2022 Oklahoma Statutes
Title 15. Contracts
§15-1007. Construction of power relating to tangible personal property transactions.
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:
- a.insuring against casualty, liability, or loss,
- b.obtaining or regaining possession, or protecting the property or interest, by litigation or otherwise,
- c.paying, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments,
- d.moving from place to place,
- e.storing for hire or on a gratuitous bailment, and
- f.using, altering, and making repairs or alterations.
Added by Laws 1998, c. 420, § 7, eff. Nov. 1, 1998.