§ 4035. 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, or 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:
(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. (Added 2023, No. 60, § 1, eff. July 1, 2023.)