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Good News for Lenders when enforcing securities executed under Power of Attorney

In 2006 a lender advanced $3.11m to a corporate entity of which the attorney was a shareholder and director.  The attorney’s mother gave a guarantee of company’s debt, supported by a mortgage over three security properties.

The mother was resident in a nursing home at the time of entry into the transaction.  The son executed the guarantee and mortgages on her behalf under a power of attorney given by the mother prior to her entry into the nursing home. More…