The following Commercial Q&A produced in partnership with Lynne Counsell of 9 Stone Buildings provides comprehensive and up to date legal information covering:
There are various types of powers of attorney, including:
general or ordinary power of attorney under Powers of Attorneys Act 1971 (PAA 1971)
a lasting power of attorney under the Mental Capacity Act 2005. These have replaced Enduring Powers of Attorney to appoint an attorney in the event of loss of capacity
a security power of attorney under PAA 1971, s 4. This is expressed to be irrevocable and to secure a proprietary interest of the donee or the power or performance of an obligation owed to the donee
The Q&A is dealing with a general power of attorney, see: Ordinary powers of attorney—overview and Practice Note: Powers of attorney in commercial transactions. There is a very simple specified form for such a power in PAA 1971, Sch 1. The document does not have to be in this form. PAA 1971, s 10 provides that ‘a general power of attorney in
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