§15-1011. Construction of power relating to business operating
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transactions.
CONSTRUCTION OF POWER RELATING TO BUSINESS OPERATING TRANSACTIONS
In a statutory power of attorney, the language granting power with respect to business operating transactions empowers the agent to:
1. Operate, buy, sell, enlarge, reduce, and terminate a business interest;
2. To the extent that an agent is permitted by law to act for a principal and subject to the terms of the partnership agreement, to:
a. perform a duty or discharge a liability and exercise a
right, power, privilege, or option that the principal
has, may have, or claims to have, under a partnership
agreement, whether or not the principal is a partner,
b. enforce the terms of a partnership agreement by
litigation or otherwise, and
c. defend, submit to arbitration, settle, or compromise
litigation to which the principal is a party because
of membership in the partnership;
3. Exercise in person or by proxy, or enforce by litigation or otherwise, a right, power, privilege, or option the principal has or claims to have as the holder of a bond, share, or other instrument
of similar character and defend, submit to arbitration, settle, or compromise litigation to which the principal is a party because of a bond, share, or similar instrument;
4. With respect to a business owned solely by the principal:
a. continue, modify, renegotiate, extend, and terminate a
contract made with an individual or a legal entity,
firm, association, or corporation by or on behalf of
the principal with respect to the business before
execution of the power of attorney,
b. determine:
(1)the location of its operation,
(2)the nature and extent of its business,
(3)the methods of manufacturing, selling,
merchandising, financing, accounting, and
advertising employed in its operation,
(4)the amount and types of insurance carried,
(5)the mode of engaging, compensating, and dealing
with its accountants, attorneys, and other agents
and employees,
c. change the name or form of organization under which
the business is operated and enter into a partnership
agreement with other persons or organize a corporation
to take over all or part of the operation of the
business, and
d. demand and receive money due or claimed by the
principal or on the principal's behalf in the
operation of the business, and control and disburse
the money in the operation of the business;
5. Put additional capital into a business in which the principal has an interest;
6. Join in a plan of reorganization, consolidation, or merger of the business;
7. Sell or liquidate a business or part of it at the time and upon the terms the agent considers desirable;
8. Establish the value of a business under a buy-out agreement to which the principal is a party;
9. Prepare, sign, file, and deliver reports, compilations of information, returns, or other papers with respect to a business which are required by a governmental agency or instrumentality or which the agent considers desirable, and make related payments; and
10. Pay, compromise, or contest taxes or assessments and do any other act which the agent considers desirable to protect the principal from illegal or unnecessary taxation, fines, penalties, or assessments with respect to a business, including attempts to recover, in any manner permitted by law, money paid before or after the execution of the power of attorney. Added by Laws 1998, c. 420, § 11, eff. Nov. 1, 1998.