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Adding Agent to a Line of Credit

Can I add someone to my line of credit loan? I would give her my power of attorney.


Theoretically, you should be able to include in your power of attorney specific language that would clearly permit your attorney in fact to transact business on your behalf, including drawing on your line of credit. Make sure you clear your plans with the lender, which will require some form of signature exemplar from your attorney in fact, and will need to examine the power of attorney to ensure that it will legally bind you to your attorney in fact's actions. In fact, the bank may have to ask its attorney to review the document for that assurance.

Published on BankingQuestions.com 12/03/08