An Authorization Letter For Promissory Note serves as a crucial legal instrument when the holder or maker of a promissory note needs to delegate authority for handling the note to another party. This document is commonly used in situations where the primary party is unable to personally manage the promissory note due to absence, illness, or other circumstances. Under U.S. jurisdiction, the authorization letter must comply with federal regulations and state-specific requirements, including proper notarization where required. The document typically specifies the exact scope of authority granted, duration of the authorization, and any limitations on the authorized party's powers.
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1. Date and Location: Current date and place of execution of the authorization letter
2. Authorizing Party Details: Full name, address, and contact information of the person or entity giving the authorization
3. Authorized Party Details: Full name, address, and contact information of the person or entity receiving the authorization
4. Promissory Note Reference: Specific details and identification of the promissory note being authorized, including date, parties, and amount
5. Scope of Authorization: Detailed description of the specific powers being granted regarding the promissory note
6. Duration of Authorization: Specific time period for which the authorization remains valid
1. Limitations: Any specific restrictions or limitations on the authorization powers granted
2. Revocation Terms: Specific conditions and process under which the authorization can be revoked
3. Indemnification: Protective clauses for the authorized party when acting within the scope of authorization
1. Copy of Promissory Note: Attached reference copy of the original promissory note
2. Identification Documents: Copies of authorizing party's identification documents
3. Corporate Resolution: Supporting corporate documents when authorization is given by a corporate entity
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