What duty of the Ledgers franchisee is the power of attorney intended to secure?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
Franchisor may require Franchisee to "port" or transfer to Franchisor or an approved call routing and tracking vendor all Listings.
Appointment as Attorney in Fact.
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's 2025 Franchise Disclosure Document, the power of attorney granted to Ledgers by the franchisee is to ensure the assignment of Listings. Listings refer to telephone numbers, listings, and advertisements related to the franchisee's business. This appointment allows Ledgers to act on behalf of the franchisee to assign any Listings.
Ledgers has the authority to receive, transfer, or assign the Listings to themselves or their designee, or to take any other actions required of the franchisee under the agreement. This includes the power to execute or complete any documents required by telephone or other companies to transfer such Listings.
This power of attorney is effective for two years following the expiration, cancellation, or termination of the Franchise Agreement. The power of attorney is irrevocable, meaning the franchisee cannot revoke it or appoint another person to perform these actions. This power of attorney is specifically created to secure the performance of a duty to Ledgers and is provided for consideration, meaning something of value is exchanged for it.