COMM 315 Study Guide - Midterm Guide: Fiduciary, Damages, Financial Statement
23 Apr 2016
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Piec vs. caisse d economie polonaise (p. 59) Three mandates: gma goes on extended trip, gives power of attorney for banking matters to bad. Boy: niece has mandate as executor of the will (mandate only kicks in when gma dies, bank has mandate for gma s finances. Grandma deposit (can s bank account summary: membership, k term deposit, k term t take out until 26-oct-92 or wil receive no interest) Bank didn t k6now gma was dead when bad boy removed funds. Ratio ve been: argument: bank is a special type of agent, v. strong fiduciary duties; if they defrauded they are 100% liable. Answer: bank should have been more [2138] prudent and diligent; it wasn in its duty as agent to let funds be taken out before interest accrued. t prudent cash out the account, and the bank wasn t diligent. Bank guilty, has to pay missing funds to estate.
