§15-1007. Construction of power relating to tangible personal

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

property transactions.

CONSTRUCTION OF POWER RELATING TO

TANGIBLE PERSONAL PROPERTY TRANSACTIONS

In a statutory power of attorney, the language granting power with respect to tangible personal property transactions empowers the agent to:

1. Accept as a gift or as security for a loan, reject, demand, buy, receive, or otherwise acquire ownership or possession of tangible personal property or an interest in tangible personal property;

2. Sell, exchange, convey with or without covenants, release, surrender, mortgage, encumber, pledge, hypothecate, create a security interest in, pawn, grant options concerning, lease, sublease to others, or otherwise dispose of tangible personal property or an interest in tangible personal property;

3. Release, assign, satisfy, or enforce by litigation or otherwise, a mortgage, security interest, encumbrance, lien, or other claim on behalf of the principal, with respect to tangible personal property or an interest in tangible personal property; and

4. Do an act of management or conservation with respect to tangible personal property or an interest in tangible personal property on behalf of the principal, including:

a. insuring against casualty, liability, or loss,

b. obtaining or regaining possession, or protecting the

property or interest, by litigation or otherwise,

c. paying, compromising, or contesting taxes or

assessments or applying for and receiving refunds in

connection with taxes or assessments,

d. moving from place to place,

e. storing for hire or on a gratuitous bailment, and

f. using, altering, and making repairs or alterations. Added by Laws 1998, c. 420, § 7, eff. Nov. 1, 1998.