Legal Alert – Interpretative Judgment regarding the Validity of Authorization for Disposal with Property (EN)
Interpretative Judgment № 5/2014
of the Supreme Court of Cassation,
regarding the validity of authorization for disposal with property
Published on 12.12.2016
On 12.12.2016 the Bulgarian Supreme Court of Cassation (SCC), taking into account the conflicting jurisprudence, came out with an Interpretative Judgment regarding the question what should be the necessary information for the validity of an authorization for disposal with property (no matter real estate or movables).
Analyzing the Bulgarian legislation and the achievements of the legal theory, the Supreme Court of Cassation states that a power of attorney for disposal of property should be deemed valid if it contains:
- The explicit and clear will of the person giving the powers for conclusion of a contract on his behalf by the authorized person;
- Clear individualization of the authorized person(s). .
The power of attorney can also contain limitations regarding
- the type of agreements that could be concluded;
- the essential terms of the agreements;
- the individualization of the property or the price if it comes to sale agreement.