Power of attorney
Bhawani Mahapatra
(Querist) 18 January 2012
This query is : Resolved
Dear Experts
Is there anything called "IRREVOCABLE POWER OF ATTORNEY". if yes, then what are the ingredients ?
Pl.quote some relevant judgements of some HC or the Supreme Court.
Advocate. Arunagiri
(Expert) 18 January 2012
Any POA with consideration is irrevocable, all other POAs are revocable, even though they call it as irrevocable.
Devajyoti Barman
(Expert) 18 January 2012
Read the Law of Agency from the Indian Contract Act.
You first understand the matter and then search for decisions.
Raj Kumar Makkad
(Expert) 18 January 2012
Irrevocable power of attorney means a power of attorney which a principle cannot revoke. In order to constitute an irrevocable power of attorney there must coexist with the power a beneficial interest in the subject thereof which is enforceable, or the power must be given as security for the payment of a sum of money other than that which arises as compensation through the exercise of the power, or as security for the performance of some act of value. It is also called as a power of attorney coupled with an interest.
R Trivedi
(Expert) 18 January 2012
The Power of Attorney Means the principal (donee) transfers the right to POA holder (agent) to carry out certain acts on his behalf. So obviously in most of the case both donee and the agent will have interest in all such acts.
But there are certain power of attorneys which settle the donee's debt or liability towards agent. For example donee executes a Power of Attorney to an agent stating that " Sell some specific property of mine and keep the money to adjust against my liability towards you." This kind of POA is irrevocable.
R Trivedi
(Expert) 18 January 2012
above please read Donor in place of donee
Shonee Kapoor
(Expert) 18 January 2012
Agreed with Ld. experts.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Deepak Nair
(Expert) 19 January 2012
You are righlty and sufficiently advised by the experts.
V R SHROFF
(Expert) 19 January 2012
righlty and sufficiently advised by the expertsto a LEGAL OFFICER, who might have to advise his GM,/ MD.
