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BY ACCEPTING OR ACTING UNDER THE APPOINTMENT, THE AGENT ASSUMES THE FIDUCIARY AND OTHER LEGAL RESPONSIBILITIES OF AN AGENT.
243.10(1)(b)
(b)
Requirements. A statutory power of attorney is legally sufficient under this section if the wording of the form complies substantially with
par. (a), the form is properly completed and the signature of the principal is acknowledged. A copy of a completed statutory power of attorney form has the same force and effect as the original.
243.10(1)(cm)
(cm)
Recording. A completed statutory form of power of attorney may be recorded in the office of the register of deeds in the county where the principal resides and in the county where the agent resides.
243.10(2)
(2) Durable power of attorney. A power of attorney legally sufficient under this section is durable to the extent that durable powers are permitted under
s. 243.07 and the power of attorney contains language provided under
s. 243.07 (1) showing the intent of the principal that the power granted may be exercised notwithstanding later disability, incapacity or incompetency.
243.10(2m)
(2m) The department of health and family services shall prepare and provide copies of the statutory power of attorney form under
sub. (1) (a) for distribution in quantities to health care professionals, hospitals, nursing homes, multipurpose senior centers, county clerks and local bar associations and individually to private persons. The department of health and family services may charge a reasonable fee for the cost of preparation and distribution of the forms.
243.10(3)
(3) Construction of powers generally. 243.10(3)(a)(a) By executing a statutory power of attorney with respect to a power listed in
sub. (1) (a), the principal, except as provided under
pars. (b) and
(c) or as limited or extended by the principal in the power of attorney, empowers the agent to do all of the following for that power:
243.10(3)(a)1.
1. Demand, receive, and obtain by litigation or otherwise, money or other thing of value to which the principal is, may become or claims to be entitled; and conserve, invest, disburse or use anything so received for the purposes intended.
243.10(3)(a)2.
2. Contract in any manner with any person, on terms agreeable to the agent, to accomplish a purpose of a transaction, and perform, rescind, reform, release or modify the contract or another contract made by or on behalf of the principal.
243.10(3)(a)3.
3. Execute, acknowledge, seal and deliver a deed, revocation, mortgage, lease, notice, check, release or other instrument the agent considers desirable to accomplish a purpose of a transaction.
243.10(3)(a)4.
4. Prosecute, defend, submit to arbitration, settle, and propose or accept a compromise with respect to, a claim existing in favor of or against the principal, or intervene in litigation relating to the claim.
243.10(3)(a)5.
5. Seek on the principal's behalf the assistance of a court to carry out an act authorized by the power of attorney.
243.10(3)(a)6.
6. Engage, compensate and discharge an attorney, accountant, expert witness or other assistant.
243.10(3)(a)7.
7. Keep appropriate records of each transaction, including an accounting of receipts and disbursements.
243.10(3)(a)8.
8. Prepare, execute and file a record, report or other document the agent considers desirable to safeguard or promote the principal's interest under a statute or governmental regulation.
243.10(3)(a)9.
9. Reimburse the agent for expenditures properly made by the agent in exercising the powers granted by the power of attorney.
243.10(3)(a)10.
10. In general, do any other lawful act with respect to that subject.
243.10(3)(b)
(b) The execution of a statutory power of attorney under this section does not confer on the agent any of the powers or duties conferred on a health care agent by the power of attorney for health care under
ch. 155.
243.10(3)(c)
(c) The execution of a statutory power of attorney under this section does not confer upon the agent any of the following:
243.10(3)(c)1.
1. The power to make a will for or modify, amend or revoke the will of the principal.
243.10(3)(c)2.
2. The power to enter into a trust agreement on behalf of, or to modify, amend or revoke a trust agreement entered into by, the principal.
243.10(3)(c)3.
3. The power to exercise any power, right or authority retained by the principal under a trust agreement.
243.10(4)
(4) Construction of power relating to real property transactions. In a statutory power of attorney, the language granting power with respect to real property transactions empowers the agent to do all of the following:
243.10(4)(a)
(a) Accept as a gift or as security for a loan, reject, demand, buy, lease, receive, or otherwise acquire, an interest in real property or a right incident to real property.
243.10(4)(b)
(b) Sell, exchange, convey with or without covenants, quitclaim, release, surrender, mortgage, encumber, partition, consent to partitioning, subdivide, apply for zoning, rezoning or other governmental permits, plat or consent to platting, develop, grant options concerning, lease, sublease, or otherwise dispose of, an interest in real property or a right incident to real property.
243.10(4)(c)
(c) Release, assign, satisfy and enforce by litigation or otherwise, a mortgage, deed of trust, encumbrance, lien or other claim to real property that exists or is asserted.
243.10(4)(d)
(d) Do any act of management or of conservation with respect to an interest in real property, or to a right incident to real property, owned or claimed to be owned by the principal, including all of the following:
243.10(4)(d)2.
2. Obtaining or regaining possession, or protecting the interest or right, by litigation or otherwise.
243.10(4)(d)3.
3. Paying, compromising or contesting taxes or assessments, or applying for and receiving refunds in connection with them.
243.10(4)(d)4.
4. Purchasing supplies, hiring assistance or labor and making repairs or alterations in the real property.
243.10(4)(e)
(e) Use, develop, alter, replace, remove, erect or install structures or other improvements upon real property in which, or incident to which, the principal has, or claims to have, an interest or right.
243.10(4)(f)
(f) Participate in a reorganization with respect to real property or a legal entity that owns an interest in or right incident to real property, receive and hold shares of stock or obligations received in a plan of reorganization, and act with respect to the interest or shares, including all of the following:
243.10(4)(f)1.
1. Selling or otherwise disposing of the interest or shares.
243.10(4)(f)2.
2. Exercising or selling an option, conversion or similar right with respect to the interest or shares.
243.10(4)(f)3.
3. Voting the interest or shares in person or by proxy.
243.10(4)(g)
(g) Change the form of title of an interest in or right incident to real property.
243.10(4)(h)
(h) Dedicate to public use, with or without consideration, easements or other real property in which the principal has, or claims to have, an interest.
243.10(5)
(5) Construction of power relating to tangible personal property transactions. In a statutory power of attorney, the language granting power with respect to tangible personal property transactions empowers the agent to do all of the following:
243.10(5)(a)
(a) Accept as a gift or as security for a loan, reject, demand, buy, receive or otherwise acquire ownership or possession of tangible personal property or an interest in tangible personal property.
243.10(5)(b)
(b) Sell, exchange, convey with or without covenants, release, surrender, mortgage, encumber, pledge, hypothecate, create a security interest in, pawn, grant options concerning, lease, sublease to others or otherwise dispose of tangible personal property or an interest in tangible personal property.
243.10(5)(c)
(c) Release, assign, satisfy, or enforce by litigation or otherwise, a mortgage, security interest, encumbrance, lien or other claim on behalf of the principal, with respect to tangible personal property or an interest in tangible personal property.
243.10(5)(d)
(d) Do an act of management or conservation with respect to tangible personal property or an interest in tangible personal property on behalf of the principal, including all of the following:
243.10(5)(d)2.
2. Obtaining or regaining possession, or protecting the property or interest, by litigation or otherwise.
243.10(5)(d)3.
3. Paying, compromising or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments.
243.10(6)
(6) Construction of power relating to stock and bond transactions. In a statutory power of attorney, the language granting power with respect to stock and bond transactions empowers the agent to buy, sell and exchange stocks, bonds, mutual funds and all other types of securities and financial instruments except commodity futures contracts, to call and put options on stocks and stock indexes, to receive certificates and other evidences of ownership with respect to securities, to exercise voting rights with respect to securities in person or by proxy, to enter into voting trusts and to consent to limitations on the right to vote.
243.10(7)
(7) Construction of power relating to commodity and option transactions. In a statutory power of attorney, the language granting power with respect to commodity and option transactions empowers the agent to buy, sell, exchange, assign, settle and exercise commodity futures contracts, to call and put options on stocks and stock indexes traded on a regulated option exchange and to establish, continue, modify and terminate option accounts with a broker.
243.10(8)
(8) Construction of power relating to banking and other financial institution transactions. In a statutory power of attorney, the language granting power with respect to banking and other financial institution transactions empowers the agent to do all of the following:
243.10(8)(a)
(a) Continue, modify and terminate an account or other banking arrangement made by or on behalf of the principal.
243.10(8)(b)
(b) Establish, modify and terminate an account or other banking arrangement with a bank, trust company, savings and loan association, credit union, thrift company, brokerage firm or other financial institution selected by the agent.
243.10(8)(c)
(c) Hire a safe deposit box or space in a vault.
243.10(8)(d)
(d) Contract to procure other services available from a financial institution as the agent considers desirable.
243.10(8)(e)
(e) Withdraw by check, order or otherwise money or property of the principal deposited with or left in the custody of a financial institution.
243.10(8)(f)
(f) Receive bank statements, vouchers, notices and similar documents from a financial institution and act with respect to them.
243.10(8)(g)
(g) Enter a safe deposit box or vault and withdraw or add to the contents.
243.10(8)(h)
(h) Borrow money at an interest rate agreeable to the agent and pledge as security personal property of the principal necessary in order to borrow, pay, renew or extend the time of payment of a debt of the principal.
243.10(8)(i)
(i) Make, assign, draw, endorse, discount, guarantee and negotiate promissory notes, checks, drafts and other negotiable or nonnegotiable paper of the principal, or payable to the principal or to the principal's order, receive the cash or other proceeds of those transactions, accept a draft drawn by a person upon the principal and pay it when due.
243.10(8)(j)
(j) Receive for the principal and act upon a sight draft, warehouse receipt or other negotiable or nonnegotiable instrument.
243.10(8)(k)
(k) Apply for and receive letters of credit, credit cards and traveler's checks from a financial institution, and give an indemnity or other agreement in connection with letters of credit.
243.10(8)(L)
(L) Consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution.
243.10(9)
(9) Construction of power relating to business operating transactions. In a statutory power of attorney, the language granting power with respect to business operating transactions empowers the agent to do all of the following:
243.10(9)(a)
(a) Operate, buy, sell, enlarge, reduce and terminate a business interest.
243.10(9)(b)
(b) To the extent that an agent is permitted by law to act for a principal and subject to the terms of the partnership agreement to do all of the following:
243.10(9)(b)1.
1. Perform a duty or discharge a liability and exercise a right, power, privilege or option that the principal has, may have or claims to have under a partnership agreement, whether or not the principal is a partner.
243.10(9)(b)2.
2. Enforce the terms of a partnership agreement by litigation or otherwise.
243.10(9)(b)3.
3. Defend, submit to arbitration, settle or compromise litigation to which the principal is a party because of membership in the partnership.
243.10(9)(c)
(c) Exercise in person or by proxy, or enforce by litigation or otherwise, a right, power, privilege or option the principal has or claims to have as the holder of a bond, share or other instrument of similar character, and defend, submit to arbitration, settle or compromise litigation to which the principal is a party because of a bond, share or similar instrument.
243.10(9)(d)
(d) With respect to a business owned solely by the principal, do all of the following:
243.10(9)(d)1.
1. Continue, modify, renegotiate, extend and terminate a contract made with an individual or a legal entity, firm, association or corporation by or on behalf of the principal with respect to the business before execution of the power of attorney.
243.10(9)(d)2.c.
c. The methods of manufacturing, selling, merchandising, financing, accounting and advertising employed in its operation.
243.10(9)(d)2.e.
e. The mode of engaging, compensating and dealing with its accountants, attorneys and other agents and employes.
243.10(9)(d)3.
3. Change the name or form of organization under which the business is operated and enter into a partnership agreement with other persons or organize a corporation to take over all or part of the operation of the business.
243.10(9)(d)4.
4. Demand and receive money due or claimed by the principal or on the principal's behalf in the operation of the business, and control and disburse the money in the operation of the business.
243.10(9)(e)
(e) Put additional capital into a business in which the principal has an interest.
243.10(9)(f)
(f) Join in a plan of reorganization, consolidation or merger of the business.
243.10(9)(g)
(g) Sell or liquidate a business or part of it at the time and upon the terms the agent considers desirable.
243.10(9)(h)
(h) Establish the value of a business under a buy-out agreement to which the principal is a party.
243.10(9)(i)
(i) Prepare, sign, file and deliver reports, compilations of information, returns or other papers with respect to a business which are required by a governmental agency or instrumentality or which the agent considers desirable, and make related payments
243.10(9)(j)
(j) Pay, compromise or contest taxes or assessments and do any other act which the agent considers desirable to protect the principal from illegal or unnecessary taxation, fines, penalties or assessments with respect to a business, including attempts to recover, in any manner permitted by law, money paid before or after the execution of the power of attorney.
