Section 1-351h. – General authority with respect to operation of entity or business.
Subject to the terms of a document or an agreement governing an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to operation of an entity or business authorizes the agent to: (1) Operate, buy, sell, enlarge, reduce, or […]
Section 1-351i. – General authority with respect to insurance and annuities.
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to: (1) Continue, pay the premium or make a contribution on, modify, exchange, rescind, release or terminate a contract procured by or on behalf of the principal which insures or […]
Section 1-351j. – General authority with respect to estates, trusts and other beneficial interests.
(a) For purposes of this section, “estate, trust or other beneficial interest” means a trust, probate estate, guardianship, conservatorship, escrow or custodianship or a fund from which the principal is, may become or claims to be, entitled to a share or payment. (b) Unless the power of attorney otherwise provides, language in a power of […]
Section 1-351k. – General authority with respect to claims and litigation.
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to claims and litigation authorizes the agent to: (1) Assert and maintain before a court or administrative agency a claim, claim for relief, cause of action, counterclaim, offset, recoupment or defense, including an action to recover property […]
Section 1-351l. – General authority with respect to personal and family maintenance.
(a) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to personal and family maintenance authorizes the agent to: (1) Perform the acts necessary to maintain the customary standard of living of the principal, the principal's spouse and the following other individuals, whether living when the […]
Section 1-351m. – General authority with respect to benefits from governmental programs or civil or military service.
(a) For purposes of this section, “benefits from governmental programs or civil or military service” means any benefit, program or assistance provided under a federal or state statute or regulation including Social Security, Medicare and Medicaid. (b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect […]
Section 1-351n. – General authority with respect to retirement plans.
(a) For purposes of this section, “retirement plan” means a plan or account created by an employer, the principal or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary or owner, including a plan or account under the following sections of the Internal Revenue Code of 1986, […]
Section 1-351o. – General authority with respect to taxes.
Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to: (1) Prepare, sign and file federal, state, local and foreign income, gift, payroll, property, federal Insurance Contributions Act and other tax returns, claims for refunds, requests for extension of time, petitions […]
Section 1-351p. – General authority with respect to gifts.
(a) For purposes of this section, a gift “for the benefit of” a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act and a tuition savings account or prepaid tuition plan as defined under 26 USC 529, as amended from time to time. (b) Unless the power of […]
Section 1-352. – Power of attorney short form, long form and optional information form.
(a)(1) A document substantially in the form of either the short form, as set forth in subdivision (2) of this subsection, or the long form, as set forth in subdivision (3) of this subsection, may be used to create a statutory power of attorney that has the meaning and effect prescribed in sections 1-350 to […]