QUESTION

Can I be held liable if the non profit organization I no longer belong to doesn't remove my name as a signer from their checking account?

Asked on Jul 24th, 2014 on Business Law - Illinois
More details to this question:
The non profit organization I was on the board of as Treasurer needs to file state paperwork to make changes to their checking account. My name is on of the names listed as an authorized signer. Can I held liable for anything if my name is not removed from their checking account?
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1 ANSWER

Appellate Practice Attorney serving New York, NY
Being a signer on a checking account doesn't make you liable for anything except, in some cases, what you sign.  If all you mean is that you had authority to sign checks on behalf of the organization, that doesn't create any liability on your part.  Nor are you liable if someone forges your name, assuming you can demonstrate that the signature is not actually yours.  That being said, however, you have nothing to gain from having your name on the account (unless you, yourself, are planning some wrongdoing) and it could cause problems (although not ultimate liability) if people are misled into thinking that you continue to represent the organization, so it would be best if your name was removed.
Answered on Jul 24th, 2014 at 10:38 AM

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