§ 75A-2-205 — 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:
(5)(a) insuring against liability, casualty, or other loss;
(5)(b) obtaining or regaining possession of or protecting the property or interest, by litigation or otherwise;
(5)(c) paying, assessing, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments;
(5)(d) moving the property from place to place;
(5)(e) storing the property for hire or on a gratuitous bailment; and
(5)(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

Renumbered and Amended by Chapter 364, 2024 General Session