factual

Can a Ledgers franchisee revoke the power of attorney granted to the franchisor?

Ledgers Franchise · 2025 FDD

Answer 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 the 2025 Ledgers Franchise Disclosure Document, a franchisee irrevocably appoints Ledgers as their attorney-in-fact for assigning any Listings. This appointment grants Ledgers full power to act on behalf of the franchisee to transfer Listings.

Specifically, the power of attorney is effective for two years from the date of expiration, cancellation, or termination of the franchisee's rights under the agreement. The Ledgers franchisee explicitly renounces all rights to revoke this power of attorney or appoint another person to perform the acts outlined in the agreement.

This power of attorney remains effective even if the franchisee becomes incapacitated. The document states that this power is created to secure performance of a duty to Ledgers and is for consideration, further solidifying its irrevocable nature.

Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.