What is "an interest and irrevocable"?

[higurashi]

Hello,

I am translating the License Agreement and came across the phrase which I could not find in my dictionary. So, please help!!

Seller hereby appoints Purchaser as　Seller's attorney-in-fact, with full power of substitution and delegation. Such appointment shall be coupled with an interest and irrevocable.

Thank you,
Higurashi

[Mister Micawber]

.
Phew! Not an easy question. It certainly seems to be a common phrase in contract law, though. I did find this comment in the Law of Agency:

• 1. Agency Coupled with Interest – Can’t be Revoked by Principal

• • 1. Criteria to fall under this exception
    • Agent must have specific, present and co-existing beneficial interest in the subject matter of the agency
    • Agency must be created for the benefit of the agent in order to protect some title or right in the subject of the agency or secure some performance to him
    • Monetary compensation, in whatever form it may take, does not create a power coupled with interest so as to make the agency irrevocable. Agency coupled with interest is similar to a security interest
    1. Specific Present Property Interest

• • • v Where no specific present property interest has been found, the courts have consistently held the agency was revocable in spite of express declarations in the contract that it was coupled with an interest and irrevocable (substance over form). So, a present property interest must pass to the agent on creation of the agency.

• • 1. Agency coupled with Interest Survives the Principal’s Death

I presume that you understand interest (a right or legal share of something; a financial involvement with something) and irrevocable (not able to be changed, reversed, or recovered). All I can add is that I think it can be read as:

Such appointment shall be coupled with an interest and be irrevocable.
.

[higurashi]

Mister Micawber,

Thank you for your reply. I thought an "interest and irrevocable" was one-phrase. Now it is very clear to me with your explanation.

Arigato!
Higurashi