Posts Tagged ‘forms of Powers of Attorney’

According to the foremost Credit & Collection guru Erling Sison, Special Powers of Attorney are necessary in the following cases:

(1) To make such payments as are not usually considered as acts of administration;

(2) To effect notations which put an end to obligations already in existence at the time the agency was constituted;

(3) To compromise, to submit questions to arbitration, to renounce the right to appeal from a judgment, to waive objections to the venue of an action or to abandon a prescription already acquired;

(4) To waive any obligation gratuitously;

(5) To enter into any contract by which the ownership of an immovable is transmitted or acquired either gratuitously or for a valuable consideration.

(6) To make gifts, except customary ones for charity or those made to employees in the business managed by the agent;

(7) To loan or borrow money, unless the latter act be urgent and indispensable for the preservation of the things which are under administration;

(8) To lease any real property to another person for more than one year;

(9) To bind the principal to render some service without compensation;

(10) To bind the principal amount in a contract or partnership;

(11) To obligate the principal as a guarantor or surety;

(12) To create or convey real rights over immovable property;

(13) To accept or repudiate an inheritance;

(14) To ratify or recognize obligations contracted before the agency;

(15) Any other act of strict dominion. (Art. 1878, Civil Code).

Furthermore, according to Mr. Sison, there are several forms of Powers of Attorney:

1. Form 1-972 – General Power of Attorney; 2.Form 2-972 – Special Power of Attorney to Negotiate for a Loan; 3.Form 3-975 – Special Power of Attorney to Borrow Money, Mortgage Land, Satisfy Mortgage, etc.; 4.Form 4-977 – Special Power of Attorney to Manage Real Property; 5.Form 5-979 – Special Power of Attorney to Settle Personal Injury Claims;

6. Form 6-980 – Special Power of Attorney to Collect Claim; 7.Form 7-981 – Special Power of Attorney to Purchase House and Lot; 8.Form 8-983 – Special Power of Attorney to Sell Shares and Securities; 9.Form 9-985 – Appointment of Substitute Attorney-in-Fact; 10.Form 10-986 – Revocation of Power Attorney.