Section 457.280 - Tangible personal propertyUnless 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 personal property or an interest in tangible personal property;(2) 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) 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) 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;(5) 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 taxes or assessments;(d) Moving the property from place to place;(e) Storing the property for hire or on a gratuitous bailment; and(f) Using and making repairs, alterations, or improvements to the property; and(6) Change the form of title of an interest in tangible personal property.Effective: July 15, 2020
Created 2020 Ky. Acts ch. 41, sec. 47, effective 7/15/2020.