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Power of Attorney myth.

If given for Value and termed ‘irrevocable’ then that is what it is! Your death, your lunacy and even your marriage will not change that.
So the first thing is read your contract.

banking

Power of Attorney is a statute law, forget about the “signed, Sealed delivered” bit, it ain’t gonna work,

the 1996 act sorted that one out! Copy of the ‘Original’, forget that one too, also sorted by the 1996 act,

a “facsimile” will suffice.

Thanks to the 1996 act “where Power of Attorney has been revoked a person did not consent the power shall remain in favour of the Donee and Power of Attorney remains valid”. But only after the 1996 act, so if your contract is before then, happy days.

So it may just boil down to a few things: how did you come to give away such Power? given the seriousness of that action and the fact that a third party can effectively take over your life. Even the Master of the High Court commented “how come a receiver has more power than the owner”?

One would have thought that our solicitors would have pointed out the seriousness of what we were about to do, now there’s a question that we should address. We keep saying that the easiest one to sue in this affray is: your SOLICITOR.

So how do we deal with this situation: well back to the solicitor, he walked you into it. Secondly, in the 1996 act the document must be a stand-alone piece of paper. In other words it can’t be hidden in a bunch of papers, this should have stopped “just sign these / here” situation.

However, The Hub – Ireland has been looking at the whole situation and has come up with more than a few problems for the banks and the receivers. So the question is, is there a way through, yes but it is limited, the Receiver has more power than the owner, a sorry state of affairs!

 

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