Advanced Search

§18-16-4  Chattel and goods transactions. –


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
TITLE 18

Fiduciaries

CHAPTER 18-16

Rhode Island Short Form Power of Attorney Act

SECTION 18-16-4



   § 18-16-4  Chattel and goods transactions.

–

(a) In a statutory short form power of attorney, the language conferring

general authority with respect to chattel and goods 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 chattel or goods or any interest in any chattel or goods;



   (2) To sell, to exchange, to convey either with or without

covenants, to release, to surrender, to mortgage, to encumber, to pledge, to

hypothecate, to pawn, to revoke, to grant options concerning, to lease or to

sublet to others, or otherwise to dispose of any chattel or goods or any

interest in any chattel or goods;



   (3) To release in whole or in part, to assign the whole or a

part of, to satisfy in whole or in part, and to enforce by action, proceeding

or otherwise, any mortgage, encumbrance, lien or other claim, which exists, or

is claimed to exist, in favor of the principal, with respect to any chattel or

goods of any interest in any chattel or goods;



   (4) To do any act of management or of conservation, with

respect to any chattel or goods or to any interest in any chattel or goods

owned, or claimed to be owned, by the principal, including, but not limited to,

power to insure against any casualty, liability or loss, to obtain or to regain

possession, or to protect any chattel or goods or interest in any chattel or

goods, by action, proceeding or otherwise, to pay, to compromise or to contest

taxes or assessments, to apply for refunds in connection with any chattel or

goods, to move from place to place, to store for hire or on a gratuitous

bailment, to use, to alter and to make repairs or alterations of any chattel or

goods, or interest in any chattel or goods;



   (5) To demand, to receive, to 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 chattel or goods or

of any interest in any chattel or goods, or of one or more of the transactions

enumerated in this section, to conserve, to invest, to disburse or to 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;



   (6) To agree and to contract, in any manner, and with any

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, to rescind, to

reform, to release or to modify this agreement or contract or any other similar

agreement or contract made by or on behalf of the principal;



   (7) To execute, to acknowledge, to seal and to deliver any

conveyance, revocation, declaration, mortgage, lease, notice, check or other

instrument which the agent may think useful for the accomplishment of any of

the purposes enumerated in this section; (8) To prosecute, to defend, to submit

to arbitration, to settle, and to propose or to accept a compromise with

respect to, any claim existing in favor of, or against, the principal based on

or involving any chattel or goods transaction or to intervene in any action or

proceedings relating to any claim;



   (9) To hire, to discharge and to 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



   (10) 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 chattel or goods or interest in

any chattel or goods.



   (b) All powers described in this section shall be equally

exercisable with respect to any chattel or goods or interest in any chattel or

goods 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.)