§ 30-5-5-6 — Business operating transactions

Indiana § 30-5-5-6

• Jurisdiction: Indiana
• Art. 5: POWERS OF ATTORNEY
• Ch. 5: Powers

Text

(a) Language conferring general authority with
respect to business operating transactions means the principal
authorizes the attorney in fact to do the following:
(1) Discharge and perform a duty or liability, exercise a right, a
power, a privilege, or an option the principal has or claims to have
under a partnership agreement, whether the principal is a general
or limited partner, enforce the terms of a partnership agreement
for the protection of the principal by action or proceeding as the
attorney in fact considers desirable or necessary, and defend,
submit to arbitration, settle, or compromise an action or other
legal proceeding in which the principal is a party because of
membership in a partnership.
(2) Exercise in person or by proxy or enforce by action or
proceeding a right, a power, a privilege, or an option the principal
has as the holder of a bond, share, or other instrument of similar
character, and defend, submit to arbitration, settle, or compromise
an action or legal proceeding to which the principal is a party
because of a bond, share, or other instrument of similar character.
(3) With respect to a business owned solely by the principal, to
perform the following:
(A) Continue, modify, renegotiate, extend, and terminate
contractual arrangements made with a person, an entity, a firm,
an association, or a corporation by or on behalf of the principal
with respect to the business enterprise prior to the granting of
the power of attorney.
(B) Determine the policy of the business enterprise, including
the following:
(i) The location of the site or sites to be used for the
enterprise's operation.
(ii) The nature and extent of business to be undertaken by the
enterprise.
(iii) The methods of manufacturing, selling, merchandising,
financing, accounting, and advertising to be employed in the
enterprise's operation.
(iv) The amounts and types of insurance to be carried.
(v) The mode of securing, compensating, and dealing with
accountants, attorneys, servants, and other agents and
employees required for the operation of the enterprise.
(C) Agree and contract in any manner and on any terms with
any person on any terms the attorney in fact considers desirable
or necessary to make any or all decisions of the attorney in fact
as to policy and rescind, reform, release, or modify an
agreement or a contract made by or on behalf of the principal.
(D) Change the name or the form of organization under which
the business enterprise is operated, enter into a partnership
agreement with other persons, or organize a corporation to take
over the business or a part of the business that the attorney in
fact considers necessary or desirable.
(E) Demand and receive money that is or becomes due to the
principal or that may be claimed by the principal or on the
principal's behalf in the operation of the business enterprise,
control and disburse the funds in the operation of the enterprise
in a way that the attorney in fact considers desirable or
necessary, and engage in banking transactions the attorney in
fact considers desirable or necessary to execute a power
permitted under this subdivision.
(4) Prepare, sign, file, and deliver reports, compilations of
information, returns, or other papers with respect to a business
operating transaction of the principal that are required by a
governmental agency, a department, or an instrumentality or that
the attorney in fact considers desirable or necessary, and make
related payments.
(5) Pay, compromise, or contest taxes or assessments and do acts
the attorney in fact considers desirable or necessary to protect the
principal from illegal or unnecessary taxation, fines, penalties, or
assessments in connection with the principal's business
operations, including the power to attempt to recover, in any
manner permitted by law, sums paid before or after the execution
of the power of attorney as taxes, fines, penalties, or assessments.
(6) Demand, receive, or obtain by action or proceeding money or
other things of value to which the principal is, may become, or
claims to be entitled to as the proceeds of a business operation of
the principal, conserve, invest, disburse, or use anything received
for a purpose permitted under this section, and reimburse the
attorney in fact for expenditures properly made in the execution
of powers conferred upon the attorney in fact.
(7) Execute, acknowledge, seal, and deliver a deed, an
assignment, a mortgage, a lease, a notice, a consent, an
agreement, an authorization, a check, or other instrument that the
attorney in fact considers useful to accomplish a purpose
permitted under this section.
(8) Prosecute, defend, submit to arbitration, settle, and propose or
accept a compromise with respect to a claim existing in favor of
or against the principal based on or involving a business operating
transaction or intervene in an action or a proceeding relating to a
claim.
(9) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and keep
needed records.
(10) Perform any other acts the attorney in fact considers
desirable or necessary for the furtherance or protection of the
interests of the principal in a business.
(b) The powers described in this section are exercisable equally with
respect to a business in which the principal is interested at the time of
the giving of the power of attorney or in which the principal becomes
interested after that time, whether located in Indiana or in another
jurisdiction.

Legislative History

As added by P.L.149-1991, SEC.2.