Power of attorney
pratik
(Querist) 23 May 2010
This query is : Resolved
I have heard that
Fiduciary Duty means A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.
I think it is same like POA (Pwer of attorney) because in case of POA also this statement is applicable so why not POA and Fiduciary duty are not same or are same (someone who has undertaken to act for and on behalf of another in a particular matter in circumstances) so pls if i am worng than pls correct me with more details information pls with more detail information in details.
Thanking u all experts in advance.
Guest
(Expert) 23 May 2010
The concept of trust does not apply to all GPAs. GPA is given on transaction-basis, ie., when a person is unable to do certain things (like an NRI wishes to purchase residential property at India), he appoints a Power Agent to accomplish the specific task. Though there exists a kind of mutual trust and confidence, this does not create 'master/servant' type relationship.
If you provide more details, further explanation may be possible.
