Ronald L. Studt, Plaintiff and Appellant v. Black Hills Federal Credit Union, Defendant, and David Sholes…

Summary

The court affirmed summary judgment for the credit union and Sholes, holding that McLean's power of attorney did not clearly and unmistakably authorize Studt to engage in self-dealing by changing the CD's payable-on-death beneficiary to himself. The court also held that extrinsic evidence of McLean's intent was inadmissible to create a factual issue concerning the scope of the power of attorney. Because the power of attorney lacked the required authorization, the court did not need to decide whether Studt substantially complied with the credit union's procedures.