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Finance Dictionary and Glossary of Investment Terms
The act of recalling or terminating a previously granted power of attorney. The power of attorney document may state a specific date when the power will terminate. In most cases, the power of attorney automatically expires upon the death or incapacity of the person who granted the power. The person granting the power may also revoke the power at his/her discretion, but if the power of attorney had been set as irrevocable at the time that the contract was drawn up, such a revocation may constitute breach of contract. While revocation of power of attorney becomes effective the moment the person who was given that power of attorney receives notice, third parties who deal with the attorney must be separately notified of the fact that the power of attorney has been revoked.