Section 59-12-31 – Operation of entity or business.
59-12-31. Operation of entity or business. Subject to the terms of the governing instrument of an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority regarding operation of an entity or business authorizes the agent to: (1)Operate, buy, sell, enlarge, reduce, […]
Section 59-12-32 – Insurance and annuities.
59-12-32. 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 […]
Section 59-12-33 – Estates, trusts, and other beneficial interests.
59-12-33. Estates, trusts, and other beneficial interests. (1)For purposes of this section, the terms, estate, trust, or other beneficial interest, mean 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. (2)Unless the power of attorney […]
Section 59-12-24 – Incorporation of authority.
59-12-24. Incorporation of authority. (1)An agent has authority described in this chapter if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in §§59-12-26 through 59-12-39 or cites the section in which the authority is described. (2)A reference in a power of attorney to general authority […]
Section 59-12-25 – Construction of authority generally.
59-12-25. Construction of authority generally. Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in §§59-12-26 through 59-12-39 or that grants to an agent authority to do all acts that a principal could do pursuant to subdivision 59-12-23(3), a principal authorizes the […]
Section 59-12-26 – Real property.
59-12-26. Real property. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to: (1)Demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or reject an interest in real property or […]
Section 59-12-27 – Tangible personal property.
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 […]
Section 59-12-28 – Stocks and bonds.
59-12-28. Stocks and bonds. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to: (1)Buy, sell, and exchange stocks and bonds; (2)Establish, continue, modify, or terminate an account with respect to stocks and bonds; (3)Pledge stocks and bonds as […]
Section 59-12-29 – Commodities and options.
59-12-29. Commodities and options. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to commodities and options authorizes the agent to: (1)Buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call or put options on stocks or stock indexes traded on a regulated option […]
Section 59-12-30 – Banks and other financial institutions.
59-12-30. Banks and other financial institutions. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to: (1)Continue, modify, and terminate an account or other banking arrangement made by or on behalf of the principal; (2)Establish, modify, and […]