2006 New Mexico Statutes - 45-5-603 — Construction of powers generally.

45-5-603. Construction of powers generally.

By executing a statutory power of attorney with respect to a subject listed in Subsection A of Section 45-5-602, the principal, except as limited or extended by the principal in the power of attorney, empowers the agent, for that subject to:   

(1)     demand, receive, and obtain by litigation or otherwise, money or other thing of value to which the principal is, may become, or claims to be entitled; and conserve, invest, disburse or use anything so received for the purposes intended;   

(2)     contract in any manner with any person, on terms agreeable to the agent, to accomplish a purpose of a transaction, and perform, rescind, reform, release or modify the contract or another contract made by or on behalf of the principal;   

(3)     execute, acknowledge, seal and deliver a deed, revocation, mortgage, lease, notice, check, release or other instrument the agent considers desirable to accomplish a purpose of a transaction;   

(4)     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 or intervene in litigation relating to the claim;   

(5)     seek on the principal's behalf the assistance of a court to carry out an act authorized by the power of attorney;   

(6)     engage, compensate and discharge an attorney, accountant, expert witness or other assistant;   

(7)     keep appropriate records of each transaction, including an accounting of receipts and disbursements;   

(8)     prepare, execute and file a record, report or other document the agent considers desirable to safeguard or promote the principal's interest under a statute or governmental regulation;   

(9)     reimburse the agent for expenditures properly made by the agent in exercising the powers granted by the power of attorney; and   

(10)     in general, do any other lawful act with respect to the subject.