Section 26-1A-211


Published: 2015

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Section 26-1A-211

Section 26-1A-211Estates, trusts, and other beneficial interests.

(a) In this section, "estates, trusts, and other beneficial interests" means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be, entitled to a share or payment.



(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to estates, trusts, and other beneficial interests authorizes the agent to:



(1) accept, receive, receipt for, sell, assign, pledge, or exchange a share in or payment from the fund;



(2) demand or obtain money or another thing of value to which the principal is, may become, or claims to be, entitled by reason of the fund, by litigation or otherwise;



(3) exercise for the benefit of the principal a presently exercisable general power of appointment held by the principal;



(4) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to ascertain the meaning, validity, or effect of a deed, will, declaration of trust, or other instrument or transaction affecting the interest of the principal;



(5) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to remove, substitute, or surcharge a fiduciary;



(6) conserve, invest, disburse, or use anything received for an authorized purpose;



(7) transfer an interest of the principal in real property, stocks and bonds, accounts with financial institutions or securities intermediaries, insurance, annuities, and other property to the trustee of a revocable trust created by the principal as settlor; and



(8) reject, renounce, disclaim, release, or consent to a reduction in or modification of a share in or payment from the fund.

(Act 2011-683, p. 2015, §1.)