§ 28-68-405 - Construction of power relating to tangible personal property transactions.
28-68-405. Construction of power relating to tangible personal property transactions.
In a statutory power of attorney, the language granting power with respect to tangible personal property transactions empowers the agent to:
(1) accept as a gift or as security for a loan, reject, demand, buy, receive, or otherwise acquire ownership or possession of tangible personal property or an interest in tangible personal property;
(2) sell, exchange, convey with or without covenants, release, surrender, mortgage, encumber, pledge, hypothecate, create a security interest in, pawn, grant options concerning, lease, sublease to others, or otherwise dispose of tangible personal property or an interest in tangible personal property;
(3) release, assign, satisfy, or enforce by litigation or otherwise, a mortgage, security interest, encumbrance, lien, or other claim on behalf of the principal, with respect to tangible personal property or an interest in tangible personal property; and
(4) do an act of management or conservation with respect to tangible personal property or an interest in tangible personal property on behalf of the principal, including:
(i) insuring against casualty, liability, or loss;
(ii) obtaining or regaining possession, or protecting the property or interest, by litigation or otherwise;
(iii) paying, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments;
(iv) moving from place to place;
(v) storing for hire or on a gratuitous bailment; and
(vi) using, altering, and making repairs or alterations.