§ 15-14-728 — Tangible personal property

(1) Unless the power of attorney
otherwise provides, language in a power of attorney granting general authority with
respect to tangible personal property authorizes the agent to:

(a) Demand, buy, receive, accept as a gift or as security for an extension of
credit, or otherwise acquire or reject ownership or possession of tangible personal
property or an interest in tangible personal property;

(b) Sell; exchange; convey with or without covenants, representations, or
warranties; quitclaim; release; surrender; create a security interest in; grant options
concerning; lease; sublease; or otherwise dispose of tangible personal property or
an interest in tangible personal property;

(c) Grant a security interest in tangible personal property or an interest in
tangible personal property as security to borrow money or pay, renew, or extend
the time of payment of a debt of the principal or a debt guaranteed by the principal;

(d) Release, assign, satisfy, or enforce by litigation or otherwise a security
interest, lien, or other claim on behalf of the principal with respect to tangible
personal property or an interest in tangible personal property;

(e) Manage or conserve tangible personal property or an interest in tangible
personal property on behalf of the principal, including:

(I) Insuring against liability or casualty or other loss;

(II) Obtaining or regaining possession of or protecting the property or
interest, by litigation or otherwise;

(III) Paying, assessing, compromising, or contesting taxes or assessments or
applying for and receiving refunds in connection with taxes or assessments;

(IV) Moving the property from place to place;

(V) Storing the property for hire or on a gratuitous bailment; and

(VI) Using and making repairs, alterations, or improvements to the property;
and

(f) Change the form of title of an interest in tangible personal property.

Legislative History

Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 400, � 1, effective April 9.