72-31-340 . 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 or casualty or other loss; (b) obtaining or regaining possession 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; 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.
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