Section 201 – Authority that requires specific grant — Grant of general authority.
Effective 5/10/2016 75-9-201. Authority that requires specific grant — Grant of general authority. (1) An agent under a power of attorney may do the following on behalf of the principal or with the principal’s property only if the power of attorney expressly grants the agent the authority, and exercise of the authority is not otherwise […]
Section 202 – Incorporation of authority.
Effective 5/10/2016 75-9-202. Incorporation of authority. (1) An agent has authority described in this part if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in Sections 75-9-204 through 75-9-217 or cites the section in which the authority is described. (2) A reference in a power […]
Section 203 – Construction of authority generally.
Effective 5/10/2016 75-9-203. 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 Sections 75-9-204 through 75-9-217 or that grants to an agent authority to do all acts that a principal could do pursuant to Subsection 75-9-201(3), a […]
Section 204 – Real property.
Effective 5/10/2016 75-9-204. 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 […]
Section 205 – Tangible personal property.
Effective 5/10/2016 75-9-205. 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 […]
Section 206 – Stocks and bonds.
Effective 5/10/2016 75-9-206. 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) […]
Section 207 – Commodities and options.
Effective 5/10/2016 75-9-207. 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 […]
Section 208 – Banks and other financial institutions.
Effective 5/10/2016 75-9-208. 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; […]
Section 117 – Agent’s liability.
Effective 5/10/2016 75-9-117. Agent’s liability. An agent that violates this chapter is liable to the principal or the principal’s successors in interest for the amount required to: (1) restore the value of the principal’s property to what it would have been had the violation not occurred; and (2) reimburse the principal or the principal’s successors […]
Section 118 – Agent’s resignation — Notice.
Effective 5/10/2016 75-9-118. Agent’s resignation — Notice. Unless the power of attorney provides a different method for an agent’s resignation, an agent may resign by giving notice to the principal and, if the principal is incapacitated: (1) to the guardian, if one has been appointed for the principal, and a coagent or successor agent; or […]