A trustee is a legal concept, a term that is often found in legal documents and in everyday life. This concept has several interpretations.
What is a trustee
A proxy is a person or organization that represents the interests of other citizens at their request. A proxy is a natural person who can represent the interests of a running deputy during an election campaign or other political process.
A trustee can be an organization or a citizen who acts as a disinterested manager of the bankrupt's property. The main task of such a trustee is the distribution of property in accordance with all legal norms. These powers are given to an individual or an organization by the arbitration court or creditors.
A trustee can represent the interests of another person and act in accordance with those interests. But this type of representation must be legally certified by a notary, otherwise this authorized person will not have an official status.
Types and types of powers of attorney
Any trustee must be registered in accordance with the law in order to have the right to fully represent the interests of his client. A power of attorney for a legal entity and an individual has a different structure. But most often an individual citizen acts as a confidant.
There are two types of powers of attorney: a power of attorney issued by an organization and a power of attorney issued to an individual. The types of power of attorney form its types. There are three types of powers of attorney: general, special and one-time. The goal pursued by the principal determines the type of power of attorney. In order to avoid incidents or illegal actions, the power of attorney specifies in detail in which structure, in which body and for what purpose the authorized person will represent the interests of the principal.
General power of attorney - covers the entire area of the principal and is suitable for both legal entities and individuals. A special power of attorney is issued to an attorney for the implementation of certain actions and within a certain period. With such a power of attorney, the trustee will be able to represent in a specialized body and conclude only homogeneous transactions. A special power of attorney is more suitable for legal attorneys.
One-time power of attorney is issued to perform one action or transaction, after which it loses its legal force. This type is not very practical and convenient for legal entities, therefore it is preferable that the attorney was an individual.
The power of attorney is issued for the period that the principal desires, but not more than three years. In some cases, you can issue a notarial assignment.