Oklahoma General Power of Attorney - Form 11A - Pre and Post 2005 Act

• Category: Bankruptcy - Power of Attorney
• State: Multi-State
• Control #: US-BKR-F11A
• Format: Word; PDF; Rich Text

Description

This form is a general power of attorney. The claimant authorizes the attorney, with full power of substitution, to vote on any question that may be lawfully submitted to the creditors of the debtor. This form is data enabled to comply with CM/ECF electronic filing standards. This form is for post 2005 act cases.

The Oklahoma General Power of Attorney — Form 11A is a legal document that grants a person, known as the "Principal," the ability to appoint another person, called an "Attorney-in-Fact," to handle their financial, personal, and business affairs. This power of attorney form specifically refers to the PRE and post-2005 acts in Oklahoma, which signifies the changes in power of attorney laws that occurred in the state. Pre-2005 Act: Before the 2005 revision of the power of attorney laws in Oklahoma, the Form 11A served as the primary document for granting general powers of attorney. It provided the Attorney-in-Fact with broad powers to act on behalf of the Principal in financial and personal matters. These powers could include managing bank accounts, accessing safe deposit boxes, making real estate transactions, entering into contracts, handling investments, and more. The pre-2005 act allowed for customization based on the Principal's specific needs. Post-2005 Act: The Form 11A underwent revisions after the 2005 Act, which sought to prioritize the Principal's interests and prevent abuse or exploitation. The updated power of attorney laws in Oklahoma added certain safeguards and transparency measures. While the overall purpose of the Form 11A remained the same — to grant general powerattorneyne— - the post-2005 version introduced new requirements and limitations. Some changes in the post-2005 Act include the following: 1. Execution Requirements: The form must be signed and acknowledged by the Principal in the presence of two subscribing witnesses and a notary public. 2. Agent's Duties: The Attorney-in-Fact is now legally obligated to act in the Principal's best interests, exercise reasonable care, keep records of all transactions, and avoid self-dealing unless specifically authorized. 3. Co-Agents and Successor Agents: The Principal can appoint more than one Attorney-in-Fact, defining their roles as either joint or independent. Additionally, the Principal now has the ability to name successor agents in case the primary Attorney-in-Fact becomes unavailable. 4. Revocation: The Principal has the right to revoke or terminate the power of attorney at any time, as long as they are mentally competent. It's important to note that while the changes introduced by the post-2005 Act aimed to improve oversight and prevent abuse, the pre-2005 Form 11A remains valid if executed before the revised laws came into effect. However, updating the power of attorney document to comply with the current legal requirements is highly recommended. In summary, the Oklahoma General Power of Attorney — Form 11Abotherre and post-2005 Act, empowers an Attorney-in-Fact to handle various financial and personal matters on behalf of the Principal. Understanding the changes brought about by the 2005 Act is crucial to ensure compliance with the updated power of attorney laws in Oklahoma.