signature authority
English
editNoun
editsignature authority (uncountable)
- (business) The authority of an employee acting unilaterally to commit an employer to a contract.
- 1996, Andrew Turnauer, Navigating the Mortgage Maze[1], page 124:
- Some small banks still use this model, but larger institutions tend to entrust a single individual with signature authority, at least to a certain loan dollar amount.
- (business) The maximum value of such contract.
- As a first level manager my signature authority is $500.
- (law) Control over a financial account with ones signature.
- 2019, “Understand how to report foreign bank and financial accounts”, in Internal Revenue Service[2]:
- Officers or employees who file an FBAR to report signature authority over an employer’s foreign financial account don’t need to personally keep records on their employer’s accounts.