Effective: March 22, 2012
Latest Legislation: Senate Bill 117 - 129th General Assembly
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 do all of the following:
(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 all of the following:
(1) Insure against liability or casualty or other loss;
(2) Obtain or regain possession of or protect the property or interest by litigation or otherwise;
(3) Pay, assess, compromise, or contest taxes or assessments or apply for and receive refunds in connection with taxes or assessments;
(4) Move the property from place to place;
(5) Store the property for hire or on a gratuitous bailment;
(6) Use and make repairs, alterations, or improvements to the property.
(F) Change the form of title of an interest in tangible personal property.