|
2 01303866
<br />Principal means the individual who grants authority to an agent in a power of attorney.
<br />Property means anything that may be the subject of ownership, whether real or personal, legal
<br />or equitable or any interest or right therein.
<br />Record means information that is inscribed on a tangible medium or that is stored in an
<br />electronic or other medium and is retrievable in perceivable form.
<br />Sign means the present intent to authenticate or adopt a record (a) to execute or adopt a
<br />tangible symbol or (b) attach to or logically associate with the record an electronic sound, symbol or
<br />process.
<br />State means a state of the United States, District of Columbia.
<br />Stocks and bonds means stocks, bonds, mutual funds, and all other types of securities and
<br />financial instruments, whether held directly, 'indirectly or in any other manner. The term does not
<br />include commodity futures contracts and call or put options on stocks or stock indexes.
<br />The Power of Attorney terminates when a. principal dies b. principal becomes incapacitated if
<br />the power of attorney is not durable c. principal revokes the power of attorney d. power of attorney
<br />provides that it terminates e. the purpose of the power of attorney is accomplished f. the principal
<br />revokes the agent's authority or the agent dies, becomes incapacitated or resigned and the power of
<br />attorney does not provide for another agent to act under the power of attorney.
<br />Except as otherwise provided in the power of attorney the agent shall attempt .to preserve the
<br />principal's estate plan, to the extent known by the agent, tf preserving the plan is consistent with the
<br />principal's best Interest based on all relevant factors, including I_The value and nature of the principal's
<br />property 2. The principal's foreseeable obligations and need for maintenance3. Minimization of taxes,
<br />including income, estate, inheritance, generation skipping transfer and gift taxes 4. Eligibility for a
<br />benefit, a program or assistance under a statute or regulation.
<br />3. To receive debts, payments and property. To ask, demand, sue far, recover and receive all
<br />sums of money, debts, dues, goods, wares, merchandise, chattels, effects and things of
<br />whatsoever nature or description which now are or hereafter shall be or become due,
<br />owing, payable or belonging to me in or by right, title, ways or means howsoever, and upon
<br />receipt thereof, or any part thereof, to make, sign, execute and deliver such receipts,
<br />releases or other discharges for the same respectively as my said attorney shall deem
<br />advisable.
<br />4. To settle accounts, To settle any account of reckoning whatsoever wherein t now am or at
<br />anytime hereafter shall be in anywise interested or concerned with any person
<br />whomsoever, and to pay or receive the balance thereof as the case may require.
<br />5. To satisfy interests and mortgages. To receive every sum of money which now is or
<br />hereafter shall be due or belonging to me upon the security or by virtue of any security
<br />interest or agreement, or mortgage, and on receipt of the full amount secured thereby to
<br />execute a good and sufficient release or other discharge or such security interest, or
<br />mortgage by deed or otherwise.
<br />6. To compound, submit to arbitration, or otherwise settle or adjust differences. To
<br />compound with or make allowances to any person for or In respect to any debt or demand
<br />whatsoever which now is or shall at any time hereafter become due and payable to rne, or
<br />(2)
<br />
|