BoatWiki - Definitions
An attorney-in-fact can be defined as an individual that is authorized to act on behalf of another party. Such agent can be any adult person of sound mind and is not required to be a licensed practitioner of law. An attorney-in-fact is said to have power of attorney once so designated.
Authorization to perform in such capacity is granted through an instrument known as a power of attorney. Such powers may be defined as general or limited in scope to specific activities. They may also be granted to entities or organizations that would in turn appoint a designated representative.
The employment of an attorney-in-fact is quite common within the boating industry when it comes to the execution of ownership transfers, implementing security agreements, and applying for title or registration certificates.
The practice of using an attorney-in-fact is not only convenient, but may be crucial where time is of the essence. This is especially true when the parties to a transaction reside in distant locations.
Credits and References
Mar 14, 2022 - Page initiated by Team BoatWiki.
Nov 21, 2022 - Page revised