Revocation of Power of Attorney
I drafted a Power of Attorney document in the past and empowered an agent to buy and sell stocks. Now I want to revoke the document due to some problems with the agent. Can I do so? When can a POA be revoked?
Yes, you can revoke it. A written statement announcing the revocation would lead to the Power of Attorney and its provisions getting canceled. However, it must be noted that not all POAs can be revoked. Only if your POA grants ‘power coupled with interest’ can it be revoked. This was given in the case Smt. Nagari Nayak v. D.C. Tumkur. Other cases where a POA can be revoked include death or bankruptcy of the principal or when the objective of appointment of agent gets fulfilled (in case of specific POAs). A prior mutual agreement between the principal and agent agreeing that the POA will get revoked on the happening of an event will also lead to revocation if the said event occurs.
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