57 Downloads

The South Dakota General (Financial) Power of Attorney catalogs the legal confirmation that issues a narrow selection of permissions concerning financial assets from one person to another. This contract allows the bestowing party, or “principal”, to permit a designated person control that will expire upon an indicated termination date or the possible incapacity of the declarant. The individual gaining the assumed powers is referred to as the “agent” or “attorney-in-fact” within the document. Privileges can be distributed according to the preference of the granting party concerning the power(s) to:

Buy, Sell, and Lease Personal Property
Buy, Sell, and Lease Real Property
Manage Personal or Real Property
Collect on Money Owed
Perform Banking Transactions
Sign Documents
Represent the Principal on Tax or Legal Matters

Initiating this type of arrangement can have significant ramifications, so ensure the agency is only granted to a trusted party. Seeking legal advice on the matter is highly suggested before officially entering into an agreement.

Laws

Statute – South Dakota Uniform Power of Attorney Act ( § 59-12-1 – § 59-12-43)

Definition – “Power of attorney,” a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term, power of attorney, is used (§ 59-12-1(7)).

Signing Requirements – The state of South Dakota regulatory code mandates that a licensed notary corroborate the event of endorsement to validate its origination (§ 59-12-4).