New Mexico Revocation of Proxy

• Category: Corporations - Proxy
• State: Multi-State
• Control #: US-03124BG
• Format: Word; Rich Text

Description

Proxy voting refers to the procedure of delegating the right to vote by one person to another. In proxy voting in the absence of a person his/her vote will be secured by some other person. A person so designated to cast the vote of another is called a "proxy" and the person who delegates the power is called a principal. A voter must have a trust in the proxy. Any person including the official of the chosen party can be appointed as the proxy. A proxy can also be revoked unless the terms of the proxy say otherwise. Keywords: New Mexico, Revocation of Proxy, types Explanation: The New Mexico Revocation of Proxy refers to the legal process in which a person revokes or cancels their previously granted proxy to another individual. This document is crucial for terminating the authority and power given to someone else to act on behalf of the principal. There are different types of New Mexico Revocation of Proxy documents that serve specific purposes. These can include: 1. General Revocation of Proxy: This type of revocation applies to all proxies that have been granted by the principal. It nullifies any and all previous proxy agreements, regardless of their nature or purpose. 2. Specific Revocation of Proxy: Unlike the general revocation, this type only cancels a specific proxy agreement, while leaving other proxies intact. It is used when the principal wishes to terminate a particular proxy relationship, but not others. 3. Medical Proxy Revocation: This type of revocation specifically relates to healthcare or medical proxies. It revokes the authority granted to someone to make medical decisions on the principal's behalf, ensuring that they regain full control over their healthcare choices. 4. Financial Proxy Revocation: Financial proxies are often appointed to manage the principal's financial affairs. With a financial proxy revocation, the principal effectively terminates the proxy's power to make financial decisions in their name. 5. Power of Attorney Revocation: A power of attorney proxy grants broad authority to act on behalf of the principal, which can include both medical and financial decisions. The revocation of a power of attorney proxy cancels this authorization and revokes all powers previously granted. It is essential to follow the specific procedures and guidelines outlined by New Mexico state law when drafting and executing a revocation of proxy document. Seeking legal advice or using templates provided by reputable sources can help ensure that the revocation is valid and effective. Remember, each type of revocation mentioned above may have additional criteria and requirements, so careful consideration should be given to the specific circumstances of the proxy relationship in question.

Keywords: New Mexico, Revocation of Proxy, types Explanation: The New Mexico Revocation of Proxy refers to the legal process in which a person revokes or cancels their previously granted proxy to another individual. This document is crucial for terminating the authority and power given to someone else to act on behalf of the principal. There are different types of New Mexico Revocation of Proxy documents that serve specific purposes. These can include: 1. General Revocation of Proxy: This type of revocation applies to all proxies that have been granted by the principal. It nullifies any and all previous proxy agreements, regardless of their nature or purpose. 2. Specific Revocation of Proxy: Unlike the general revocation, this type only cancels a specific proxy agreement, while leaving other proxies intact. It is used when the principal wishes to terminate a particular proxy relationship, but not others. 3. Medical Proxy Revocation: This type of revocation specifically relates to healthcare or medical proxies. It revokes the authority granted to someone to make medical decisions on the principal's behalf, ensuring that they regain full control over their healthcare choices. 4. Financial Proxy Revocation: Financial proxies are often appointed to manage the principal's financial affairs. With a financial proxy revocation, the principal effectively terminates the proxy's power to make financial decisions in their name. 5. Power of Attorney Revocation: A power of attorney proxy grants broad authority to act on behalf of the principal, which can include both medical and financial decisions. The revocation of a power of attorney proxy cancels this authorization and revokes all powers previously granted. It is essential to follow the specific procedures and guidelines outlined by New Mexico state law when drafting and executing a revocation of proxy document. Seeking legal advice or using templates provided by reputable sources can help ensure that the revocation is valid and effective. Remember, each type of revocation mentioned above may have additional criteria and requirements, so careful consideration should be given to the specific circumstances of the proxy relationship in question.