Agency is a relationship based on an agreement authorizing one person, the agent, to act for another, the principal. For example an agent may negotiate and make contracts with third persons on behalf of the principal. Actions of an agent can obligate the principal to third persons. Actions of an agent may also give a principal rights against third persons.
An agency can be created for the purpose of doing almost any act the principal could do. However, there are some acts that must be done in person and cannot be done by an agent. Examples would be: testifying in court for another individual, making a will, and voting.
A general agent is authorized by the principal to transact all the affairs of a particular kind of business. For example, a person appointed as manager of a store is a general agent.
A special agent is authorized by the principal to handle a particular business transaction or perform a specific act. For example, a specific power of attorney appointing an agent (attorney-in-fact) to sell a particular piece of real estate or a certain car would be the appointment of a special agent.
A universal agent is authorized by the principal to do any act that can be delegated to a representative. An example would be giving a person a general power of attorney. This form is such a general power of attorney.
A North Dakota General Power of Attorney is a legal document utilized in the state of North Dakota that grants another person, referred to as an "agent" or "attorney-in-fact," the authority to make important decisions and act on your behalf. This document is especially useful when individuals need someone to manage their affairs due to physical or mental incapacity or when they simply cannot be present to handle certain matters personally. In North Dakota, there are different types of General Power of Attorney, each serving specific purposes. These types include: 1. Non-Durable Power of Attorney: This type of General Power of Attorney is effective immediately upon execution and remains in effect until the principal becomes incapacitated or revokes the agent's authority. It is often used for occasional transactions or specific purposes such as selling property when the principal is unavailable. 2. Durable Power of Attorney: Unlike a non-durable power of attorney, a durable power of attorney remains effective even if the principal becomes incapacitated or mentally incompetent. This type is particularly useful for long-term planning or when there is a possibility of future incapacity. 3. Springing Power of Attorney: A springing power of attorney becomes effective only upon the occurrence of a specified event or condition, such as the principal's incapacitation. This type offers control to the principal while ensuring that the agent's authority is activated only when needed. 4. Financial Power of Attorney: This type of general power of attorney grants the agent the authority to handle financial matters on behalf of the principal. It typically includes powers such as managing bank accounts, paying bills, making investment decisions, and filing tax returns. 5. Health Care Power of Attorney: A health care power of attorney, sometimes referred to as a medical power of attorney, allows the agent to make medical decisions for the principal in the event they are unable to do so themselves. This type usually comes into effect when the principal is incapacitated or facing serious health issues. 6. Limited Power of Attorney: While not specifically referred to as a "general" power of attorney, a limited power of attorney grants the agent certain specific powers and authority for a limited period or specific transaction. The scope of authority is narrower compared to a general power of attorney. When creating a North Dakota General Power of Attorney, it is crucial to understand the specific type that suits your circumstances. Seeking professional legal advice or utilizing a reliable legal document preparation service is strongly recommended ensuring compliance with North Dakota laws and to properly address your unique situation.
