proxy or authorized person?
KS
person whom a bank account holder authorizes to use his/her account (i.e. to
make transfers, withdraw money, set up direct debits, close the account,
etc.). Would that be a proxy, or just an authorised person, or an attorney?
Also, would the document giving the powers to act in an account holder's
name be a proxy or an authorisation, or a power of attorney?
Thank you very much!
Kamil
Nate Branscom
KS wrote:
> Hi! I was just wondering how you (as native speakers of English) call a
> person whom a bank account holder authorizes to use his/her account (i.e. to
> make transfers, withdraw money, set up direct debits, close the account,
> etc.). Would that be a proxy, or just an authorised person, or an attorney?
Cosigner(?)
> Also, would the document giving the powers to act in an account holder's
> name be a proxy or an authorisation, or a power of attorney?
Um, "promissory note"?
-- Nate (grasping at straws)
Lars Eighner
<dvb92p$djj$1...@nemesis.news.tpi.pl>,
the lovely and talented KS
broadcast on alt.usage.english:
The power to act on behalf of another person is "power of attorney." It may
be issued by the person himself or by a court that has determined the person
is incapable of managing his own affairs. Generally powers of attorney are
issued in cases in which the person is mentally incompetent, is missing, or
will be absent from the country for a long time. This is not the usual
situation when a person is healthy and available to do business.
Usually when a healthy person shares his account with another healthy
person, such as a companion or spouse, that is called a joint account. The
account may have the name of only one party or both of them. An account may
require signature of both parties, in which case it is usually styled like
"John Doe AND Mary Roe," or it may require the signature of only one party,
in which case it may be styled like "John Doe OR Mary Roe," or it may simply
be styled like "Joe Doe" with Mary Roe as an authorized signature. I don't
know exact what you should call Mary Roe, the person. I think in law there
is a distinction between a joint tenant and a co-tenant, but I am not
qualified to tell you which is which. When I have had occasion to deal with
such situations, people have always referred to Mary Roe as an "authorized
signature," which I suppose ought to be "authorize signer, but I have never
heard anyone say that.
"Proxy" is generally a very restricted power to do one particular kind of
thing in one particular situation. It does not come up in banking, that I
know of, but is used when stockholders assign their voting power to someone
else for a shareholders' meeting.
--
Lars Eighner use...@larseighner.com http://www.larseighner.com/
I'm always amazed that people will actually choose to sit in front of the
television and just be savaged by stuff that belittles their intelligence.
--Alice Walker
KS
Użytkownik "Lars Eighner" <use...@larseighner.com> napisał w wiadomości
> "Proxy" is generally a very restricted power to do one particular kind of
> thing in one particular situation. It does not come up in banking, that I
> know of, but is used when stockholders assign their voting power to
someone
> else for a shareholders' meeting.
Thank you for this extensive explanation.
Since the word "proxy" is not appropriate in this context, maybe I should
just use the word "authorization" (and "authorized person")?
The thing is that the Polish text mentions authorizing other persons to act
on behalf of the account holder. The scope of authorisation may vary from a
single act to all acts related to handling a bank account, it may be
one-time authorization and "permanent" authorization.
So, can I write "give authorizations"? Would that be understood as
authorizing someone to act in someone else's name (banking context), or
would that rather mean giving someone permission to do something?
Kamil
R J Valentine
} Hi! I was just wondering how you (as native speakers of English) call a
} person whom a bank account holder authorizes to use his/her account (i.e. to
} make transfers, withdraw money, set up direct debits, close the account,
} etc.). Would that be a proxy, or just an authorised person, or an attorney?
Deputy.
} Also, would the document giving the powers to act in an account holder's
} name be a proxy or an authorisation, or a power of attorney?
Signature card.
--
rjv
KS
Użytkownik "KS" <k...@ks.pll> napisał w wiadomości
news:dvb92p$djj$1...@nemesis.news.tpi.pl...
It has just crossed my mind that I could use the word "agent", e.g. "an
agent authorized to act on behalf of the account holder"? Would that make
sense?
Kamil
Percival P. Cassidy
designate multiple authorized signatories but at the same time specify
how many signatures are needed on checks/cheques. For example, an
organization might designate its president, vice-president, secretary
and treasurer as authorized signatories but require all checks/cheques
to be signed by any two of these. I don't know whether an individual
could set up an account the same way, nor do I know whether (in the
example above) any two signatures are sufficient to close the account.
I think that "authorized signatory" would work for the simple case. in
more complex situations one might need to grant somebody a Limited Power
of Attorney, with the powers being specified.
Perce
Al in Dallas
Hey, Padre Nate, we got anudder one!
--
Al in St. Lou
Graeme Thomas
<use...@larseighner.com> writes
>The power to act on behalf of another person is "power of attorney." It may
>be issued by the person himself or by a court that has determined the person
>is incapable of managing his own affairs. Generally powers of attorney are
>issued in cases in which the person is mentally incompetent, is missing, or
>will be absent from the country for a long time. This is not the usual
>situation when a person is healthy and available to do business.
There's a complication, under English law at least, about powers of
attorney. A normal PoA will last only so long as the person is mentally
competant; as soon as the incompetence has been shown, the PoA vanishes.
There is a legal process called the "enduring power of attorney" which
is designed to last beyond the moment of incapacity.
These things are often used by the elderly wanting to set things up so
that their carers (often their children) can continue to do things for
them when the principals are no longer capable of doing so. All too
often it is found that they only gave a power of attorney, which goes
away at the precise moment that it is needed.
Some years ago my brother gave me a PoA. His particular incapacity was
that he was emigrating, and wanted me to be able to tidy up any of his
affairs. I took the document along to his bank in order to test it.
They wouldn't accept it; they wanted some specific document to be
signed. Fortunately he hadn't left the country at that time, and I was
able to get a separate signature authority.
--
Graeme Thomas
Paul Wolff
<Nob...@NotMyISP.com> writes
>On 03/16/06 03:52 am KS wrote:
>
>> Hi! I was just wondering how you (as native speakers of English) call a
>> person whom a bank account holder authorizes to use his/her account (i.e. to
>> make transfers, withdraw money, set up direct debits, close the account,
>> etc.). Would that be a proxy, or just an authorised person, or an attorney?
>> Also, would the document giving the powers to act in an account holder's
>> name be a proxy or an authorisation, or a power of attorney?
>It could depend on how the bank account is set up. One usually may
>designate multiple authorized signatories but at the same time specify
>how many signatures are needed on checks/cheques. For example, an
>organization might designate its president, vice-president, secretary
>and treasurer as authorized signatories but require all checks/cheques
>to be signed by any two of these. I don't know whether an individual
>could set up an account the same way, nor do I know whether (in the
>example above) any two signatures are sufficient to close the account.
>
>I think that "authorized signatory" would work for the simple case.
Not only would it work, it is spot-on correct in the UK. The document
would simply be a letter of authorisation, or a standard bank form. I
don't know if such a person could actually close the account; it would
presumably depend on the wording of the authority.
--
Paul
In bocca al Lupo!