59-12-27. 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 credit, 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; create 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)    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)    Relocating the property;

(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.

Source: SL 2020, ch 214, § 27.