§ 18-16-4 - Chattel and goods transactions. - Rhode Island Statutes

SECTION 18-16-4

   § 18-16-4  Chattel and goods transactions.– (a) In a statutory short form power of attorney, the language conferringgeneral authority with respect to chattel and goods transactions shall beconstrued to mean that the principal authorizes the agent:

   (1) To accept as a gift, or as security for a loan, toreject, to demand, to buy, to receive, or otherwise to acquire either ownershipor possession of, any chattel or goods or any interest in any chattel or goods;

   (2) To sell, to exchange, to convey either with or withoutcovenants, to release, to surrender, to mortgage, to encumber, to pledge, tohypothecate, to pawn, to revoke, to grant options concerning, to lease or tosublet to others, or otherwise to dispose of any chattel or goods or anyinterest in any chattel or goods;

   (3) To release in whole or in part, to assign the whole or apart of, to satisfy in whole or in part, and to enforce by action, proceedingor otherwise, any mortgage, encumbrance, lien or other claim, which exists, oris claimed to exist, in favor of the principal, with respect to any chattel orgoods of any interest in any chattel or goods;

   (4) To do any act of management or of conservation, withrespect to any chattel or goods or to any interest in any chattel or goodsowned, 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 regainpossession, or to protect any chattel or goods or interest in any chattel orgoods, by action, proceeding or otherwise, to pay, to compromise or to contesttaxes or assessments, to apply for refunds in connection with any chattel orgoods, to move from place to place, to store for hire or on a gratuitousbailment, to use, to alter and to make repairs or alterations of any chattel orgoods, or interest in any chattel or goods;

   (5) To demand, to receive, to obtain by action, proceeding orotherwise, any money or other thing of value to which the principal is, or maybecome, or may claim to be, entitled as the proceeds of any chattel or goods orof any interest in any chattel or goods, or of one or more of the transactionsenumerated in this section, to conserve, to invest, to disburse or to utilizeanything received for purposes enumerated in this section, and to be reimbursedfor any expenditures properly made by him or her in the execution of the powersconferred on him or her by the statutory short form power of attorney;

   (6) To agree and to contract, in any manner, and with anyperson and on any terms, which the agent may select, for the accomplishment ofany of the purposes enumerated in this section, and to perform, to rescind, toreform, to release or to modify this agreement or contract or any other similaragreement or contract made by or on behalf of the principal;

   (7) To execute, to acknowledge, to seal and to deliver anyconveyance, revocation, declaration, mortgage, lease, notice, check or otherinstrument which the agent may think useful for the accomplishment of any ofthe purposes enumerated in this section; (8) To prosecute, to defend, to submitto arbitration, to settle, and to propose or to accept a compromise withrespect to, any claim existing in favor of, or against, the principal based onor involving any chattel or goods transaction or to intervene in any action orproceedings relating to any claim;

   (9) To hire, to discharge and to compensate any attorney,accountant, expert witness or other assistant or assistants when the agentdeems this action to be desirable for the proper execution by him or her of anyof the powers described in this section, and for the keeping of needed recordsof these actions; and

   (10) In general, and in addition to all the specific actsenumerated in this section, to do any other act or acts, which the principalcan do through an agent, with respect to any chattel or goods or interest inany chattel or goods.

   (b) All powers described in this section shall be equallyexercisable with respect to any chattel or goods or interest in any chattel orgoods owned by the principal at the giving of the power of attorney orthereafter acquired, whether located in the state of Rhode Island or elsewhere.