- Get Commissioner for Oath to register PA to ensure case can be heard in court in case of dispute. Better to register in high court, to be heard in that court for big transaction.
This Agreement is also prepared by the loan lawyer. Borrower signs PA with bank , authorizing the bank to sell land if deault committed by borrower. PA is given in advance during the 3+ 1 month so that bank can use it when and if required. The original copy of PA shall be stamped and filed in court to make it foolproof in case borrower contests it later.
With the PA, bank can dispose land whenever it wants when borrower defaults on the facilities agreement, without having to go throught a lot of legal hassle because bank does not actually own the land. The proceed from the sale, less all expenses incurred in connection with sales plus money owed to bank by borrower, be paid to borrower. Should there be a shortfall, the borrower still have to pay balance to bank, failing which, bank can take legal action to recover debt.
PA can also be given by 1 party to another authorizing donee to sign on behalf of donor if donor is always unabailable. PA can be signed by party oversea withnessed by his own diplomatic officer in that country.
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