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 […]
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 […]
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 […]
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 […]
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 […]
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) […]
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 […]
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; […]
Effective 5/10/2016 75-9-209. 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 […]
Effective 5/10/2016 75-9-210. 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 […]
Effective 5/10/2016 75-9-211. Estates, trusts, and other beneficial interests. (1) In this section, “estate, trust, or other beneficial interest” means a trust, probate estate, guardianship, conservatorship, escrow, custodianship, or fund from which the principal is, may become, or claims to be entitled to a share or payment. (2) Unless the power of attorney otherwise provides, […]
Effective 5/10/2016 75-9-212. 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, […]
Effective 5/10/2016 75-9-213. Personal and family maintenance. (1) 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: (a) perform the acts necessary to maintain the customary standard of living of the principal, the principal’s spouse, and the […]
Effective 5/10/2016 75-9-214. Benefits from governmental programs or civil or military service. (1) In this section, “benefits from governmental programs or civil or military service” means any benefit, program, or assistance provided under a statute or regulation, including social security, Medicare, and Medicaid. (2) Unless the power of attorney otherwise provides, language in a power […]
Effective 5/10/2016 75-9-215. Retirement plans. (1) In 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 […]
Effective 5/10/2016 75-9-216. 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 […]
Effective 5/10/2016 75-9-217. Gifts. (1) In 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 (1983/1986), and a tuition savings account or prepaid tuition plan as defined under Section 529, Internal Revenue Code. (2) Unless the power of attorney […]
