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:
A. 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;
B. 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;
C. 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;
D. 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;
E. manage or conserve tangible personal property or an interest in tangible personal property on behalf of the principal, including:
(1) insuring against liability or casualty or other loss;
(2) obtaining or regaining possession of or protecting the property or interest, by litigation or otherwise;
(3) paying, assessing, compromising or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments;
(4) moving the property from place to place;
(5) storing the property for hire or on a gratuitous bailment; and
(6) using and making repairs, alterations or improvements to the property; and
F. change the form of title of an interest in tangible personal property.
History: Laws 2007, ch. 135, § 205; 1978 Comp., § 46B-1-205 recompiled as § 45-5B-205 by Laws 2011, ch. 124, § 102.
ANNOTATIONSRecompilations. — Laws 2011, ch. 124, § 102 recompiled former 46B-1-205 NMSA 1978 as 45-5B-205 NMSA 1978, effective January 1, 2012.