§ 58-3028 — Tangible personal property.

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: 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 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

Added by Laws 2021, c. 332, § 28, eff. Nov. 1, 2021.