What is the scope of power that I would give this company if I received a title loan and was asked to sign over power of attorney? 8 Answers as of July 25, 2016

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The Stutes Law Group, LLC
The Stutes Law Group, LLC | Ronald E. Stutes
It depends upon the specific powers granted in the power of attorney.
Answer Applies to: Louisiana
Replied: 7/25/2016
Ronald K. Nims LLC | Ronald K. Nims
The power of attorney should be limited to having the lien recorded against the vehicle's title by the BMV, however, it might allow the lender to change itself to the owner of the vehicle.
Answer Applies to: Ohio
Replied: 7/25/2016
Minor, Bandonis and Haggerty, P.C.
Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
It's not possible to know without reviewing the document. Power of attorney is particular to those exact powers granted to the agent in writing. You could be giving them just enough power to transfer the title you use for collateral; or, you could be giving them general power over everything you own.
Answer Applies to: Oregon
Replied: 7/22/2016
Gates' Law, PLLC | Thomas E. Gates
More information is needed. But you do not want to do a POA. You would allow them, in the future, to act without your say on the matter.
Answer Applies to: Washington
Replied: 7/22/2016
Law Ofices of Edwin K. Niles | Edwin K. Niles
Assuming that you are talking of a car title, they could sell the car.
Answer Applies to: California
Replied: 7/22/2016
    Sebby Law Office
    Sebby Law Office | Jayne Sebby
    It would depend upon the wording of the PofA document. As signatory, you are going to want to limit the power as much as possible and not go outside the scope of the property. The lender is going to want to protect its investment as completely as possible. As the lender for a copy of the document as they propose it to be written and then review it yourself before signing. If you find it confusing, consult an attorney or a property financing specialist.
    Answer Applies to: Nebraska
    Replied: 7/22/2016
    Law Offices of George H. Shers | George H. Shers
    Your question does not make sense. Power of attorney is a legal situation allowing you to act for someone else who can not physically or mentally do something. There is no reason why a lender would ask for a power of attorney from you or that you would give it to them. Ask them what they want and why and then re-post a question.
    Answer Applies to: California
    Replied: 7/22/2016
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    A Power of Attorney for Property could grant the agent appointed therein the authority to sell your assets and give the agent access to your bank and other financial accounts. Powers of Attorney for Property are powerful legal documents that can allow the agent to deal with the assets of the principal/owner in any way that the principal/owner would be able to act. The authority granted could be very expansive. The authority can also be limited to a single asset. You should have an attorney examine the power of attorney to determine the extent of the authority granted before you sign the Power of Attorney for Property.
    Answer Applies to: Illinois
    Replied: 7/22/2016
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