CODE OF VIRGINIA

TANGIBLE PERSONAL PROPERTY (§ 64.2-1626)

Unless the power of attorney otherwise provides, language in a power of attorney
granting general authority with respect to tangible personal property authorizes
the agent to:

   1.  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.  Sell; exchange; convey with or without covenants, representations, or
   warranties; quitclaim; release; surrender; create a security interest in;
   grant options concerning; lease; sublease; or otherwise dispose of tangible
   personal property or an interest in tangible personal property;

   3.  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.  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.  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.  Change the form of title of an interest in tangible personal property.

HISTORY: 2010, cc. 455, 632, § 26-99; 2012, c. 614.