Maintaining such insurance is a condition precedent to the escrow agent's authority
to transact escrow business in this state.
At that time, and only at that time, your agent's authority
"springs" into existence.
It can define the scope of the agent's authority
(e.g., whether and to what extent the agent can make gifts on behalf of the elderly person) and remains effective even when the elderly person becomes incapacitated.
Persons dealing with an agent must ascertain not only the fact of agency, but also the nature and extent of the agent's authority
. A third person with whom the agent wishes to contract on behalf of the principal may require the presentation of the power of attorney, or the instructions as regards the agency.
(12) The ULC did not follow the Model Act committee's proposal because the DPOA the committee recommended would only be used for very small amounts of property and would have strict oversight by the court, including that the agent give the issuing court information about annual income and property subject to the agent's authority
. (13) In contrast, the UPC final version did not include these restrictions, because "the drafters were ready to make the device available for a broad constituency as an economic alternative to guardianship," and felt that restrictions recommended by the Model Act committee would discourage adoption of the device.
An agent's authority
is usually defined by contract and is
Although some tasks can be completed without a power of attorney, many important matters require evidence of your agent's authority
to act on your behalf.
Absent actual or constructive notice to the applicant or insured of limits on the agent's authority
, an agent may bind the insurer by "acts, agreements, or representations within the ordinary scope and limits of the insurance business entrusted to him," even if the agent's actions violate private restrictions on his or her authority.
It is also fascinating to contemplate, in this way, what might happen in a future case that, to some extent, coalesces around an extended version of the factual milieu of City of Calgary, with an agency scenario that raises the supposed agent's authority
on behalf of its principal.
The Supreme Court of Kentucky granted the executrix's motion for discretionary review to consider the important question of an agent's authority
to bind his or her principal, as well as others, to an arbitration agreement presented with other documents on the principal's admission to a long-term care facility.
non-delegable follows Florida's prior power
The stated purpose of the Power of Attorney Act is to recognize that each individual has the right to appoint an agent to deal with property or make personal and healthcare decisions for him or her, to insure that the agent is empowered to act even if the principal is incapacitated or disabled, and be sure that third-party reliants will honor the agent's authority
at all times by limiting a reliant's liability.