- 20 Marks
LPB – APR 2016 – L3 – Q2 – Power of Attorney Duties and Revocation
List five duties imposed by law on the holder of a power of attorney and five instances in which a power of attorney can be revoked.
Question
(i) In banking, a customer, as a donor, may give a third party, to the banking contract, a power of attorney to operate a said bank account. The power of attorney may be special or specific (to operate the bank account or other specific powers like the sale of property) or general (which may give the holder authority to act on the customer’s behalf for many activities including banking). A power of attorney arrangement creates some duties on the part of the attorney. List 5 (five) of the duties that are imposed by law on the holder of a power of attorney.
(ii) Just as a customer can give a power of attorney, the donor can also cancel it by revocation. Besides a cancellation order, revocation may also result automatically from various events. List 5 (five) instances in which a power of attorney can be revoked.
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