The power of attorney on a right of use of the deposit

The power of attorney on a right of use of the depositIn bank practice cases when certain circumstances, whether it be the illness or long business trip, compel the investor to charge to other person the right to dispose of means which are stored in bank on the deposit are frequent. At emergence of a similar situation, the staff of bank demands registration of the power of attorney, and this procedure does not cause special complexity. The power of attorney stands out in two variations, and the choice of this or that option depends on nature of the rights which the investor transfers to the successor.

In the first case the document on usual receiving means from the deposit is prepared. This power of attorney should be issued in the same office of bank in which this contribution opened. It is known that the power of attorney can have for the confided restriction in commission of any actions касаемо deposits. The investor also can entrust the savings to one or several persons. At registration of such type of the power of attorney presence of these persons can be unessential, that is the investor can independently provide to bank detailed data about the receivers: passport and contact information, residence.

At registration of the second type of the power of attorney, the receiver do not limit in the rights: it can use deposits at discretion. This sort of conclusion of the transaction a priori provides high responsibility, and therefore the document should be assured without fail notarially.

The investor can transfer the rights to dispose of the several deposits to other persons. Period of validity of the contract should not exceed 3 years. In case in this document there are no accurately registered terms, the contract operates only 12 months.

Indispensable condition at the conclusion of the contract between the investor and his receiver is existence of the power of attorney which has an ideal appearance, does not contain corrections and typographical errors.

The representative of the investor after signing of the corresponding paper has following rights:

– independently to dispose of the deposit;

– to open and close accounts, deposits in any currency for any term and under any conditions;

– to conclude and terminate contracts on deposits.

The receiver can make these and other actions registered in the power of attorney which assume deposit use. However it is necessary to mean always that the investor can submit to bank the corresponding application and at any time withdraw the power of attorney.

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