Code of Virginia
Chapter 16 - Uniform Power of Attorney Act
§ 64.2-1626. 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 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.
2010, cc. 455, 632, § 26-99; 2012, c. 614.

Structure Code of Virginia