Hi all,
I could pretend that I'm in the US and put a random state down, but I'm not, so that's out of the way (if I had to choose one, it would be Minnesota, because I have a friend who lives there). I guess that means there is a good chance this post might get canned depending on how this forum is moderated. I'm hoping that as my question is simply about the interpretation of some wording it doesn't matter that I'm not in the US. On with the question. I am applying for a loan and the contract has the following section in it regarding power of attorney. My interpretation is that this simply means that they have power of attorney to sign documents relating to the loan for me. What I want to check is that this is ALL that it means. The names have been changed (I'm not that naieve that I would borrow from a company named aBC or XYZ
.
Many thanks for your help.
================================
This Power of Attorney comprises a deed made on the day each
signatory signs the application form.
1 Appointment
1.1 You (being each Borrower) appoint ABC Limited,
XYZ Pty Limited and each of their directors,
secretaries and employees separately as your attorneys.
1.2 You agree to formally approve anything an attorney does
under this Power of Attorney. You declare that this Power of
Attorney is given for valuable consideration and agree that you
may not revoke the appointment.
2 Power
2.1 An attorney may, in your name:
(a) do everything ABC Limited or XYZ Pty
Limited needs to execute and deliver for you the documents
listed in Schedule 1; and
(b) do everything ABC Limited or XYZ Pty
Limited needs to execute and deliver for you any documents in
connection with documents referred to in Schedule 1; and
(c) do everything which you can do as owner of the "mortgaged
property" (as defined in the Terms and Conditions), or anything
which you can do in the transactions contemplated by the
documents listed in Schedule 1; and
(d) stamp and register any of the documents listed in Schedule
1.
3 Declaration
3.1 You declare that:
(a) anything ABC Limited or XYZ Pty
Limited does in exercising powers given to them under this Power
of Attorney will be binding on you and anyone else as if you had
done the acts yourself; and
(b) any person who deals with your attorneys in good faith,
may accept as true a statement the attorney signs which says:
(i) an act of the attorney is a proper exercise of the powers
under this Power of Attorney; and/or
(ii) this Power of Attorney has not been revoked.
4 Indemnity
4.1 You agree to indemnify the attorneys against, and you must
therefore pay the attorneys on demand for, loss or costs they
suffer or incur in exercising powers under this Power of
Attorney.
4.2 You authorise the attorneys to exercise the powers under
this Power of Attorney even if this involves a conflict of duty
or the attorneys (or a person they know) have a personal
interest in doing so.
Schedule 1
Documents covered by this Power of Attorney:
1. Terms and Conditions between ABC Limited, and of
its subsidiaries, you and anyone else who signs this application
form or who is joined in the agreement, in whatever capacity.
2. Any instrument and any form dealing in any way or relating
to the mortgaged property including transfers, exercises of
options, redemption requests and any controlling participant
arrangement in relation to uncertificated securities.
3. Any application of the issue of certificates under section
1089 of the Corporations Act.
4. Any appointment of a person to hold all or part of the
mortgaged property for you as your nominee.
================================
I could pretend that I'm in the US and put a random state down, but I'm not, so that's out of the way (if I had to choose one, it would be Minnesota, because I have a friend who lives there). I guess that means there is a good chance this post might get canned depending on how this forum is moderated. I'm hoping that as my question is simply about the interpretation of some wording it doesn't matter that I'm not in the US. On with the question. I am applying for a loan and the contract has the following section in it regarding power of attorney. My interpretation is that this simply means that they have power of attorney to sign documents relating to the loan for me. What I want to check is that this is ALL that it means. The names have been changed (I'm not that naieve that I would borrow from a company named aBC or XYZ
.Many thanks for your help.
================================
This Power of Attorney comprises a deed made on the day each
signatory signs the application form.
1 Appointment
1.1 You (being each Borrower) appoint ABC Limited,
XYZ Pty Limited and each of their directors,
secretaries and employees separately as your attorneys.
1.2 You agree to formally approve anything an attorney does
under this Power of Attorney. You declare that this Power of
Attorney is given for valuable consideration and agree that you
may not revoke the appointment.
2 Power
2.1 An attorney may, in your name:
(a) do everything ABC Limited or XYZ Pty
Limited needs to execute and deliver for you the documents
listed in Schedule 1; and
(b) do everything ABC Limited or XYZ Pty
Limited needs to execute and deliver for you any documents in
connection with documents referred to in Schedule 1; and
(c) do everything which you can do as owner of the "mortgaged
property" (as defined in the Terms and Conditions), or anything
which you can do in the transactions contemplated by the
documents listed in Schedule 1; and
(d) stamp and register any of the documents listed in Schedule
1.
3 Declaration
3.1 You declare that:
(a) anything ABC Limited or XYZ Pty
Limited does in exercising powers given to them under this Power
of Attorney will be binding on you and anyone else as if you had
done the acts yourself; and
(b) any person who deals with your attorneys in good faith,
may accept as true a statement the attorney signs which says:
(i) an act of the attorney is a proper exercise of the powers
under this Power of Attorney; and/or
(ii) this Power of Attorney has not been revoked.
4 Indemnity
4.1 You agree to indemnify the attorneys against, and you must
therefore pay the attorneys on demand for, loss or costs they
suffer or incur in exercising powers under this Power of
Attorney.
4.2 You authorise the attorneys to exercise the powers under
this Power of Attorney even if this involves a conflict of duty
or the attorneys (or a person they know) have a personal
interest in doing so.
Schedule 1
Documents covered by this Power of Attorney:
1. Terms and Conditions between ABC Limited, and of
its subsidiaries, you and anyone else who signs this application
form or who is joined in the agreement, in whatever capacity.
2. Any instrument and any form dealing in any way or relating
to the mortgaged property including transfers, exercises of
options, redemption requests and any controlling participant
arrangement in relation to uncertificated securities.
3. Any application of the issue of certificates under section
1089 of the Corporations Act.
4. Any appointment of a person to hold all or part of the
mortgaged property for you as your nominee.
================================