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TeachMeFinance.com - explain Substitution historic definition... Substitution -- A power of attorney and substitution permits the one holding the power to transfer it to another to substitute another for himself. The word substitution also is used when securities pledged as collateral are withdrawn and replaced with other securities by consent of the one holding the collateral. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.