When does the Attorney in Fact appointment for Ledgers take effect?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
For value received, Franchisee hereby irrevocably appoints Franchisor as Franchisee's attorney-in-fact, to act in Franchisee's place, for the purpose of assigning any Listings. This appointment gives to us full power to receive, transfer or assign to us or our designee or take any other actions required of Franchisee under the Agreement. Franchisee grants Franchisor full authority to act in any manner proper or necessary to the exercise of the foregoing powers, including full power of substitution and execution or completion of any documents required or requested by any telephone or other company to transfer such Listings and Franchisee ratifies every act that Franchisor may lawfully perform in exercising those powers. This power of attorney shall be effective for a period of two (2) years from the date of expiration, cancellation or termination of Franchisee's rights under the Agreement for any reason. Franchisee declares this power of attorney to be irrevocable and renounces all rights to revoke it or to appoint another person to perform the acts referred to in this instrument. This power of attorney shall not be affected by the subsequent incapacity of Franchisee. This power is created to secure performance of a duty to Franchisor and is for consideration.
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to Ledgers' 2025 Franchise Disclosure Document, the appointment of the Franchisor as Attorney in Fact takes effect immediately for the purpose of assigning any Listings. This appointment grants Ledgers the authority to receive, transfer, or assign Listings to themselves or their designee, or to take any other actions required of the Franchisee under the Agreement.
Ledgers is granted full authority to act in any manner necessary to exercise these powers, including the power of substitution and execution of documents required by any telephone or other company to transfer such Listings. The Franchisee ratifies every act that Ledgers may lawfully perform in exercising these powers.
This power of attorney remains effective for two years from the date of expiration, cancellation, or termination of the Franchisee's rights under the Agreement. The power of attorney is irrevocable and is not affected by the subsequent incapacity of the Franchisee. This power is created to secure performance of a duty to Ledgers and is for consideration.