TITLE 18
Fiduciaries
CHAPTER 18-16
Rhode Island Short Form Power of Attorney Act
SECTION 18-16-5
§ 18-16-5 Bond, share and commodity
transactions.
(a) In a statutory short form power of attorney, the language conferring
general authority with respect to bond, share and commodity transactions shall
be construed to mean that the principal authorizes the agent:
(1) To accept as a gift, or as security for a loan, to
reject, to demand, to buy, to receive, or otherwise to acquire either ownership
or possession of, any bond, share, instrument of similar character, commodity
interest or any instrument with respect to it, together with the interest,
dividends, proceeds or other distributions connected with it;
(2) To sell, including short sales, exchange, transfer either
with or without a guaranty, release, surrender, hypothecate, pledge, grant
options concerning, loan, trade in, or otherwise dispose of any bond, share
instrument of similar character, commodity interest or any instrument with
respect to it;
(3) To release in commodity interest or any instrument with
respect to it; to release in whole or in part, assign the whole or a part of,
satisfy in whole or in part, and enforce by action, proceeding or otherwise,
any pledge, encumbrance, lien or other claim as to any bond, share, instrument
of similar character, commodity interest or any interest with respect to it,
when the pledge, encumbrance, lien or other claim is owned, or claimed to be
owned, by the principal;
(4) To do any act of management or of conservation with
respect to any bond, share, instrument of similar character, commodity interest
or any instrument with respect to it, owned or claimed to be owned by the
principal or in which the principal has or claims to have an interest,
including, but not limited to, power to insure against any casualty, liability
or loss; to obtain or regain possession or protect the principal's interest in
the instrument by action, proceeding or otherwise; to pay, compromise or
contest taxes or assessments; to apply for refunds in connection with the
instrument; to consent to and participate in any reorganization,
recapitalization, liquidation, merger, consolidation, sale or lease, or other
change in or revival of a corporation or other association, or in the financial
structure of any corporation or other association, or in the priorities, voting
rights of other special rights with respect to it; to become a depositor with
any protective, reorganization or similar committee of the bond, share, other
instrument of similar character, commodity interest or any instrument with
respect to it, belonging to the principal; to make any payments reasonably
incident to the preceding provisions; to exercise or sell an option, conversion
or similar right; to vote in persons or by the granting of a proxy, with or
without the power of substitution, either discretionary, general or otherwise,
for the accomplishment of any of the purposes enumerated in this section;
(5) To carry in the name of a nominee selected by the agent
any evidence of the ownership of any bond, share, other instrument of similar
character, commodity interest or instrument with respect to it, belonging to
the principal;
(6) To employ, in any way believed to be desirable by the
agent, any bond, share, other instrument of similar character, commodity
interest or any instrument with respect to it, in which the principal has or
claims to have any interest, for the protection or continued operation of any
speculative or margin transaction personally begun or personally guaranteed, in
whole or in part, by the principal;
(7) To demand, receive or obtain by action, proceeding or
otherwise, any money or other thing of value to which the principal is, or may
become, or may claim to be, entitled as the proceeds of any interest in a bond,
share, other instrument of similar character, commodity interest or any
instrument with respect to it, or of one or more of the transactions enumerated
in this section; to conserve, invest, disburse or utilize anything received for
purposes enumerated in this section, and to be reimbursed for any expenditures
properly made by him or her in the execution of the powers conferred on him or
her by the statutory short form power of attorney;
(8) To agree and contract, in any manner, and with any broker
or other person, and on any terms, which the agent may select, for the
accomplishment of any of the purposes enumerated in this section, and to
perform, rescind, reform, release or modify this agreement or contract or any
other similar agreement made by or on behalf of the principal;
(9) To execute, acknowledge and deliver any consent,
agreement, authorization, assignment, revocation, declaration or modification,
notice, waiver of notice, check or other instrument which the agent deems
useful for the accomplishment of any of the purposes enumerated in this section;
(10) To execute, acknowledge and file any report or
certificate required by law or governmental regulation;
(11) To prosecute, defend, submit to arbitration, settle and
propose or accept a compromise with respect to any claim existing in favor of,
or against, the principal based on or involving any bond, share or commodity
transaction or to intervene in any action or proceeding relating to it;
(12) To hire, discharge and compensate any attorney,
accountant, expert witness or other assistant or assistants when the agent
deems this action to be desirable for the proper execution by him or her of any
of the powers described in this section, and for the keeping of needed records
of these actions; and
(13) In general, and in addition to all the specific acts
enumerated in this section, to do any other act or acts, which the principal
can do through an agent, with respect to any interest in any bond, share or
other instrument of similar character, commodity, or instrument with respect to
a commodity.
(b) All powers described in this section shall be equally
exercisable with respect to any interest in any bond, share or other instrument
of similar character, commodity, or instrument with respect to a commodity
owned by the principal at the giving of the power of attorney or thereafter
acquired, whether located in the state of Rhode Island or elsewhere.
History of Section.
(P.L. 1996, ch. 375, § 1.)
