§ 5-1502B — Construction--chattel and goods transactions

§ 5-1502B. Construction--chattel and goods transactions. In a\nstatutory short form power of attorney, the language conferring general\nauthority with respect to "chattel and goods transactions," must be\nconstrued to mean that the principal authorizes the agent:\n 1. To accept as a gift, or as security for a loan, to reject, to\ndemand, to buy, to receive, or otherwise to acquire either ownership or\npossession of, any chattel or goods or any interest in any chattel or\ngoods;\n 2. To sell, to exchange, to convey either with or without covenants,\nto release, to surrender, to mortgage, to incumber, to pledge, to\nhypothecate, to pawn, to create, modify or revoke a trust to grant\noptions concerning, to lease or to sublet to others, or otherwise to\ndispose of any chattel or goods or any interest in any chattel or goods;\n 3. To release in whole or in part, to assign the whole or a part of,\nto satisfy in whole or in part, and to enforce by action, proceeding or\notherwise, any mortgage, incumbrance, lien or other claim, which exists,\nor is claimed to exist, in favor of the principal, with respect to any\nchattel or goods or any interest in any chattel or goods;\n 4. To do any act of management or of conservation, with respect to any\nchattel or goods or to any interest in any chattel or goods owned, or\nclaimed to be owned, by the principal, including by way of illustration,\nbut not of restriction, power to insure against any casualty, liability\nor loss, to obtain or to regain possession, or to protect such chattel\nor goods or interest in any chattel or goods, by action, proceeding or\notherwise, to pay, to compromise or to contest taxes or assessments, to\napply for refunds in connection therewith, to move from place to place,\nto store for hire or on a gratuitous bailment, to use, to alter, and to\nmake repairs or alterations of any such chattel or goods, or interest in\nany chattel or goods;\n 5. To demand, to receive, to obtain by action, proceeding or\notherwise, any money or other thing of value to which the principal is,\nor may become, or may claim to be entitled as the proceeds of a chattel\nor goods or of any interest in any chattel or goods, or of one or more\nof the transactions enumerated in this section, to conserve, to invest,\nto disburse or to utilize anything so received for purposes enumerated\nin this section, and to reimburse the agent for any expenditures\nproperly made by him in the execution of the powers conferred on him by\nthe statutory short form power of attorney;\n 6. To agree and to contract, in any manner, and with any person and on\nany terms, which the agent may select, for the accomplishment of any of\nthe purposes enumerated in this section, and to perform, to rescind, to\nreform, to release or to modify any such agreement or contract or any\nother similar agreement or contract made by or on behalf of the\nprincipal;\n 7. To execute, to acknowledge, to seal and to deliver any conveyance,\nmortgage, lease, creation, revocation or modification of a trust,\nnotice, check or other instrument which the agent may think useful for\nthe accomplishment of any of the purposes enumerated in this section;\n 8. To prosecute, to defend, to submit to alternative dispute\nresolution, to settle, and to propose or to accept a compromise with\nrespect to, any claim existing in favor of, or against, the principal\nbased on or involving any chattel or goods transaction or to intervene\nin any action or proceeding relating thereto;\n 9. To hire, to discharge, and to compensate any attorney, accountant,\nexpert witness or other assistant or assistants when the agent shall\nthink such action to be desirable for the proper execution by him of any\nof the powers described in this section, and for the keeping of needed\nrecords thereof; and\n 10. In general, and in addition to all the specific acts in this\nsection enumerated, to do any other act or acts, which the principal can\ndo through an agent, with respect to any chattel or goods or interest in\nany chattel or goods.\n All powers described in this section 5-1502B of the general\nobligations law shall be exercisable equally with respect to any chattel\nor goods or interest in any chattel or goods owned by the principal at\nthe giving of the power of attorney or thereafter acquired, and whether\nlocated in the state of New York or elsewhere.\n