POWER OF ATTORNEY
It is a legal document executed by one or more persons giving an authority to one or more persons to act on his/ her behalf. It is governed by the Powers of Attorney Act, 1882. The person giving the authority is called principle and the person receiving the authority is referring as ‘attorney-in-fact’ or the agent. An agent acting under a power of attorney always acts in the name of his principal. Any document executed or thing done by an agent on the strength of power of attorney is as effective as if executed or done in the name of principal. Any act done by agent construed as having done by the principal himself.
Types of Power of Attorney:-
- General Power Of Attorney- A person can give to another person a complete general right or power to act lawfully with respect to his property or bank accounts or tax payments, or to sue a third party.
- Special Power of Attorney- Under the special power of attorney principal (attorney) granted Special power to agent(attorney agent) which means it is granted for only a specific task or work.
Registration:-
A power of attorney is not compulsorily registrable unless it creates an interest in any immovable property i.e. charge in favor of donee. The question of registration arises only if a power is given for the sale of immovable properties. The Indian Registration Act does not make a power of attorney compulsorily registerable. However, the Supreme court in Suraj Lamp and Pvt. Ltd. v. State of Haryana [(2012) 1 SCC 656] has ruled that a power of attorney given to sell immovable properties should be registered. It should be done at the office of the sub registrar within whose jurisdiction the person giving the power resides. If the person resides abroad, the power should be attested by the Indian consulate in that country. Such power of attorney should be used within 3 months from the date of its execution.
ADVANTAGE:-
- Provides the ability to choose who will act on behalf of you.
- Less expensive and saves time.
FAQ
Power of Attorney (POA) is a document through which a right is granted by the principal in favour of his/her agent to carry out specific actions.
A person who is 18 years of age or above and of sound mind can use the Power of Attorney as a Principal, or as a Witness, or as an Agent.
- What are the different types of Power of Attorney? General Power of Attorney: This power of attorney delegates unlimited authority to another person for them to act on your behalf. B. Specific Power of Attorney: This power of attorney delegate’s limited authority to another person for them to act on your behalf.
- Do I need to have my signature witnessed on a Power of Attorney?
The requirements of a Power of Attorney vary from state to state, but typically it must be signed by the Principal and needs to be witnessed before notary public.
Revocation means recalling or cancelling the authority you have given to the other person. It can be revoked at any time for whatsoever reason you wish. You must do it in writing and give a copy of the revocation to any interested third party such as a bank or financial institution whom you or your Agent have business.
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