§ 457.280

457.280 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 cr edit, 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; cr eate 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)

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, inc luding: (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 applyi ng 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. Effective: July 15, 2020 History: Created 2020 Ky. Acts ch. 41, sec. 47, effective July 15, 2020.