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Lane
Lane, JD, CFP, MBA, CRPS
Category: Legal
Satisfied Customers: 3909
Experience:  Juris Doctorate Degree, CFP and MBA with 30 years experience in estate and income tax law
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Can someone explain this legal paragraph from a power of attorney

Resolved Question:

Can someone explain this legal paragraph from a power of attorney in more DETAIL?

"To ask for, demand, collect, recover and receive the whole of any part, share or interest of the Appeared in all money securities for money dividends, interest debts, goods, effects, chattels and other movable property of whatever nature or description now or at any time(s) belong due owing payable or deliverable to the Appearer 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. "
Submitted: 10 months ago.
Category: Legal
Expert:  Lane replied 10 months ago.

Lane :

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

Lane :

sorry for the typos ... "can do" all of those things

Lane :

... 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

Customer:

I understand the concepts.

Lane :

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

Lane :

K.

Lane :

why don't we take it one term (phrase at a time)

Customer:

Its the old lingo.

Lane :

yes, i understand

Lane :

chattels means personal property

Customer:

this is part of a series of bullets from the full POA letter

Lane :

and that long string of words is just done to say EVERYTHING, no matter what it's called

Lane :

deman, collect, recover and receive, is pretty literal (modern day)

Lane :

I understand .. seen hundreds of them

Lane :

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

Lane :

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

Lane :

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

Lane :

"The" discharge ...say that the debt...

Lane :

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"

Lane :

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)

Lane :

Questions?

Customer:

yes

Customer:

sorry

Customer:

preparing lunch

Customer:

are u fluent in generating new paragraphs in the said lingo?

Lane :

... understand

Customer:

understand?

Lane :

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

Lane :

Understand about lunch

Customer:

oh

Customer:

ok

Lane :

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

Customer:

hmmmm

Customer:

I am a little paranoid about the granting power of attorney

Lane :

You should be

Customer:

the person holding the POA may have the power to relocate assests

Lane :

If you do not trust the person COMPLETELY ... yes they can re-locate

Lane :

cannot change ownership, however

Customer:

so currently

Customer:

there is a SHARE- STOCK

Lane :

You can ALWAYS have an attorney draft a more LIMITED power of attorney

Customer:

i seee

Lane :

yes? shares of a stock?

Customer:

yes

Customer:

a stock

Customer:

the stock is in 5 people's names

Customer:

1 person is to go and act on behalf of the other 4

Customer:

the intention is to acquire then split the stock evenly with share certificates

Customer:

you follow me so far?

Lane :

yep

Customer:

the paraoia comes into play where that person may relocate the percentages

Customer:

can that happen?

Lane :

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)

Lane :

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

Lane :

Can I help you with anything else today?

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)

Lane :


If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Lane :

Please let me know if you need more

Lane :

Lane

Customer:

sorry.

Customer:

thanks for the advise

Lane, JD, CFP, MBA, CRPS
Category: Legal
Satisfied Customers: 3909
Experience: Juris Doctorate Degree, CFP and MBA with 30 years experience in estate and income tax law
Lane and 10 other Legal Specialists are ready to help you
Expert:  Lane replied 10 months ago.

Hi Chris,

Just checking back in here, as I never saw you come back into the chat.

Please let me know if you have questions.

But again, you dont need this broadly reaching kind of POA form to do what you're trying to do here.

Let me know if you have more questions

lane
Lane, JD, CFP, MBA, CRPS
Category: Legal
Satisfied Customers: 3909
Experience: Juris Doctorate Degree, CFP and MBA with 30 years experience in estate and income tax law
Lane and 10 other Legal Specialists are ready to help you
Expert:  Lane replied 10 months ago.

Thanks for the rating Chris!

Let me know if I can help again.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Legal
Satisfied Customers: 3909
Experience: Juris Doctorate Degree, CFP and MBA with 30 years experience in estate and income tax law
Lane and 10 other Legal Specialists are ready to help you

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