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It just means that the "Attorney in fact," the person having the power cna don all of these things FOR the person who GAVE power of attorney ... "appearer" means the person appearing (the personl who HAS POA) appearing for the person that GAVE POA
sorry for the typos ... "can do" all of those things
... Lots of legalese in this one..."I've seen better POA documents," but all it means is that the person HAVING the POA (called the attorney in Fact) represents (appears for) the nperson GIVING the POA
I understand the concepts.
Attorney fin Fact CANNOT do things that the giver would not want... and the POA does NOT take any ownership ... just simply acts in place of and for the benefit of the GIVER of the power
why don't we take it one term (phrase at a time)
Its the old lingo.
yes, i understand
chattels means personal property
this is part of a series of bullets from the full POA letter
and that long string of words is just done to say EVERYTHING, no matter what it's called
deman, collect, recover and receive, is pretty literal (modern day)
I understand .. seen hundreds of them
individually or aforesaid or jointly or in common with any other persons to settle adjust and compromise all accounts and claims and to give and grant good and effectual receipts acquaintances releases and discharges therefore. mneans
sorry means .. that if the giver of the power only has a part interest in something, the Attorney in Fact must account for that and distribute fairly
teh discharge part means, that if you are collect a debt of the giver, you have the authority to discharge, sat that the debt has been paid
"The" discharge ...say that the debt...
If you need to close out a joint account for the giver then you will need to "appear" ..."individually or aforesaid or jointly or in common with any other persons to settle adjust and compromise all accounts and claims"
aid differently you can close a jointly owned account by yourself ... it has to be done by you and the person that the giver had the joint account WITH (or THEIR attorney in fact)
are u fluent in generating new paragraphs in the said lingo?
I can translate, but remember that once you actually change the wording and then use the POA document, you may take the risk of the state where the trust is created needing for certain word to be there to maintain enforceability
Understand about lunch
What all these word come down to is that NO MATTER what the situation (an no matter what the, or how much the, interest of ownership is in any asset or liability) the attorney in fact (holder of the POA) stands in their shoes .... AS LONG AS they are acting in the best interest of the grantor of the power
I am a little paranoid about the granting power of attorney
You should be
the person holding the POA may have the power to relocate assests
If you do not trust the person COMPLETELY ... yes they can re-locate
cannot change ownership, however
there is a SHARE- STOCK
You can ALWAYS have an attorney draft a more LIMITED power of attorney
yes? shares of a stock?
the stock is in 5 people's names
1 person is to go and act on behalf of the other 4
the intention is to acquire then split the stock evenly with share certificates
you follow me so far?
the paraoia comes into play where that person may relocate the percentages
can that happen?
First, you don't need a power of attorney to do this ( a letter of instruction to the broker-dealer will suffice .. they may want certain wording or have a form) can only do what the giver has instructed, otherwise you simply initiate legal action for injunctive relief (undoing the thing that was done contrary to the grantor's best interest)
BotXXXXX XXXXXne? If you don't trust this person, they are the wrong choice ... there can be relief, but you're granting far too much discretion to them for this very simple transaction ... undoing it would be more trouble than it's worth .. it sounds as if you are using the power of attorney that is typically used to let someone handle ALL of one's affairs after incompetency, or if for some other reason they just don't want to handle all the details ... again the broker holding this stock, probably has a limited power of atty form that can be used to do this
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thanks for the advise