The Trustee and his powers

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2018-03-18 20:45:26

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Modern legislative acts and regulatory documents of the Russian Federation are a complex list of all of the rights, freedoms, duties and responsibility of each citizen of the state. These papers contain a great many complicated terms to decipher which man, ignorant in this field, it is sometimes very difficult. There are thousands of nuances, without which knowledge you can easily be in a difficult situation. It is therefore necessary to understand at least in some definitions, to, simply, not to be trapped.

One of these concepts is the “Trustee”. This phrase can be found in many paragraphs of the important documentation, but also in everyday life. Consider a situation in which you may face with this definition and also meaning of these words.

So, what is a Trustee? If we turn to legal dictionaries, you will meet several interpretations of this term.

1. A natural person who is authorized to act as assistant to the candidate at the time of the political and propaganda campaign (promotes the election of the person for the coveted post).

2. A citizen or organization designated as the executor of the estate of the bankrupt. These powers, she is given a meeting of creditors or arbitration. This is done in order to firm (or individual) to properly and correctly redistributed the property, previously owned by the bankrupt. A prerequisite is the lack of interest.

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3. The person to whom the settlor entrusts to act in their interests and on their own behalf. Such a right should be mandatory certified by a notary. Otherwise, the Trustee loses its legal status.

4. One who makes a transaction of any nature on behalf of the beneficiary on the basis of rights derived corresponding document.

In order For the person obtained a legal status, it is necessary, first of all, in accordance with all the rules to issue him the document. He will continue to serve as the basis for all actions. The document is called “authorization”. On behalf of the legal entity, this paper will be somewhat different than in the case of a citizen. However, in real life we often face with the last case.

For Example, the investor prepares a credit institution term Deposit. But he's not sure any time will be able to dispose of them at its discretion (illness, travel, accident, etc.). In this case, an employee of a commercial Bank, most likely, will offer to appoint a Trustee and to issue the relevant document that will certify the right of a third party to act for and on behalf of the depositor. In such a situation, it should be remembered that the paper drawn up and signed by an authorised person representing the interests of the credit institution, in the presence of the imprint of the official seal shall have the same legal power as a notary. The power of attorney of a legal entity is made, incidentally, by the same rules. Hence, the investor no need to go to the notary and pay services for preparation of a similar document. However, the job description of the specialist should clearly document the ability to issue such securities. Otherwise the Trustee in applying to the Bank will not be able to dispose of the Deposit at the discretion. So if we are talking about a large sum of money, it is best to personally verify the legality of actions of the employee of the credit institution in order to avoid such kind of unpleasant situations.

Take the time to refer once again to the normative acts and legal instruments, if the situation is of particular importance to you. Expertise in the intricacies of Russian legislation – the key to peace.


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Alin Trodden - author of the article, editor
"Hi, I'm Alin Trodden. I write texts, read books, and look for impressions. And I'm not bad at telling you about it. I am always happy to participate in interesting projects."

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