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§ 1007. Tangible personal property transactions

Oklahoma Statutes AnnotatedTitle 15. Contracts

Oklahoma Statutes Annotated
Title 15. Contracts
Chapter 24. Uniform Statutory Form Power of Attorney Act (Refs & Annos)
15 Okl.St.Ann. § 1007
§ 1007. Tangible personal property transactions
Currentness
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:
1. 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;
2. 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;
3. 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; and
4. 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:
a. insuring against casualty, liability, or loss,
b. obtaining or regaining possession, or protecting the property or interest, by litigation or otherwise,
c. paying, compromising, or contesting taxes or assessments or applying for and receiving refunds in connection with taxes or assessments,
d. moving from place to place,
e. storing for hire or on a gratuitous bailment, and
f. using, altering, and making repairs or alterations.

Credits

Laws 1998, c. 420, § 7, eff. Nov. 1, 1998.
15 Okl. St. Ann. § 1007, OK ST T. 15 § 1007
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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