AB704: Bill Text

AB704,23,6 (a) Exercise authority under a power of attorney to create in the agent an interest in the principal's property, whether by gift, right of survivorship, beneficiary designation, disclaimer, or otherwise.

AB704,23,10 (b) Exercise authority under a power of attorney to create in an individual to whom the agent owes a legal obligation of support, an interest in the principal's property, whether by gift, right of survivorship, beneficiary designation, disclaimer, or otherwise.

AB704,23,13 (3) Subject to subs. (1), (2), (4), and (5), if a power of attorney grants to an agent the authority to do all acts that a principal could do, the agent has the general authority described in ss. 244.44 to 244.56.

AB704,23,15 (4) Unless the power of attorney otherwise provides, a grant of authority to make a gift is subject to s. 244.57.

AB704,23,17 (5) Subject to subs. (1), (2), and (4), if the subjects over which authority is granted in a power of attorney are similar or overlap, the broadest authority controls.

AB704,23,21 (6) Authority granted in a power of attorney is exercisable with respect to property that the principal has when the power of attorney is executed or acquires later, whether or not the property is located in this state and whether or not the authority is exercised or the power of attorney is executed in this state.

AB704,23,24 (7) An act performed by an agent pursuant to a power of attorney has the same effect and inures to the benefit of and binds the principal and the principal's successors in interest as if the principal had performed the act.

AB704,24,4 244.42 Incorporation of authority. (1) An agent has the authority described in this subchapter if the power of attorney refers to general authority as indicated by section titles for ss. 244.44 to 244.56 or cites the section in which the authority is described.

AB704,24,8 (2) A reference in a power of attorney to general authority with respect to the descriptive term for a subject in ss. 244.44 to 244.56 or a citation to any of ss. 244.44 to 244.57 incorporates the entire section as if it were set out in full in the power of attorney.

AB704,24,9 (3) A principal may modify authority incorporated by reference.

AB704,24,14 244.43 Construction of authority generally. Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in ss. 244.44 to 244.56 or that grants to an agent authority to do all acts that a principal could do under s. 244.41 (3), a principal authorizes the agent, with respect to that subject, to do all of the following:

AB704,24,17 (1) Demand, receive, and obtain by any lawful means, money or another thing of value to which the principal is, may become, or claims to be entitled, and conserve, invest, disburse, or use anything so received or obtained for the purposes intended.

AB704,24,21 (2) Contract with any person, on terms agreeable to the agent, to accomplish a purpose of a transaction and perform, rescind, cancel, terminate, reform, restate, release, or modify the contract or another contract made by or on behalf of the principal.

AB704,24,25 (3) Execute, acknowledge, seal, deliver, file, or record any instrument or communication the agent considers desirable to accomplish a purpose of a transaction, including creating a schedule listing some or all of the principal's property and attaching it to the power of attorney.

AB704,25,3 (4) Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or 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.

AB704,25,5 (5) Seek on the principal's behalf the assistance of a court or other governmental agency to carry out an act authorized in the power of attorney.

AB704,25,7 (6) Engage, compensate, and discharge an attorney, accountant, discretionary investment manager, expert witness, or other advisor.

AB704,25,9 (7) Prepare, execute, and file a record, report, or other document to safeguard or promote the principal's interest under a statute, rule, or regulation.

AB704,25,11 (8) Communicate with any representative or employee of a government or governmental subdivision, agency, or instrumentality, on behalf of the principal.

AB704,25,13 (9) Access communications intended for, and communicate on behalf of, the principal by any means.

AB704,25,15 (10) Do any lawful act with respect to a subject described in ss. 244.44 to 244.56 and all property related to that subject.

AB704,25,18 244.44 Real property. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to do all of the following:

AB704,25,21 (1) Demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or reject an interest in real property or a right incident to real property.

AB704,26,3 (2) Sell; exchange; convey with or without covenants, representations, or warranties; quit claim; release; surrender; retain title for security; encumber; partition; consent to partitioning; subject to an easement or covenant; subdivide; apply for zoning or other governmental permits; plat or consent to platting; develop; grant an option concerning; lease; sublease; contribute to an entity in exchange for an interest in that entity; or otherwise grant or dispose of an interest in real property or a right incident to real property.

AB704,26,6 (3) Pledge or mortgage an interest in real property or right incident to real 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.

AB704,26,9 (4) Release, assign, satisfy, or enforce by any lawful means a mortgage, deed of trust, conditional sale contract, encumbrance, lien, or other claim to real property which exists or is asserted.

AB704,26,12 (5) Manage or conserve an interest in real property or a right incident to real property owned or claimed to be owned by the principal, including by doing any of the following:

AB704,26,13 (a) Insuring against liability or casualty or other loss.

AB704,26,15 (b) Obtaining or regaining possession of or protecting the interest or right by litigation or otherwise.

AB704,26,17 (c) Paying, assessing, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments.

AB704,26,19 (d) Purchasing supplies, hiring assistance or labor, and making repairs or alterations to the real property.

AB704,26,22 (6) Use, develop, alter, replace, remove, erect, or install structures or other improvements upon real property in or incident to which the principal has, or claims to have, an interest or right.

AB704,27,2 (7) Participate in a reorganization with respect to real property or an entity that owns an interest in or right incident to real property and receive, hold, and act with respect to stocks and bonds or other property received in a plan of reorganization, including by doing any of the following:

AB704,27,3 (a) Selling or otherwise disposing of the stocks, bonds, or property.

AB704,27,5 (b) Exercising or selling an option, right of conversion, or similar right with respect to the stocks, bonds, or property.

AB704,27,6 (c) Exercising any voting rights in person or by proxy.

AB704,27,7 (8) Change the form of title of an interest in or right incident to real property.

AB704,27,9 (9) Dedicate to public use, with or without consideration, easements or other real property in which the principal has, or claims to have, an interest.

AB704,27,12 244.45 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 do all of the following:

AB704,27,15 (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.

AB704,27,19 (2) Sell; exchange; convey with or without covenants, representations, or warranties; quit claim; 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.

AB704,27,22 (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.

AB704,27,25 (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.

AB704,28,2 (5) Manage or conserve tangible personal property or an interest in tangible personal property on behalf of the principal, including by doing any of the following:

AB704,28,3 (a) Insuring against liability or casualty or other loss.

AB704,28,5 (b) Obtaining or regaining possession of or protecting the property or interest, by litigation or otherwise.

AB704,28,7 (c) Paying, assessing, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments.

AB704,28,8 (d) Moving the property from place to place.

AB704,28,9 (e) Storing the property for hire or under a gratuitous bailment.

AB704,28,10 (f) Using and making repairs, alterations, or improvements to the property.

AB704,28,11 (6) Change the form of title of an interest in tangible personal property.

AB704,28,14 244.46 Stocks and bonds. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to do all of the following:

AB704,28,15 (1) Buy, sell, and exchange stocks and bonds.

AB704,28,17 (2) Establish, continue, modify, or terminate an account with respect to stocks and bonds.

AB704,28,19 (3) Pledge stocks and bonds as security to borrow, pay, renew, or extend the time of payment of a debt of the principal.

AB704,28,21 (4) Receive certificates and other evidences of ownership with respect to stocks and bonds.

AB704,28,23 (5) Exercise voting rights with respect to stocks and bonds in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote.

AB704,29,3 (6) 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 stocks and bonds.

AB704,29,6 (7) Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party concerning stocks and bonds.

AB704,29,9 244.47 Commodities and options. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to commodities and options authorizes the agent to do all of the following:

AB704,29,12 (1) Buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call or put options on stocks or stock indexes traded on a regulated option exchange.

AB704,29,13 (2) Establish, continue, modify, and terminate option accounts.

AB704,29,17 244.48 Banks and other financial institutions. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to do all of the following:

AB704,29,19 (1) Continue, modify, and terminate an account or other banking arrangement made by or on behalf of the principal.

AB704,29,22 (2) 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.

AB704,29,24 (3) Contract for services available from a financial institution, including renting a safe deposit box or space in a vault.

AB704,30,3 (4) Withdraw, by check, order, electronic funds transfer, or otherwise, money or property of the principal deposited with or left in the custody of a financial institution.

AB704,30,5 (5) Receive statements of account, vouchers, notices, and similar documents from a financial institution and act with respect to them.

AB704,30,6 (6) Enter a safe deposit box or vault and withdraw or add to the contents.

AB704,30,9 (7) Borrow money and pledge as security personal property of the principal necessary 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.

AB704,30,14 (8) 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 the principal's order; transfer money, receive the cash or other proceeds of those transactions; and accept a draft drawn by a person upon the principal and pay it when due.

AB704,30,17 (9) Receive for the principal and act upon a sight draft, warehouse receipt, or other document of title whether tangible or electronic, or other negotiable or nonnegotiable instrument.

AB704,30,21 (10) Apply for, receive, and use letters of credit, credit and debit cards, electronic transaction authorizations, and traveler's checks from a financial institution and give an indemnity or other agreement in connection with letters of credit.

AB704,30,23 (11) Consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution.

AB704,31,3 244.49 Operation of entity or business. Subject to the terms of a document or an agreement governing an entity or business or an entity or business ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to operation of an entity or business authorizes the agent to do all of the following:

AB704,31,4 (1) Operate, buy, sell, enlarge, reduce, or terminate an ownership interest.

AB704,31,6 (2) Perform a duty or discharge a liability and exercise in person or by proxy a right, power, privilege, or option that the principal has, may have, or claims to have.

AB704,31,7 (3) Enforce the terms of an ownership agreement.

AB704,31,10 (4) Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party because of an ownership interest.

AB704,31,13 (5) 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 stocks and bonds.

AB704,31,16 (6) Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party concerning stocks and bonds.

AB704,31,18 (7) With respect to an entity or business owned solely by the principal, do all of the following:

AB704,31,21 (a) Continue, modify, renegotiate, extend, and terminate a contract made by or on behalf of the principal with respect to the entity or business before execution of the power of attorney.

AB704,31,22 (b) Determine all of the following:

AB704,31,23 1. The location of its operation.

AB704,31,24 2. The nature and extent of its business.

AB704,32,2 3. The methods of manufacturing, selling, merchandising, financing, accounting, and advertising employed in its operation.

AB704,32,3 4. The amount and types of insurance carried.

AB704,32,5 5. The mode of engaging, compensating, and dealing with its employees and accountants, attorneys, or other advisors.