162A.490 - Tangible personal property. - Nevada Statutes

162A.490  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:

      1.  The agent to 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.  The agent to:

      (a) Sell;

      (b) Exchange;

      (c) Convey with or without covenants, representations or warranties;

      (d) Quitclaim;

      (e) Release;

      (f) Surrender;

      (g) Create a security interest in;

      (h) Grant options concerning;

      (i) Lease;

      (j) Sublease; or

      (k) Otherwise dispose of,

Ê tangible personal property or an interest in tangible personal property;

      3.  The agent to 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.  The agent to 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.  The agent to 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.  The agent to change the form of title of an interest in tangible personal property.

      (Added to NRS by 2009, 185)