§ 15-1005 — Construction of power generally.

CONSTRUCTION OF POWER GENERALLY By executing a statutory power of attorney with respect to a subject listed in subsection A of Section 1 of this act, the principal, except as limited or extended by the principal in the power of attorney, empowers the agent, for that subject to: 1. Demand, receive, and obtain by litigation or otherwise, money or other thing of value to which the principal is, may become, or claims to be entitled and to conserve, invest, disburse, or use anything so received for the purposes intended; 2. Contract in any manner with any person, on terms agreeable to the agent, to accomplish a purpose of a transaction, and perform, rescind, reform, release, or modify the contract or another contract made by or on behalf of the principal; 3. Execute, acknowledge, seal, and deliver a deed, revocation, mortgage, lease, notice, check, release, or other instrument the agent considers desirable to accomplish a purpose of a transaction; 4. 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 or intervene in litigation relating to the claim; 5. Seek on the principal's behalf the assistance of a court to carry out an act authorized by the power of attorney; 6. Engage, compensate, and discharge an attorney, accountant, expert witness, or other assistant; 7. Keep appropriate records of each transaction, including an accounting of receipts and disbursements; 8. Prepare, execute, and file a record, report, or other document the agent considers desirable to safeguard or promote the principal's interest under a statute or governmental regulation; 9. Reimburse the agent for expenditures properly made by the agent in exercising the powers granted by the power of attorney; and 10. In general, do any other lawful act with respect to the subject.

Legislative History

Added by Laws 1998, c. 420, § 5, eff. Nov. 1, 1998.