account Signature Liability

You may be able to use a power of attorney for signature purpsoses.

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Answered on 1/13/08, 7:27 pm


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