Tuesday, April 29, 2008
Attention all VA Antique Vehicles Owners
As of July 1, 2007, antique owners must show evidence that own and regularly use another passenger car or truck when applying for antique license plates(for cars 25 years and older) for a one time fee of $50 by filing out VS 10 B available online from VA DMV Web site www.dmvnow.com , under Vehicle Registration, Antique Motor Vehicles and Trailers. The document needs a jurat notarization. Once registered there are limitation on mileage and occasions when the car can be driven.
Monday, April 28, 2008
Beneficiary vs Fiduciary
Answers.com defines fiduciary vs beneficiary
Fiduciary:
"Courts have neither defined the particular circumstances of fiduciary relationships nor set any limitations on circumstances from which such an alliance may arise. Certain relationships are, however, universally regarded as fiduciary. The term embraces legal relationships such as those between attorney and client, broker and principal, principal and agent, trustee and beneficiary, and executors or administrators and the heirs of a decedent's estate."
Beneficiary:
"A beneficiary (also, in trust law, referred to as the cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. The beneficiary of a life insurance policy, for example, is the person who receives the payment of the amount of insurance after the death of the insured. The beneficiaries of a trust are the persons with equitable ownership of the trust assets, although legal title is held by the trustee. The term is also used in the context of a letter of credit for the party receiving the money related thereto. Beneficiaries in other contexts are known by other names: for example, the beneficiaries of a will are called devisees or legatees according to local custom.
A series of beneficiaries may be designated in many cases to designate where the assets will go if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions in the given contract or legal instrument. Most commonly the restriction is that the beneficiary be alive, which, if not true, allows the assets to pass to the contingent beneficiaries. Other restrictions such as being married or more creative ones can be used by a benefactor to attempt to control the behavior of the beneficiaries. Some situations such as retirement accounts do not allow any restrictions beyond death of the primary beneficiaries, but trusts allow any restrictions that are not illegal or for an illegal purpose.
The concept of a "beneficiary" will also frequently figure in contracts other than insurance policies. A third party beneficiary of a contract is a person who, although not a party to the contract, the parties intend will benefit from its provisions. A software distributor, for example, may seek provisions protecting its customers from infringement claims. A software licensor may include provisions in its agreements which protect those who provided code to that licensor."
If a notary is a beneficiary, the notary can not notarize the document. If the notary is fiduciary, the notary can notarize the document.
Fiduciary:
"Courts have neither defined the particular circumstances of fiduciary relationships nor set any limitations on circumstances from which such an alliance may arise. Certain relationships are, however, universally regarded as fiduciary. The term embraces legal relationships such as those between attorney and client, broker and principal, principal and agent, trustee and beneficiary, and executors or administrators and the heirs of a decedent's estate."
Beneficiary:
"A beneficiary (also, in trust law, referred to as the cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. The beneficiary of a life insurance policy, for example, is the person who receives the payment of the amount of insurance after the death of the insured. The beneficiaries of a trust are the persons with equitable ownership of the trust assets, although legal title is held by the trustee. The term is also used in the context of a letter of credit for the party receiving the money related thereto. Beneficiaries in other contexts are known by other names: for example, the beneficiaries of a will are called devisees or legatees according to local custom.
A series of beneficiaries may be designated in many cases to designate where the assets will go if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions in the given contract or legal instrument. Most commonly the restriction is that the beneficiary be alive, which, if not true, allows the assets to pass to the contingent beneficiaries. Other restrictions such as being married or more creative ones can be used by a benefactor to attempt to control the behavior of the beneficiaries. Some situations such as retirement accounts do not allow any restrictions beyond death of the primary beneficiaries, but trusts allow any restrictions that are not illegal or for an illegal purpose.
The concept of a "beneficiary" will also frequently figure in contracts other than insurance policies. A third party beneficiary of a contract is a person who, although not a party to the contract, the parties intend will benefit from its provisions. A software distributor, for example, may seek provisions protecting its customers from infringement claims. A software licensor may include provisions in its agreements which protect those who provided code to that licensor."
If a notary is a beneficiary, the notary can not notarize the document. If the notary is fiduciary, the notary can notarize the document.
Friday, April 25, 2008
A Blind Client
A blind client is entitled to have a document notarized. First the notary must talk to the client about the client's understanding of the document. The notary may take the additional step of reading the document to the blind client. Check the client's picture government id. Direct the client hand to the line that the client needs to sign; remember, the signature is the signature.
Absolute Disagreement
I was asked by two individuals to notarize two documents that were in absolute disagreement. I then asked them to write down what they would agree on. They did and I notarized their document they agreed on. If you disagree with a document, tell the notary. Signing a document in the presence of a notary does not make it legal; however signing a document that you disagree with could cause problems later. If are clueless or in absolute disagreement, please let the notary know. The non-lawyer can then direct you to get legal advice.
Thursday, April 24, 2008
Fingerprinting
California allows for fingerprinting of notary clients; VA relies on government ID with picture.
No Contingency
A notary is a neutral individual with no interest in the outcome of the signing. Consequently, my fee is due at the time the notarization.There is no contingency on paying for the notarization. Some mortgage companies think they only need to pay the notary if the loan goes through. This practice is illegal. A notary is a neutral individual with no interest in the outcome of the transaction.
Tuesday, April 22, 2008
Language is not the issue?
A client, a US citizen, asked me to notarize a document in a foreign language. The foreign embassy had turned him since was he was a US citizen. The client thoroughly explained the document to me and provided a VA driver's license. I did a jurat notarization. Clearly, language is not the issue. Notarization does not make a document legal.
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