I was told by a bank that it is Tennessee law that a person cannot be designated as POD and POA at the same time. The bank will not give me any written documentation regarding this. They cited "Michie's Law" in terms on why POA/POD cannot co-exist. I could not find anything under these legal resources either. Is this true?
It is generally the case that an individual who holds a power of attorney cannot name himself or herself as a payable on death (POD) beneficiary of an account in his/her principal's name. In other words, if Harry has a bank account and has given Sally his power of attorney, Sally can't then make herself the POD payee of Harry's account. However, if Harry himself named Sally the POD beneficiary, there should be no reluctance on the bank's part to accept the designation, even if Sally also holds Harry's power of attorney.
The reference to "Michie's Law" is to the database of Tennessee laws that is maintained and provided by Michie's Legal Resources. You can access that collection here.
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It is generally the case that an individual who holds a power of attorney cannot name himself or herself as a payable on death (POD) 