A Maryland Durable Special Power of Attorney (POA) Granting Agent the Right to Execute Oil and Gas Leases, Attendant instruments, and Deal with Oil and Gas Properties is a legal document that allows an individual (the Agent) to act on behalf of another person (the Principal) specifically in matters related to oil and gas leases, attendant instruments, and the management of oil and gas properties in Maryland. It grants the Agent specific powers and authority to make decisions, enter into agreements, and perform various actions related to these specific matters. This type of POA is designed to provide the Agent with the legal ability to represent the Principal's interests in all aspects concerning oil and gas leases, attendant instruments, and the overall management of oil and gas properties. It is especially useful when the Principal is unavailable, incapacitated, or wishes to delegate these responsibilities to a trusted Agent. Some common powers granted to the Agent in a Maryland Durable Special Power of Attorney include, but are not limited to: 1. The right to negotiate, execute, and enter into oil and gas leases on behalf of the Principal. This can include obtaining necessary permits, rights of way, and other related documents to facilitate the leasing process. 2. The authority to review, amend or terminate existing oil and gas leases, attendant instruments, contracts, agreements, and documents related to the Principal's oil and gas properties. 3. The ability to receive and disburse funds related to oil and gas leases, royalties, and other financial transactions pertaining to the Principal's oil and gas properties. This may include payments, deposits, and investments related to these properties. 4. The power to engage legal counsel, accountants, and other professionals as deemed necessary to ensure the proper management and representation of the Principal's interests in oil and gas matters. It is important to note that there may be different variations or types of Maryland Durable Special Power of Attorney documents specifically tailored to various circumstances. For example: 1. Limited scope POA: This grants the Agent limited powers to handle specific aspects related to oil and gas leases, attendant instruments, and properties. This may be used when the Principal wants to delegate certain tasks or negotiations to the Agent while retaining control over other aspects of their properties. 2. Full authority POA: This type grants the Agent broader powers and authority to handle all aspects of oil and gas leases, attendant instruments, and property management on behalf of the Principal. This is generally used when the Principal desires a comprehensive delegation of responsibilities. In conclusion, a Maryland Durable Special Power of Attorney Granting Agent the Right to Execute Oil and Gas Leases, Attendant instruments, and Deal with Oil and Gas Properties is a legal document that enables an Agent to act on behalf of a Principal in matters concerning oil and gas leases, attendant instruments, and the management of oil and gas properties. It grants the Agent specific powers and authority to represent the Principal's interests, negotiate agreements, handle financial transactions, and engage professionals in these specific areas.
Maryland Durable Special Power of Attorney Granting Agent the Right to Execute Oil and Gas Leases, Attendant instruments, and Deal with Oil and Gas Properties
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For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.
The POA must be signed by the principal (or someone the principal directs to sign on their behalf, in the principal's presence). The POA must be signed in the physical or electronic presence (i.e., able to communicate in real time) of at least two adult witnesses. Maryland General Assembly.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
As mentioned above, a valid power of attorney must be executed in the presence of two witnesses and a notary public.
You can appoint someone to make medical decisions for you by completing the Maryland Advance Directive Form. Two witnesses must co-sign the form. The form does not need to be notarized. You or your agent are responsible for notifying your health care provider that you have an Advance Directive.
Statutes Text §17?105. (a) In this section, ?durable power of attorney? means a power of attorney by which a principal designates another as an attorney in fact or agent and the authority is exercisable notwithstanding the principal's subsequent disability or incapacity.
Use the Maryland Power of Attorney Form to give another person the authority to manage your property while you are still alive. In this form, you are the principal and the person you give authority to is called the agent. The agent can do anything with your property that is stated in the power of attorney.
For your POA to be valid in Maryland, it must meet certain requirements. Mental Capacity for Creating a POA. ... Notarization and Witnessing Requirement. ... Create the POA Using a Statutory Form, Software, or Attorney. ... Sign the POA in the Presence of a Notary Public and Witnesses. ... Store the Original POA in a Safe Place.