EXAMINATION OF POWER OF ATTORNEY
A power of attorney is an instrument of delegation which confers authority on the donee to perform certain specified acts or kinds of acts on behalf of the donor.
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EXAMINATION OF POWER OF ATTORNEY
A power of attorney is an instrument of delegation which confers authority on the donee to perform certain specified acts or kinds of acts on behalf of the donor.
Oftentimes, a power of attorney is made in a deed poll (a deed made by one party) except in the following instances it is advisable to be made in deed indenture (a deed made by two or more parties):
1. When it imposes some obligations on the Donee;
2. When it is important to have a record of the Donee’s signature to prevent fraud;
3. In a situation where it is supported by a consideration;
4. Where it is coupled with an interest and so it is desirable to be signed by both parties.
THE USES OF POWER OF ATTORNEY INCLUDE:
1) Remedial device for legal mortgage by sub demise in Conveyancing Act states;
2) Buying and selling land on behalf of the Donor;
3) Collecting money on behalf of the donor;
4) Prosecuting cases in court;
5) Receiving rates, rents, profit.
Furthermore, Power of Attorney becomes essential where the Donor may not be able to carry out the act personally. It helps to secure interest of the purchaser pending the perfection of title of purchaser or performance of an obligation owed the donee. Power of Attorney may be required where a mortgage is by sub-demise under the Conveyancing Act, pending payment of mortgage sum.
On a general note, there is no prescribed mode of creating of power of attorney in as much it is in writing and convey power on the donee who acts on his behalf, however where it relates to land transaction which exceed (3) three years it must be by deed. Power of Attorney can be created orally and in writing but where the donee is to execute an act which he is required by law to be by deed, such power of attorney must be created by deed.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080