QUESTION
What is the scope of power that I would give this company if I received a title loan and was asked to sign over power of attorney?
Asked on Jun 23rd, 2016 on Estate Planning - Illinois
8 ANSWERS
Estate Planning Attorney serving Baton Rouge, LA
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The Stutes Law Group LLC
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It depends upon the specific powers granted in the power of attorney.
Answered on Jul 25th, 2016 at 8:38 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The power of attorney should be limited to having the lien recorded against the vehicle's title by the BMV, however, it might allow the lender to change itself to the owner of the vehicle.
Answered on Jul 25th, 2016 at 8:37 AM
Thomas Edward Gates
More information is needed. But you do not want to do a POA. You would allow them, in the future, to act without your say on the matter.
Answered on Jul 22nd, 2016 at 6:11 PM
Edwin K. Niles
Assuming that you are talking of a car title, they could sell the car.
Answered on Jul 22nd, 2016 at 6:11 PM
Your question does not make sense. Power of attorney is a legal situation allowing you to act for someone else who can not physically or mentally do something. There is no reason why a lender would ask for a power of attorney from you or that you would give it to them. Ask them what they want and why and then re-post a question.
Answered on Jul 22nd, 2016 at 6:10 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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It's not possible to know without reviewing the document. Power of attorney is particular to those exact powers granted to the agent in writing. You could be giving them just enough power to transfer the title you use for collateral; or, you could be giving them general power over everything you own.
Answered on Jul 22nd, 2016 at 6:10 PM
It would depend upon the wording of the PofA document. As signatory, you are going to want to limit the power as much as possible and not go outside the scope of the property. The lender is going to want to protect its investment as completely as possible. As the lender for a copy of the document as they propose it to be written and then review it yourself before signing. If you find it confusing, consult an attorney or a property financing specialist.
Answered on Jul 22nd, 2016 at 6:10 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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A Power of Attorney for Property could grant the agent appointed therein the authority to sell your assets and give the agent access to your bank and other financial accounts. Powers of Attorney for Property are powerful legal documents that can allow the agent to deal with the assets of the principal/owner in any way that the principal/owner would be able to act. The authority granted could be very expansive. The authority can also be limited to a single asset. You should have an attorney examine the power of attorney to determine the extent of the authority granted before you sign the Power of Attorney for Property.
Answered on Jul 22nd, 2016 at 11:48 AM