Legal Definitions - procuratio

Procuratio refers to the management or oversight of another person's or entity's affairs. It essentially describes the role of an agent who acts on behalf of a principal, taking responsibility for their interests, property, or operations.

• Example 1: Property Management

  Imagine a landlord, Mr. Davies, who owns several rental properties but lives in a different state. He hires "Urban Living Management," a company specializing in property management, to handle all aspects of his rental business. This includes collecting rent, coordinating repairs, screening new tenants, and ensuring compliance with local housing laws.

  Urban Living Management's actions represent procuratio because they are actively managing Mr. Davies's property affairs—his investments and responsibilities as a landlord—on his behalf, acting as his authorized agent.

• Example 2: Financial Power of Attorney

  Mrs. Rodriguez, anticipating a long hospital stay, grants her daughter, Elena, a durable power of attorney to manage her financial matters. This allows Elena to pay Mrs. Rodriguez's bills, deposit checks, and make necessary financial decisions while her mother is incapacitated.

  Elena's role in handling her mother's finances is an exercise of procuratio. She is managing Mrs. Rodriguez's financial affairs and making decisions for her, based on the legal authority granted by the power of attorney.

• Example 3: Corporate Governance

  The board of directors of "Global Solutions Inc." is responsible for setting the company's strategic direction, overseeing its executive management, approving major financial decisions, and ensuring the company operates ethically and legally. They perform these duties for the benefit of the company's shareholders, who are the ultimate owners.

  The board's governance and oversight functions are a form of procuratio. They are managing the affairs and strategic direction of Global Solutions Inc. on behalf of the shareholders, acting as their fiduciaries.