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 General Power of Attorney (POA) in Oregon is a legal document that grants someone, known as the agent or attorney-in-fact, the authority to make financial and legal decisions on behalf of another individual, referred to as the principal. This document is designed to provide comprehensive powers to the agent, enabling them to handle various aspects of the principal's affairs. Keywords: Oregon, General Power of Attorney, legal document, agent, attorney-in-fact, financial decisions, legal decisions, principal, powers, affairs The Oregon General Power of Attorney is a versatile legal tool that can be customized to meet the specific needs and preferences of the principal. It encompasses a broad range of powers, enabling the agent to act on behalf of the principal regarding financial and legal matters. The agent may manage the principal's bank accounts, investments, real estate transactions, taxes, and business affairs. They can engage in negotiations, legal proceedings, contracts, and signing important documents on the principal's behalf. Within Oregon, there are different types of General Power of Attorney, each suited to specific circumstances or preferences: 1. Durable Power of Attorney: This type of POA remains valid even if the principal becomes incapacitated or mentally incompetent. It ensures that the agent's authority persists and allows them to act on the principal's behalf indefinitely. 2. Limited Power of Attorney: Unlike a general POA, a limited POA grants the agent limited and specific powers for a designated period or specific task. It may be used for scenarios such as real estate transactions or a single financial transaction, giving the agent authority only when required. 3. Springing Power of Attorney: This type of POA becomes effective at a predetermined future event or condition, typically when the principal becomes incapacitated or unable to make decisions. It provides a built-in safeguard, ensuring that the agent's authority is granted only when necessary. 4. Non-Durable Power of Attorney: Unlike a durable POA, a non-durable POA expires if the principal becomes incapacitated or mentally incompetent. It is more suitable for short-term needs or situations where the principal wishes to have someone handle their affairs temporarily. It is essential to consult with an experienced attorney when drafting an Oregon General Power of Attorney to ensure compliance with state laws and the inclusion of specific powers desired by the principal. This legal document holds significant authority and should be carefully considered and customized to meet the principal's individual needs and circumstances.
