§ 59-12-33 — Estates, trusts, and other beneficial interests.

(1) For purposes of this section, the terms, estate, trust, or other beneficial interest, mean a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be, entitled to a share or payment. (2) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to: (a) Accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from an estate, trust, or other beneficial interest; (b) Demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of an estate, trust, or other beneficial interest, by litigation or otherwise; (c) Exercise for the benefit of the principal a presently exercisable general or limited power of appointment held by the principal; (d) Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal; (e) Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary; (f) Conserve, invest, disburse, or use anything received for an authorized purpose; (g) Transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a trust; and (h) Act as a representative pursuant to subdivision 55-18-9 (8), except as otherwise provided in subdivision 59-12-23 (8).

Legislative History

SL 2020, ch 214, § 33.