§ 15-12-205 — TANGIBLE PERSONAL PROPERTY

Unless a power of attorney otherwise provides, language in a power of attorney granting general authority with respect to tangible personal property authorizes the agent to:
(1) 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;
(2) 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;
(3) Grant a security interest in tangible personal property or an interest in tangible personal property as security in order 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;
(4) 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;
(5) Manage or conserve tangible personal property or an interest in tangible personal property on behalf of the principal, including:
(a) Insuring against liability, or casualty or other loss;
(b) Obtaining or regaining possession of or protecting the property or interest, by litigation or otherwise;
(c) Paying, assessing, compromising or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments;
(d) Moving the property from place to place;
(e) Storing the property for hire or on a gratuitous bailment; and
(f) Using and making repairs, alterations or improvements to the property; and
(6) Change the form of title of an interest in tangible personal property.

Legislative History

[15-12-205, added 2008, ch. 186, sec. 2, p. 571.]