REVOCATION OF POWER OF ATTORNEY
In Nigeria Power of Attorney is an instrument that grants legal authority to another to act on his behalf for a certain purpose.
REVOCATION OF POWER OF ATTORNEY
In Nigeria Power of Attorney is an instrument that grants legal authority to another to act on his behalf for a certain purpose. A power of attorney may be granted informally or explicitly expressed in writing through an appointment letter. The Donor can revoke Power of Attorney expressly, implicitly, or through the legal process. Power of Attorney often has to have an expiration date specified in the agreement.
HOW TO REVOKE POWER OF ATTORNEY
Express Revocation: in this case, the revocation is communicated, usually in writing, that the powers have been revoked. The form of an express revocation will depend on how the Power of Attorney was created. If it was created by a deed, then the revocation must also be done by deed. If it was created orally, then it will be revoked orally.
Implied Revocation: An implied revocation will arise from the actions of the Donor/Agent. Where the donor gives a Power of Attorney to a donee and then still goes ahead to deal with the subject matter contained in the Power of Attorney in a way that makes it impossible for the Donee to exercise his authority under the Power of Attorney.
The fact of the donor giving a Power of Attorney does not extinguish his right to do the same act the agent can do or do with his property what he wishes. For instance, where a landowner gives a Power of Attorney to an agent to sell their land and then goes ahead to sell the land himself before the agent does so, it can be implied that the Power of Attorney has been revoked.
By Operation of Law: this simply means that the law provides certain circumstances that automatically revoke a Power of Attorney. If the donor/principal dies, becomes insane, bankrupt, or suffers any other legal incapacity while the Power of Attorney is still valid, then those situations will revoke the Power of Attorney.
Power of Attorney can also be irrevocable where it is given for consideration. It cannot be affected by bankruptcy, insanity, death or lunacy until the consideration is extinguished. If it is granted for a defined period, it remains irrevocable until the period expires.
COST OF POWER OF ATTORNEY
In Nigeria, the cost of a power of attorney is typically not fixed. Everything is dependent on how much content will be included. The knowledge of the attorneys employed to draft the Power of Attorney is also a factor. Each attorney has a different rate structure. Anyone looking to obtain a Power of Attorney can get in touch with a local professional attorney or request a quote online.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080