CHAPTER 5. POWERS
IC 30-5-5
Chapter 5. Powers
IC 30-5-5-1
Incorporation of powers; references; similar or overlapping
powers; modification
Sec. 1. (a) An attorney in fact has a power granted under this
chapter if the power of attorney incorporates the power by:
(1) referring to the descriptive language in sections 2 through
19 of this chapter; or
(2) citing to a specific section of sections 2 through 19 of this
chapter.
(b) Reference in a power of attorney to the descriptive language
in sections 2 through 19 of this chapter shall be construed as though
the entire section is set out in full in the power of attorney.
(c) If powers are similar or overlap, the broadest power controls.
(d) A power of attorney may in writing delete from, add to, or
modify in any manner a power incorporated by reference, including
the power to make gifts under section 9 of this chapter.
As added by P.L.149-1991, SEC.2. Amended by P.L.165-2002,
SEC.7.
IC 30-5-5-2
Real property transactions
Sec. 2. (a) Language conferring general authority with respect to
real property transactions means the principal authorizes the attorney
in fact to do the following:
(1) Accept as a gift or as security for a loan, to reject, demand,
buy, lease, receive, or otherwise acquire either ownership or
possession of an estate or interest in real property.
(2) Sell, exchange, convey with or without covenants,
quitclaim, release, surrender, mortgage, encumber, partition or
consent to partitioning, plat or consent to platting, lease, sublet,
or otherwise dispose of an estate or interest in real property.
(3) Release in whole or in part, assign in whole or in part,
satisfy in whole or in part, and enforce by action or proceeding,
a mortgage, an encumbrance, a lien, or other claim to real
property that exists or is claimed to exist in favor of the
principal.
(4) Perform acts of management or conservation with respect to
an estate or interest in real property owned or claimed to be
owned by the principal, including the power to do the
following:
(A) Insure against casualty, liability, or loss.
(B) Obtain, regain, or protect possession of the estate or
interest by action or proceeding.
(C) Pay, compromise, or contest taxes and assessments.
(D) Apply for and receive refunds for taxes and assessments.
(E) Purchase supplies and hire assistance or labor.
(F) Make repairs or alterations in the structures or lands.
(5) Use, develop, modify, alter, replace, remove, erect, or install
structures or other improvements upon real property in which
the principal has or claims to have an interest.
(6) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or may claim to be entitled to as the proceeds of an interest in
real property or of one (1) or more transactions under this
section, conserve, invest, disburse, or use any proceeds received
for purposes authorized under this section, and reimburse the
attorney in fact for expenditures properly made by the attorney
in fact.
(7) Participate in a reorganization with respect to real property,
receive and hold shares of stocks or instruments of similar
character received under a plan of reorganization, and act with
respect to the shares, including the power to do the following:
(A) Sell or otherwise dispose of the shares.
(B) Exercise or sell options.
(C) Convert the shares.
(D) Vote on the shares in person or by the granting of a
proxy.
(8) Agree and contract in any manner and on any terms with a
person for the accomplishment of any purpose under this
section and perform, rescind, reform, release, or modify an
agreement or a contract made by or on behalf of the principal.
(9) Execute, acknowledge, seal, and deliver a deed, revocation,
mortgage, lease, notice, check, or other instrument that the
attorney in fact considers useful for the accomplishment of a
purpose under this section.
(10) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a real property
transaction, and intervene in an action or proceeding relating to
a claim.
(11) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution of
a power under this section or for the keeping of necessary
records.
(12) Perform acts relating to land use and zoning concerning
property in which the principal has an ownership interest.
(13) Perform any other act with respect to an estate or interest
in property.
(b) The powers described in this section are exercisable equally
with respect to an interest in an estate or real property owned by the
principal at the time of the giving of the power of attorney or
acquired after that time, whether located in Indiana or in another
jurisdiction.
As added by P.L.149-1991, SEC.2.
IC 30-5-5-3
Tangible personal property transactions
Sec. 3. (a) Language conferring general authority with respect to
tangible personal property transactions means the principal
authorizes the attorney in fact to do the following:
(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, pawn,
grant options concerning, lease or sublet, or otherwise dispose
of tangible personal property or an interest in tangible personal
property.
(3) Release in whole or in part, assign the whole or a part of,
satisfy in whole or in part, and enforce by action or proceeding,
a mortgage, an encumbrance, a lien, or other claim that exists or
is claimed to exist in favor of the principal with respect to
tangible personal property or an interest in tangible personal
property.
(4) Perform acts of management or conservation with respect to
tangible personal property or an interest in tangible personal
property owned or claimed to be owned by the principal,
including the power to do the following:
(A) Insure against casualty, liability, or loss.
(B) Obtain, regain possession of, or protect by action or
proceeding.
(C) Pay, contest, or compromise taxes or assessments.
(D) Apply for and receive funds in connection with taxes or
assessments.
(E) Move from place to place or store for hire or on a
gratuitous bailment.
(F) Use, alter, and make repairs.
(5) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or claims to be entitled to as the proceeds of tangible personal
property, an interest in tangible personal property, or a
transaction permitted under this section, conserve, invest,
disburse, or use anything received for a purpose permitted under
this section, and reimburse the attorney in fact for expenditures
properly made in the execution of powers conferred upon the
attorney in fact.
(6) Agree and contract in any manner and on any terms with a
person and on any terms that the attorney in fact selects to
accomplish a purpose permitted under this section and perform,
rescind, reform, release, or modify an agreement or a contract
made by or on behalf of the principal.
(7) Execute, acknowledge, seal, and deliver a conveyance,
mortgage, lease, notice, check, or other instrument that the
attorney in fact considers useful to accomplish a purpose
permitted under this section.
(8) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a tangible
personal property transaction or intervene in an action or
proceeding relating to a claim.
(9) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(10) Perform any other acts with respect to tangible personal
property or an interest in tangible personal property.
(b) The powers described in this section are exercisable equally
with respect to tangible personal property or an interest in tangible
personal property owned by the principal at the time of the giving of
the power of attorney or acquired after that time, whether located in
Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2.
IC 30-5-5-4
Bond, share, and commodity transactions
Sec. 4. (a) Language conferring general authority with respect to
bond, share, and commodity transactions means the principal
authorizes the attorney in fact to do the following:
(1) Accept as a gift or as security for a loan, reject, demand,
buy, receive, or otherwise acquire ownership or possession of
a bond, a share, an instrument of similar character, a commodity
interest, or an instrument with respect to the bond, share, or
interest, together with the interest, dividends, proceeds, or other
distributions connected with the instruments.
(2) Sell, sell short, exchange, transfer with or without a
guaranty, release, surrender, hypothecate, pledge, grant options
concerning, loan, trade in, or otherwise dispose of a bond, a
share, an instrument of similar character, a commodity interest,
or an instrument with respect to the bond, share, or instrument.
(3) Release in whole or in part, assign the whole or a part of,
satisfy in whole or in part, and enforce by action or proceeding
a pledge, an encumbrance, a lien, or other claim as to a bond, a
share, an instrument of similar character, a commodity interest,
or an interest with respect to the bond, share, or interest when
the pledge, lien, or other claim is owned or claimed to be owned
by the principal.
(4) Perform acts of management or conservation with respect to
a bond, a share, an instrument of similar character, a commodity
interest, or an interest with respect to the bond, share, or
interest, owned or claimed to be owned by the principal, or in
which the principal claims to have an interest, including the
power to do the following:
(A) Insure against casualty, liability, or loss.
(B) Obtain, regain possession of, or protect the principal's
interest by action or proceeding.
(C) Pay, compromise, or contest taxes and assessments.
(D) Apply for and receive refunds for taxes and assessments.
(E) Consent to and participate in a reorganization,
recapitalization, liquidation, merger, consolidation, sale,
lease, or other change in or revival of a corporation or an
association, in the financial structure of a corporation or an
association, or in the priorities, voting rights, or other special
rights with respect to the corporation or association.
(F) Become a depositor with a protective, reorganization, or
similar committee of the bond, share, instrument of similar
character, commodity interest, or an interest with respect to
the bond, share, or interest belonging to the principal, and
make payments reasonably incident to becoming a depositor.
(G) Exercise or sell an option, a conversion, or a similar
right.
(H) Vote in person or by the granting of a proxy with or
without the power of substitution, either discretionary,
general, or otherwise.
(5) Carry in the name of a nominee selected by the attorney in
fact evidence of the ownership of a bond, a share, an instrument
of similar character, a commodity interest, or an interest with
respect to the bond, share, or interest belonging to the principal.
(6) Employ in any way believed to be desirable by the attorney
in fact a bond, a share, an instrument of similar character, a
commodity interest, or an interest with respect to the bond,
share, or interest in which the principal has or claims to have an
interest for the protection or continued operation of a
speculative or margin transaction begun or personally
guaranteed in whole or in part by the principal.
(7) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or claims to be entitled as the proceeds of an interest in a bond,
a share, an instrument of similar character, a commodity
interest, or an interest with respect to the bond, share, or
interest, or of a transaction permitted under this section,
conserve, invest, disburse, or use anything received for a
purpose permitted under this section, and reimburse the attorney
in fact for expenditures properly made in the execution of
powers conferred upon the attorney in fact.
(8) Agree and contract in any manner and on any terms with a
broker or other person the attorney in fact selects to accomplish
a purpose permitted under this section and perform, rescind,
reform, release, or modify the agreement or contract or a similar
agreement made by or on behalf of the principal.
(9) Execute, acknowledge, seal, and deliver a consent, an
agreement, an authorization, an assignment, a revocation, a
notice, a waiver of notice, a check, or an instrument the attorney
in fact considers useful to accomplish a purpose permitted
under this section.
(10) Execute, acknowledge, and file a report or certificate
required by law or governmental regulation.
(11) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a bond, share,
or commodity transaction, or intervene in a related action or
proceeding.
(12) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(13) Perform any other acts with respect to a bond, a share, an
instrument of similar character, a commodity, or an interest
with respect to a commodity.
(b) The powers described in this section are exercisable equally
with respect to a bond, a share, an instrument of similar character, a
commodity, or an instrument with respect to a commodity owned by
the principal at the time of the giving of the power of attorney or
acquired after that time, whether located in Indiana or in another
jurisdiction.
As added by P.L.149-1991, SEC.2.
IC 30-5-5-4.5
Retirement plans
Sec. 4.5. (a) Language conferring general authority with respect
to retirement plans means the principal authorizes the attorney in fact
to:
(1) make contributions, including rollover contributions, or
cause contributions to be made on behalf of the principal to any
retirement plan, including any:
(A) pension;
(B) profit sharing or stock bonus plan;
(C) individual retirement arrangement;
(D) individual retirement account described in Section
408(A) of the Internal Revenue Code;
(E) deferred compensation plan;
(F) qualified plan under Section 403(b) of the Internal
Revenue Code; or
(G) other qualified or nonqualified retirement plan,
arrangement, or annuity in which the principal is a
participant or a beneficiary;
(2) establish at least one (1) individual retirement account or
other retirement plan in the principal's name;
(3) elect a form of payment of benefits from a retirement plan
and withdraw benefits from a retirement plan;
(4) exercise investment powers available under a retirement
plan;
(5) designate at least one (1) beneficiary or contingent
beneficiary for any benefits payable under a retirement plan on
account of the principal's death and change any earlier
designation of beneficiary;
(6) borrow from, sell assets to, and purchase assets from the
retirement plan if authorized by the retirement plan; and
(7) waive the right of the principal to be a beneficiary of a joint
or survivor annuity.
(b) The powers described in this section are equally exercisable
with respect to a retirement plan established or operated in Indiana
or another jurisdiction and:
(1) owned by the principal;
(2) in which the principal was a participant; or
(3) of which the principal was a beneficiary;
when the powers are given or after the powers are given.
(c) A power of attorney executed before July 1, 2005, that confers
general authority with respect to all other matters under section 19
of this chapter, includes general authority with respect to retirement
plans as described in this section.
As added by P.L.238-2005, SEC.48.
IC 30-5-5-5
Banking transactions
Sec. 5. (a) Language conferring general authority with respect to
banking transactions means the principal authorizes the attorney in
fact to do the following:
(1) Continue, modify, or terminate a deposit account or other
banking arrangement made by or on behalf of the principal
before the execution of the power of attorney.
(2) Open in the name of the principal alone, or in a way that
clearly evidences the principal and attorney in fact relationship,
a deposit account with a bank, trust company, savings
association, credit union, thrift company, brokerage firm, or
other institution that serves as a depository for funds selected by
the attorney in fact, or hire a safe deposit box or vault space and
make other contracts to procure services made available by a
banking institution as the attorney in fact considers desirable.
(3) Make, sign, and deliver checks or drafts for any purpose and
withdraw by check, order, or other means funds or property of
the principal deposited with or left in the custody of a banking
institution either before or after the power of attorney was
executed.
(4) Prepare necessary financial statements of assets and
liabilities or income and expenses of the principal for
submission to a banking institution.
(5) Receive statements, vouchers, notices, or other documents
from a banking institution and act with respect to the
documents.
(6) Enter at any time a safe deposit box or vault that the
principal could enter if personally present.
(7) Borrow money at an interest rate the attorney in fact selects,
pledge as security assets of the principal the attorney in fact
considers desirable or necessary for borrowing, and pay, renew,
or extend the time of the payment of a debt of the principal.
(8) Make, assign, pledge, draw, endorse, discount, guarantee,
and negotiate promissory notes, bills of exchange, checks,
drafts, or other negotiable or nonnegotiable paper of the
principal or payable to the principal or the principal's order,
receive cash or other proceeds of a transaction authorized under
this subdivision, accept a bill of exchange or draft drawn by
another person upon the principal, and pay a bill of exchange or
a draft when the bill of exchange or draft is due.
(9) Receive for the principal and deal in or deal with a sight
draft, warehouse receipt, or other negotiable or nonnegotiable
instrument in which the principal has or claims to have an
interest.
(10) Apply for and receive letters of credit for a banking
institution selected by the attorney in fact giving indemnity or
other agreement in connection with letters of credit the attorney
in fact considers desirable or necessary.
(11) Consent to an extension in the time of payment with
respect to a commercial paper or banking transaction in which
the principal has an interest or by which the principal is or
might be affected in any way.
(12) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or claims to be entitled as the proceeds of a banking transaction,
and reimburse the attorney in fact for expenditures properly
made in the execution of powers conferred upon the attorney in
fact under this section.
(13) Execute, acknowledge, and deliver an instrument in the
name of the principal or other person the attorney in fact
considers useful to accomplish a purpose permitted under this
section.
(14) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a banking
transaction, or intervene in a related action or proceeding.
(15) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(16) Perform any other acts with respect to a bond, a share, an
instrument of similar character, a commodity, or an interest
with respect to a commodity.
(b) The powers described in this section are exercisable equally
with respect to a banking transaction engaged in by the principal at
the time of the giving of the power of attorney or engaged in after
that time, whether conducted in Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2. Amended by P.L.79-1998,
SEC.95.
IC 30-5-5-6
Business operating transactions
Sec. 6. (a) Language conferring general authority with respect to
business operating transactions means the principal authorizes the
attorney in fact to do the following:
(1) Discharge and perform a duty or liability, exercise a right,
a power, a privilege, or an option the principal has or claims to
have under a partnership agreement, whether the principal is a
general or limited partner, enforce the terms of a partnership
agreement for the protection of the principal by action or
proceeding as the attorney in fact considers desirable or
necessary, and defend, submit to arbitration, settle, or
compromise an action or other legal proceeding in which the
principal is a party because of membership in a partnership.
(2) Exercise in person or by proxy or enforce by action or
proceeding a right, a power, a privilege, or an option the
principal has as the holder of a bond, share, or other instrument
of similar character, and defend, submit to arbitration, settle, or
compromise an action or legal proceeding to which the
principal is a party because of a bond, share, or other instrument
of similar character.
(3) With respect to a business owned solely by the principal, to
perform the following:
(A) Continue, modify, renegotiate, extend, and terminate
contractual arrangements made with a person, an entity, a
firm, an association, or a corporation by or on behalf of the
principal with respect to the business enterprise prior to the
granting of the power of attorney.
(B) Determine the policy of the business enterprise,
including the following:
(i) The location of the site or sites to be used for the
enterprise's operation.
(ii) The nature and extent of business to be undertaken by
the enterprise.
(iii) The methods of manufacturing, selling,
merchandising, financing, accounting, and advertising to
be employed in the enterprise's operation.
(iv) The amounts and types of insurance to be carried.
(v) The mode of securing, compensating, and dealing with
accountants, attorneys, servants, and other agents and
employees required for the operation of the enterprise.
(C) Agree and contract in any manner and on any terms with
any person on any terms the attorney in fact considers
desirable or necessary to make any or all decisions of the
attorney in fact as to policy and rescind, reform, release, or
modify an agreement or a contract made by or on behalf of
the principal.
(D) Change the name or the form of organization under
which the business enterprise is operated, enter into a
partnership agreement with other persons, or organize a
corporation to take over the business or a part of the business
that the attorney in fact considers necessary or desirable.
(E) Demand and receive money that is or becomes due to the
principal or that may be claimed by the principal or on the
principal's behalf in the operation of the business enterprise,
control and disburse the funds in the operation of the
enterprise in a way that the attorney in fact considers
desirable or necessary, and engage in banking transactions
the attorney in fact considers desirable or necessary to
execute a power permitted under this subdivision.
(4) Prepare, sign, file, and deliver reports, compilations of
information, returns, or other papers with respect to a business
operating transaction of the principal that are required by a
governmental agency, a department, or an instrumentality or
that the attorney in fact considers desirable or necessary, and
make related payments.
(5) Pay, compromise, or contest taxes or assessments and do
acts the attorney in fact considers desirable or necessary to
protect the principal from illegal or unnecessary taxation, fines,
penalties, or assessments in connection with the principal's
business operations, including the power to attempt to recover,
in any manner permitted by law, sums paid before or after the
execution of the power of attorney as taxes, fines, penalties, or
assessments.
(6) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or claims to be entitled to as the proceeds of a business
operation of the principal, conserve, invest, disburse, or use
anything received for a purpose permitted under this section,
and reimburse the attorney in fact for expenditures properly
made in the execution of powers conferred upon the attorney in
fact.
(7) Execute, acknowledge, seal, and deliver a deed, an
assignment, a mortgage, a lease, a notice, a consent, an
agreement, an authorization, a check, or other instrument that
the attorney in fact considers useful to accomplish a purpose
permitted under this section.
(8) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a business
operating transaction or intervene in an action or a proceeding
relating to a claim.
(9) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(10) Perform any other acts the attorney in fact considers
desirable or necessary for the furtherance or protection of the
interests of the principal in a business.
(b) The powers described in this section are exercisable equally
with respect to a business in which the principal is interested at the
time of the giving of the power of attorney or in which the principal
becomes interested after that time, whether located in Indiana or in
another jurisdiction.
As added by P.L.149-1991, SEC.2.
IC 30-5-5-7
Insurance transactions
Sec. 7. (a) Language conferring general authority with respect to
insurance transactions means the principal authorizes the attorney in
fact to do the following:
(1) Continue, pay the premium or assessment on, modify,
rescind, release, or terminate a contract of life, accident, health,
or disability insurance or for the provision of health care
services or any combination of these contracts procured by or
on behalf of the principal before the granting of the power of
attorney that insures the principal or another person, without
regard to whether the principal is or is not a beneficiary under
the contract.
(2) Procure new, different, or additional contracts of life,
accident, health, or disability insurance for the principal or for
the provision of health care services for the principal, and select
the amount, type of insurance, and mode of payment under each
contract, pay the premium or assessment on, modify, release, or
terminate a contract procured by the attorney in fact, and
designate the beneficiary under the contract.
(3) Apply for and receive any available loan on the security of
the contract of insurance, whether for the payment of the
premium or for the procuring of cash, surrender and receive the
cash surrender value, exercise an election as to beneficiary or
mode of payment, change the manner of paying premiums,
change or convert the type of insurance contract, with respect
to a contract of life, accident, health, disability, or liability
insurance in which the principal has, or claims to have, a power
described in this subdivision, or change the beneficiary of the
contract of insurance.
(4) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or claims to be entitled to as the proceeds of a contract of
insurance or a transaction permitted under this section,
conserve, invest, disburse, or use anything received for a
purpose permitted under this section, and reimburse the attorney
in fact for expenditures properly made in the execution of
powers conferred upon the attorney in fact.
(5) Apply for and procure available governmental aid in the
guaranteeing or paying of premiums of a contract of insurance
on the life of the principal.
(6) Sell, assign, hypothecate, borrow upon, or pledge the
interest of the principal in a contract of insurance.
(7) Pay from the proceeds or otherwise, compromise, contest,
and apply for refunds in connection with a tax or an assessment
levied by a taxing authority with respect to a contract of
insurance, the proceeds of the refunds, or liability accruing from
a tax or an assessment.
(8) Agree and contract in any manner and on any terms with any
person the attorney in fact selects to accomplish a purpose
permitted under this section and perform, rescind, reform,
release, or modify an agreement or a contract.
(9) Execute, acknowledge, seal, and deliver a consent, a
demand, a request, an application, an agreement, an indemnity,
an authorization, an assignment, a pledge, a notice, a check, a
receipt, a waiver, or other instrument the attorney in fact
considers useful to accomplish a purpose permitted under this
section.
(10) Continue, procure, pay the premium or assessment on,
modify, rescind, release, terminate, or otherwise deal with a
contract of insurance, other than those permitted under
subdivision (1) or (2), including fire, marine, burglary,
compensation, liability, hurricane, casualty, or a combination of
insurance, and do acts with respect to the contract or with
respect to the contract's proceeds or enforcement that the
attorney in fact considers necessary or desirable for the
promotion or protection of the interests of the principal.
(11) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving an insurance
transaction or intervene in an action or proceeding relating to a
claim.
(12) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(13) Perform any other acts in connection with procuring,
supervising, managing, modifying, enforcing, and terminating
contracts of insurance or for the provisions of health care
services in which the principal is insured or is otherwise
interested.
(b) The powers described in this section are exercisable equally
with respect to a contract of insurance or for the provision of health
care service in which the principal is interested, whether located in
Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2. Amended by P.L.238-2005,
SEC.49.
IC 30-5-5-7.5
Transfer on death transfers
Sec. 7.5. (a) Language conferring general authority with respect
to transfer on death or payable on death transfers means the principal
authorizes the attorney in fact to do the following:
(1) Establish one (1) or more transfer on death transfers or
payable on death transfers.
(2) Designate, amend, remove, modify, or change any
designation of beneficiary in a transfer on death transfer or
payable on death transfer, including those created by the
principal before or after the execution of the power of attorney.
(3) Terminate any transfer on death transfer or payable on death
transfer.
(4) Add to or withdraw from any transfer on death transfer or
payable on death transfer.
(5) Exercise any right or authority that the principal may have
in a transfer on death transfer or payable on death transfer
during the principal's lifetime.
(b) The powers described in this section are equally exercisable
with respect to transfer on death transfers and payable on death
transfers that are established or operated in Indiana or another
jurisdiction.
(c) A power of attorney that is executed before July 1, 2009, and
that confers general authority with respect to all other matters under
section 19 of this chapter also confers general authority with respect
to transfer on death transfers and payable on death transfers as
described in this section.
As added by P.L.143-2009, SEC.29.
IC 30-5-5-8
Beneficiary transactions
Sec. 8. (a) Language conferring general authority with respect to
beneficiary transactions means the principal authorizes the attorney
in fact to do the following:
(1) Represent and act for the principal in all ways and in all
matters affecting a trust, a probate, an estate, a guardianship, an
escrow, a custodianship, or other fund out of which the
principal is entitled, or claims to be entitled as a beneficiary, to
some share or payment, including the following powers:
(A) To accept, reject, disclaim, receive, receipt for, sell,
assign, release, pledge, exchange, or consent to a reduction
in or modification of a share in or payment from a fund.
(B) To demand or obtain by action or proceeding money or
other things of value to which the principal is, may become,
or claims to be entitled to because of the fund, initiate,
participate in, or oppose a proceeding, for the ascertainment
of the meaning, validity, or effect of a deed, declaration of
trust, or other transaction affecting in any way the interest of
the principal, initiate, participate in, or oppose a proceeding
for the removal, substitution, or surcharge of a fiduciary,
conserve, invest, disburse, or use anything received for the
purposes permitted under this section, and reimburse the
attorney in fact for expenditures properly made by the
attorney in fact in the execution of the powers conferred
upon the attorney in fact.
(C) To prepare, sign, file, and deliver all reports,
compilations of information, returns, or papers with respect
to an interest had or claimed on behalf of the principal in the
fund, pay, compromise, or contest, and apply for and receive
refunds in connection with a tax or an assessment with
respect to an interest had or claimed by or on behalf of the
principal in the fund or with respect to a property in which
an interest is had or claimed.
(D) To agree and contract in any manner and on any terms
with a person the attorney in fact selects to accomplish a
purpose permitted under this section, and perform, rescind,
reform, release, or modify an agreement or contract.
(E) To execute, acknowledge, verify, seal, file, and deliver
a deed, a mortgage, a lease, a consent, a designation, a
pleading, a demand, a notice, an election, a conveyance, a
release, an assignment, a pledge, a check, a waiver, an
admission of service, a notice of appearance, or other
instrument the attorney in fact considers useful to
accomplish a purpose permitted under this section.
(F) To submit to arbitration, settle, and propose or accept a
compromise with respect to a controversy or claim that
affects the administration of a fund in which the principal
has or claims to have an interest and do all acts the attorney
in fact considers to be desirable or necessary to reach a
compromise.
(G) To hire, discharge, and compensate an attorney,
accountant, expert witness, or other assistant when the
attorney in fact considers the action to be desirable for the
proper execution by the attorney in fact of a power described
in this section and keep needed records.
(H) To transfer part or all of an interest the principal may
have in interests in real property, stocks, bonds, bank
accounts, insurance, and other assets of any kind to the
trustee of a revocable trust created by the principal as
grantor.
(2) Perform any other acts in connection with the administration
or disposition of a trust, a probate estate, a guardianship, an
escrow, a custodianship, or other fund in which the principal
has, or claims to have, an interest as a beneficiary.
(b) The powers described in this section are exercisable equally
with respect to the administration or disposition of a trust, a probate
estate, a guardianship, an escrow, a custodianship, or other fund in
which the principal is interested at the time the power of attorney is
given or becomes interested in after that time, whether located in
Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2.
IC 30-5-5-9
Gift transactions
Sec. 9. (a) Language conferring general authority with respect to
gift transactions means the principal authorizes the attorney in fact
to do the following:
(1) Make gifts to organizations, charitable or otherwise, to
which the principal has made gifts, and satisfy pledges made to
organizations by the principal.
(2) Make gifts on behalf of the principal to the principal's
spouse, children, and other descendants or the spouse of a child
or other descendant, either outright or in trust, for purposes the
attorney in fact considers to be in the best interest of the
principal, including the minimization of income, estate,
inheritance, or gift taxes. The attorney in fact or a person that
the attorney in fact has a legal obligation to support may not be
the recipient of gifts in one (1) year that total more than the
amount allowed as an exclusion from gifts under Section 2503
of the Internal Revenue Code.
(3) Prepare, execute, consent to on behalf of the principal, and
file a return, report, declaration, or other document required by
the laws of the United States, a state, a subdivision of a state, or
a foreign government that the attorney in fact considers
desirable or necessary with respect to a gift made under the
authority of this section.
(4) Execute, acknowledge, seal, and deliver a deed, an
assignment, an agreement, an authorization, a check, or other
instrument the attorney in fact considers useful to accomplish
a purpose permitted under this section.
(5) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a gift
transaction, or intervene in a related action or proceeding.
(6) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(7) Perform any other acts the attorney in fact considers
desirable or necessary to complete a gift on behalf of the
principal.
(b) The powers described in this section are exercisable equally
with respect to a gift of property in which the principal is interested
at the time of the giving of the power of attorney or becomes
interested in after that time, whether conducted in Indiana or in
another jurisdiction.
As added by P.L.149-1991, SEC.2. Amended by P.L.238-2005,
SEC.50.
IC 30-5-5-10
Fiduciary transactions
Sec. 10. (a) Language conferring general authority with respect to
fiduciary transactions means the principal authorizes the attorney in
fact to do the following if the principal has the authority to delegate:
(1) Apply for and procure, in the name of the principal, letters
of administration, letters testamentary, letters of guardianship,
or any other type of judicial or administrative authority to act as
a fiduciary.
(2) Represent and act for the principal in all ways and in all
matters affecting a fund with respect to which the principal is
a fiduciary.
(3) Initiate, participate in, and oppose a proceeding, judicial or
otherwise, for the removal, substitution, or surcharge of a
fiduciary, conserve, invest, or disburse anything received for the
purposes of the fund for which it is received, and reimburse the
attorney in fact for expenditures properly made by the attorney
in fact in the execution of powers conferred on the attorney in
fact.
(4) Agree and contract in any manner and on any terms with a
person the attorney in fact selects to accomplish a purpose
permitted under this section and perform, rescind, reform,
release, or modify an agreement or contract made by or on
behalf of the principal.
(5) Execute, acknowledge, verify, seal, file, and deliver a
consent, a designation, a pleading, a notice, a demand, an
election, a conveyance, a release, an assignment, a pledge, a
check, a waiver, an admission of service, a notice of
appearance, or other instrument the attorney in fact considers
useful to accomplish a purpose permitted under this section.
(6) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(7) Perform any other acts with respect to a fund of which the
principal is a fiduciary.
(b) The powers described in this section are exercisable equally
with respect to a fund of which the principal is a fiduciary at the time
of the giving of the power of attorney or becomes a fiduciary after
that time, whether located in Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2.
IC 30-5-5-11
Claims and litigation
Sec. 11. (a) Language conferring general authority with respect to
claims and litigation means the principal authorizes the attorney in
fact to do the following:
(1) Assert and prosecute before a court, an administrative board,
a department, a commissioner, or other tribunal, a cause of
action, a claim, a counterclaim, an offset, or a defense that the
principal has or claims to have against an individual, a
partnership, an association, a government, a person, or an
instrumentality, including the power to sue for the following:
(A) The recovery of land or a thing of value.
(B) The recovery of damages sustained by the principal in
any manner.
(C) The elimination or modification of tax liability.
(D) An injunction.
(E) Specific performance.
(F) Any other relief.
(2) Bring an action of interpleader or other action to determine
adverse claims, intervene or interplead in an action or
proceeding, and act in litigation as amicus curiae.
(3) In connection with an action, a proceeding, or a controversy
at law or otherwise, apply for and, if possible, procure a libel,
an attachment, a garnishment, an order of arrest, or other
preliminary, provisional, or intermediate relief and resort to and
use in all ways permitted by law an available procedure to
satisfy a judgment, an order, or a decree.
(4) In connection with an action or a proceeding at law, or
otherwise, perform an act the principal might perform,
including an acceptance of tender, an offer of judgment, an
admission of facts, a submission of controversy on an agreed
statement of facts, a consent to examination before trial, and the
general binding of the principal in the conduct of litigation or
controversy as the attorney in fact considers desirable.
(5) Submit to arbitration, settle, and propose or accept a
compromise with respect to a claim existing in favor of or
against the principal or litigation to which the principal is, may
become, or may be designated a party.
(6) Waive the issuance and service of a summons, citation, or
other process upon the principal, accept service of process,
appear for the principal, designate persons upon whom process
directed to the principal may be served, execute and file or
deliver stipulations on the principal's behalf, verify pleadings,
appeal to appellate tribunals, procure and give surety and
indemnity bonds at the times and to the extent the attorney in
fact considers desirable or necessary, contract and pay for the
preparation and printing of records and briefs, receive and
execute and file or deliver a consent, a waiver, a release, a
confession of judgment, a satisfaction of judgment, a notice, an
agreement, or other instrument the attorney in fact considers
desirable or necessary in connection with the prosecution,
settlement, or defense of a claim by or against the principal or
of litigation to which the principal is, may become, or may be
designated a party.
(7) Appear for, represent, and act for the principal with respect
to bankruptcy or insolvency proceedings, whether voluntary or
involuntary, whether of the principal or another person, with
respect to a reorganization proceeding, a receivership, or an
application for the appointment of a receiver or trustee that
affects an interest of the principal in real property, a bond, a
share, a commodity interest, tangible personal property, or other
thing of value.
(8) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the execution of a power
permitted under this section.
(9) Pay, from funds in the control of the attorney in fact or the
account of the principal, a judgment against the principal or a
settlement that may be made in connection with a transaction
permitted under this section, receive and conserve money or
other things of value paid in settlement of or as proceeds of a
transaction permitted under this section, and receive, endorse,
and deposit checks.
(10) Perform other acts in connection with a claim by or against
the principal or litigation to which the principal is, may become,
or may be designated a party.
(b) The powers described in this section are exercisable equally
with respect to a claim or litigation existing at the time of the giving
of the power of attorney or arising after that time, whether located in
Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2.
IC 30-5-5-12
Family maintenance
Sec. 12. (a) Language conferring general authority with respect to
family maintenance means the principal authorizes the attorney in
fact to do the following:
(1) Perform acts necessary for maintaining the customary
standard of living of the spouse, children, and other persons
customarily supported by the principal, including the power to
provide the following:
(A) Living quarters by purchase, lease, or other contract, or
by payment of operating costs, including interest,
amortization payments, repairs, and taxes on premises
owned by the principal and occupied by the principal's
family or dependents.
(B) Normal domestic help for the operation of the
household.
(C) Usual vacation and travel expenses.
(D) Usual educational facilities.
(E) Funds for all the current living costs of the spouse,
children, and other dependents, including shelter, clothing,
food, and incidentals.
(2) Pay for necessary medical, dental, and surgical care,
hospitalization and custodial care for the spouse, children, and
other dependents of the principal.
(3) Continue provisions made by the principal before or after
the execution of the power of attorney for the principal's
spouse, children, and other persons customarily supported by
the principal with respect to automobiles or other means of
transportation, including the power to license, insure, and
replace automobiles owned by the principal and customarily
used by the spouse, children, or other persons customarily
supported by the principal.
(4) Continue charge accounts that have been operated by the
principal before or after the execution of the power of attorney
for the convenience of the principal's spouse, children, or other
persons customarily supported by the principal, open new
accounts the attorney in fact considers desirable to accomplish
a purpose permitted under this section and pay the items
charged on those accounts by a person authorized or permitted
by the principal to make charges prior to the execution of the
power of attorney.
(5) Continue payments incidental to membership or affiliation
of the principal in a church, a club, a society, an order, or other
organization and continue contributions to those organizations.
(6) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is or may become
entitled as salary, wages, commission, or other remuneration for
services performed, as a dividend or distribution on a stock, as
interest or principal on an indebtedness, or as a periodic
distribution of profits for a partnership or business in which the
principal has or claims an interest and endorse, collect, or
otherwise realize upon an instrument for the payment received.
(7) Use an asset of the principal for the performance of a power
permitted under this section, including the power to draw
money by check or otherwise from a bank deposit of the
principal, sell an interest in real property, a bond, a share, a
commodity interest, tangible personal property, or other asset
of the principal, borrow money and pledge as security for a loan
an asset, including insurance, that belongs to the principal.
(8) Execute, acknowledge, verify, seal, file, and deliver an
application, a consent, a petition, a notice, a release, a waiver,
an agreement, or other instrument that the attorney in fact
considers useful to accomplish a purpose permitted under this
section.
(9) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(10) Perform any other acts for the welfare of the spouse,
children, or other persons customarily supported by the
principal or for the preservation and maintenance of other
personal relationships of the principal to parents, relatives,
friends, and organizations as are appropriate.
(b) The powers described in this section are exercisable equally
whether the acts required for their execution relate to real or personal
property owned by the principal at the time of the giving of the
power of attorney or acquired after that time, whether located in
Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2.
IC 30-5-5-13
Benefits from military service
Sec. 13. (a) Language conferring general authority with respect to
benefits from military service means the principal authorizes the
attorney in fact to do the following:
(1) Execute vouchers in the name of the principal for
allowances and reimbursements payable to the United States, a
state, or a subdivision of a state to the principal, including
allowances and reimbursements for transportation of the
principal and the principal's dependents, and for shipment of
household effects, and receive, endorse, and collect the
proceeds of a check payable to the order of the principal drawn
on the treasurer, fiscal officers, or depository of the United
States, a state, or a subdivision of a state.
(2) Take possession and order the removal and shipment of
property of the principal from a post, warehouse, depot, dock,
or other place of storage or safekeeping, either governmental or
private, and execute and deliver a release, voucher, receipt, bill
of lading, shipping ticket, or certificate the attorney in fact
considers desirable or necessary.
(3) Prepare, file, and prosecute the claim of the principal to a
benefit or assistance, financial or otherwise, to which the
principal is or claims to be entitled under a statute or regulation
existing at the time of the execution of the power of attorney or
enacted after execution of the power of attorney by the United
States, a state, or a subdivision of a state, or by a foreign
government if the benefit or assistance arises from or is based
upon military service performed before or after the execution of
the power of attorney by the principal or a person related by
blood or marriage to the principal and execute a receipt or other
instrument the attorney in fact considers desirable or necessary
for the enforcement or collection of the claim.
(4) Receive the financial proceeds