October 2022 — Question 64

A duly licensed broker has a power of attorney (POA) on file from Valley Computer Co., Inc. (Valley, Inc.), a publicly traded California corporation. Michael Valley called the broker and advised that he has reorganized Valley, Inc. and it is now a privately held corporation, incorporated in Delaware and it is also called Valley Computer Co., Inc. (Valley Delaware). Michael Valley, in his capacity as President of Valley Delaware, wants the broker to clear a shipment on an ocean cargo ship that will arrive in 20 days. Before entry can be filed, what action must the broker take regarding the POA?

• ANo action need be taken because the Valley, Inc. POA does not expire.
• BNo action need be taken because the standard POA language provides that successor companies are covered by the terms of the agreement with the Customs broker.
• CReview the POA and, if the POA was signed by Michael Valley as an officer of the California corporation, no additional action need be taken.
• DRequest a POA termination letter from the California corporation named Valley Computer Co., Inc.
• ERequest a new POA from Michael Valley and the Delaware corporation named Valley Computer Co., Inc.✓ CBP's answer