US Laws, Codes, Statutes & Cases

45-5-605. 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 alternations.