Fact about power of attorney

This query is : Resolved 
 

Online (Querist)
12 April 2021

what is the practical difference between Power of Attorney with CONSIDERATION and Power of Attorney WITHOUT CONSIDERATION.

Kindly elaborate in simple understanding language.

Thanks


kavksatyanarayanaOnline (Expert)
12 April 2021

"A" executed a Power of attorney in favour of Syndicate Bank, to collect the dues owed to him by M/s. Containers Ltd., and M/s. xxxxx Carbide Ltd and the bank advanced a sum of Rs.45000/- to the executants against their contract work stipulating the condition that he should execute an irrevocable power of attorney in favour of the Bank for the purpose mentioned in the doct. The document empowering the Bank to recover the remuneration to which they are entitled on the gross collection in accordance with their rules of business and appropriate the amounts of money received by them towards the money payable by the principal to the Bank. The Bank authorizing the creditor to collect the dues of the Principal. Held power of attorney for consideration.
power of attorney holder) to carry out certain acts on behalf of the Principal who can decide what powers can be shared with the attorney and the acts done by the power of attorney holder is a common GPA.

ashok kumar singhOnline (Expert)
13 April 2021

nicely viewed by earlier experts. however for better understanding if there is an agreement for commercial exploitation and the Power of Attorney given for such purpose then the said Power of Attorney for Consideration.
Thanks

J K AgrawalOnline (Expert)
13 April 2021

Power of attorney means 'to authorize another person to do some thing on behalf of you'. It may for for consideration (like to appoint an advocate by paying fee) and may be without consideration.
However I suppose that your question is regarding transfer of a property by way of power of attorney. If so it is a big chapter to understand.

Advocate Bhartesh goyalOnline (Expert)
13 April 2021

Power of Attorney with consideration generally executed between seller and purchaser ,in such transaction purchaser pay entire sale consideration to seller and get executed poa in favour of him and whenever poa holder wish to execute sale deed in favour of anyone can execute where as in poa without consideration principal authorised to agent by poa to do some act or thing on behalf of him and that act or thing done by poa holder deemed to be done by principal.

Hemant AgarwalOnline (Expert)
13 April 2021

AGREE with above Expert's Advice.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Asgher MahdiOnline (Expert)
16 April 2021

The query is not clear



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