The definition of proxy is the person who has the powers of another individual to act on their behalf. The attorney-in-fact represents the other and acts on his behalf.
In the legal field, the seizure process takes place through a document known as power of attorney, which is a unilateral manifestation of the subject who grants it and which must have the authenticity of a notary. In this way, the individual allows and authorizes the attorney-in-fact to seal agreements on his behalf.
As for the scope of the attorney's task, it will depend on what is set by the power. This ensures that this figure does not exceed its functions and acts according to what is established by the president. It must be said that the represented is responsible for the actions of the attorney. For example, they can sign public documents of incorporation of companies provided that these powers are granted.
Types of proxy
Depending on the degree of independence acquired by the attorney-in-fact, it can be classified into two types of attorney-in-fact:
- Joint power of attorney: in cases where the attorney-in-fact only needs his signature to carry out a specific operation.
- Joint power of attorney: in this situation, the signature of the attorney-in-fact would not be enough, since the signature of someone else is also required. It is very common in the financial world.
The relationship between the agent and the attorney-in-fact is established by means of a written document through a power of attorney.
The figure of the attorney-in-fact is very prominent in certain economic areas, such as banking entities. This is what happens when a person opens a savings account in a bank, with the entity having a proxy or representative who will be in charge of validating the management.
Another example of a very frequent attorney-in-fact is when a property is acquired and the person who buys it cannot be present at the time of signing before a notary public. In that case, you can resort to the figure of the attorney-in-fact, who will have previously signed a power of attorney, to enjoy this privilege and who will act on your behalf.