If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if the signature were on a simple contract. If the represented person is bound, the signature of the representative is the authorized signature of the represented person, and the represented person is liable on the instrument, whether or not identified in the instrument.
Virgin Islands Signature Authorization - Card Authorizing Attorney to Sign Signature of Depositor
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State:
Multi-State
Control #:
US-01314BG
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Word;
Rich Text
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Description
How to fill out Signature Authorization - Card Authorizing Attorney To Sign Signature Of Depositor?
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FAQ
Virginia does not require another witness other than the Notary Public. The Notary Public does not need to read the entire Power of Attorney, but should read and complete the section preceding his or her signature.
§ 21?2601.05. (b) A power of attorney executed under this chapter is not valid unless it is acknowledged before a notary public or other individual authorized by law to take acknowledgment. (Feb. 23, 2023, D.C. Law 24-236, § 2(d), 69 DCR 14660.)
While you aren't financial liable, as the attorney-in-fact, you're still the point of contact for the principal's debts. Creditors have a right to attempt to collect the funds that are owed. They don't, however, have a right to harass you.
A Power of Attorney Could Leave You Vulnerable to Abuse Often, this does not happen ? at least not unless or until abuse of power becomes egregious. Because of the potential that an agent could take advantage of you or steal from you, it is very important that you select the right person to act as your agent.
By executing the durable power of attorney, the principal authorizes the agent to engage in the certain specified business or financial transactions on behalf of the principal with third parties. Durable power of attorney is a contract, which creates an agency?principal relationship.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
