TITLE 15

UNIFORM PROBATE CODE

CHAPTER 12

UNIFORM POWER OF ATTORNEY ACT

PART 2.

AUTHORITY

15-12-205.  Tangible personal property. Unless a 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 in order 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.

History:

[15-12-205, added 2008, ch. 186, sec. 2, p. 571.]