Section 3-9-205 - Tangible Personal Property

3-9-205. Tangible personal property. (a) 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: (i) 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; (ii) Sell, exchange, quitclaim, release, surrender, create a security interest in, grant options concerning, lease, sublease, convey with or without covenants, representations or warranties, or otherwise dispose of tangible personal property or an interest in tangible personal property; (iii) 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; (iv) 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; (v)

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; (v) Manage or conserve tangible personal property or an interest in tangible personal property on behalf of the principal, including: (A) Insuring against liability, 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; (F) Using and making repairs, alterations or improvements to the property. (vi) Change the form of title of an interest in tangible personal property.