Q: What are the powers that an authorized agent has to act on an account for the principal?
Accepting and transferring balances to the principal account
A: An authorized agent has whatever powers the principal has given to the agent acting on his/her/its behalf. An agent has a fiduciary duty to act honestly in accordance with the principal's instructions in good faith with utmost loyalty to the principal and to refrain from self-dealing.
A:
As an authorized agent on an account, you have the power to perform specific financial actions on behalf of the principal. These actions can include accepting and transferring balances to the principal's account. Essentially, you manage financial transactions that the principal has entrusted you with.
Your duties involve making deposits, withdrawing funds, and handling payments. It's crucial to act in the best interest of the principal, ensuring all actions are transparent and well-documented. This helps maintain trust and prevents any potential disputes.
Always be aware of the limitations of your authority as defined in the agreement or power of attorney document. If you're uncertain about any aspect of your role, it's important to seek clarification. This ensures that you perform your duties correctly and avoid any unintended legal or financial issues.
A: The powers should be spelled out in the agreement. Depending on the wishes of the principal, the powers can be broad or they can be limited and specific. Good luck
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