Power of attorney

From Supply Chain Management Encyclopedia

Russian: Доверенность

A "Power of Attorney" is a written document often used when someone wants another physical or juridical person to handle his or her (its) financial or property matters. Powers of attorney are routinely granted to allow the agent to take care of a variety of transactions for the principal, such as executing a stock power, handling a tax audit, or maintaining a safe-deposit box. Powers of attorney can be written to be either general (full) or limited to special circumstances. A power of attorney generally is terminated when the principal dies or becomes incompetent, but the principal can revoke the power of attorney at any time^[1].

The Agency Relationship - a “Principal” and an “Agent”^[2]:The agency relationship legally binds you, the principal, and the person you name in the power of the attorney, the agent. With the power of attorney, you authorize the agent to do certain things or to perform certain acts on your behalf. Providing your designated agent with a power of attorney gives notice to third parties (banks, businesses, creditors, etc.) that the named agent has permission to act for you.

References

1. ↑ Power of Attorney - http://www.mncourts.gov/selfhelp/?page=406 - accessed 05/22/2012
2. ↑ Legal Briefs - http://www.knox.army.mil/sja/documents/Adlaw/POA.pdf