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Simple English definitions for legal terms
signatory authority
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A quick definition of signatory authority:
Signatory authority refers to the permission given to someone to make important decisions, such as withdrawing money from a bank account or transferring ownership of something valuable. It can also refer to the power of an examiner to approve certain actions related to patents. Essentially, signatory authority is the ability to make important choices and take actions that have significant consequences.
A more thorough explanation:
Definition: Signatory authority refers to the permission given to an individual or entity to make decisions and take actions on behalf of a group or organization. This can include the ability to withdraw money from an account, transfer funds, or sign legal documents.
Examples:
- A bank account may have multiple signatories, each with the authority to withdraw funds or make transactions.
- In a business partnership, each partner may have signatory authority to sign contracts or make financial decisions.
- A government agency may grant signatory authority to an individual to sign important documents or make decisions on behalf of the agency.
These examples illustrate how signatory authority can be granted to individuals or entities to act on behalf of a larger group or organization. It is important for those with signatory authority to use their power responsibly and in accordance with any applicable laws or regulations.