One of the power of attorney holder wo is also a share holder of a joint property sell and keeps all money to himself because it was agreed verbally. But latter can one share holder claim monetary share from the same?
Rasmiranjan Rautaray (Stock market trader) 26 September 2024
One of the power of attorney holder wo is also a share holder of a joint property sell and keeps all money to himself because it was agreed verbally. But latter can one share holder claim monetary share from the same?
kavksatyanarayana (subregistrar/supdt.(retired)) 26 September 2024
In those circumstances, you can request the Principal of the POA to revoke/cancel the POA. Then he cannot do anything except ask for his share.
T. Kalaiselvan, Advocate (Advocate) 26 September 2024
The cosharers are entitled to a share in the sale proceeds of the joint property.
Dr. J C Vashista (Advocate ) 27 September 2024
When the attorney was granted authority to sell a property and retain its proceeds, how the executant / grantor of PoA back-out after transaction under its (PoA) is complete ?
Rasmiranjan Rautaray (Stock market trader) 27 September 2024
Right Sir. But the property is a joint property with five other share holders. So can now one of the share holder claim 1/6th share from the proceeds of the sale?
T. Kalaiselvan, Advocate (Advocate) 27 September 2024
The sale proceeds are to be disbursed to all the shareholders, otherwise if there is any other condition recited in the POA deed in this regard, then the power agent shall comply with the conditions therein in this regard
Advocate Bhartesh goyal (advocate) 28 September 2024
Power of attorney holder can act and do things as per the powers assign to him.He can sell and collect sale consideration but can't retain it, he has to handover it to principal.
Rasmiranjan Rautaray (Stock market trader) 28 September 2024
@Adv Goyal. Thanks for the reply Sir. Oh thats good news for me. I am one of the share holder but my younger brother who is the POA holder is denying me my share of the sale proceeds. Though I had agreed it earlier as per oral parental property division. But I am thinking of to divide things afresh.
Dr. J C Vashista (Advocate ) 29 September 2024
It is your after-thought presumably under greed.
Originally you had authorised the attorney to retain sale proceeds, accordingly you cannot claim as your right.
Rasmiranjan Rautaray (Stock market trader) 29 September 2024
@Adv Dr. Vashist, well you cannot call it greed. Because there is something called family adjustment and when there are other properties which are still under joint ownership. So if a property division case comes before the court then will this disposed property come under it or not? But the property is a joint property with five other share holders. So can now one of the share holder claim 1/6th share from the proceeds of the sale? Initially it was agreed that the POW holder will retain all the proceeds of the sale except some money to give to both the sisters. But can one of the brother claim now his share at this late stage?
It will be unfair to revoke the POA at this late stage as it will cause hardship to the buyers of the property. I just want 1/6th share from the proceeds of the sale.
T. Kalaiselvan, Advocate (Advocate) 29 September 2024
There is no law to stop you enforcing law to assert your rights in the property and the sale proceeds of the property.
If your rightful share is not disbursed to you then you can very well take legal action against them as per law.
Rasmiranjan Rautaray (Stock market trader) 30 September 2024
@Adv T. Kalaiselvan. Thank you Sir for this valuabe advice. I do not want to bring the buyers to trouble. But I just want my monetary share. So what kind of law suit shall I file? There are also other family properties which are not yet settled documentary. Shall I file a joint property division suit?
T. Kalaiselvan, Advocate (Advocate) 30 September 2024
If your rightful share has not been disbursed fully as per your entitlement, you can file a money recovery suit against the person who is responsible for the disbursement of sale proceeds