18-C M.R.S. §5-935: 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. Acquire or reject interest in tangible personal property. 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. Grant or otherwise dispose of interest in tangible personal property. 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. Security interest in tangible personal property. 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. Claim to tangible personal property. 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; and

5. Manage or conserve tangible personal property. 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 of 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 them;

D. Moving the property from place to place;

E. Storing the property for hire or on a gratuitous bailment;

F. Using and making repairs, alterations or improvements to the property; and

G. Changing the form of title of an interest in tangible personal property.