Business operating transactions
Sec. 6. (a) Language conferring general authority with respect to
business operating transactions means the principal authorizes the
attorney in fact to do the following:
(1) Discharge and perform a duty or liability, exercise a right,
a power, a privilege, or an option the principal has or claims to
have under a partnership agreement, whether the principal is a
general or limited partner, enforce the terms of a partnership
agreement for the protection of the principal by action or
proceeding as the attorney in fact considers desirable or
necessary, and defend, submit to arbitration, settle, or
compromise an action or other legal proceeding in which the
principal is a party because of membership in a partnership.
(2) Exercise in person or by proxy or enforce by action or
proceeding a right, a power, a privilege, or an option the
principal has as the holder of a bond, share, or other instrument
of similar character, and defend, submit to arbitration, settle, or
compromise an action or legal proceeding to which the
principal is a party because of a bond, share, or other instrument
of similar character.
(3) With respect to a business owned solely by the principal, to
perform the following:
(A) Continue, modify, renegotiate, extend, and terminate
contractual arrangements made with a person, an entity, a
firm, an association, or a corporation by or on behalf of the
principal with respect to the business enterprise prior to the
granting of the power of attorney.
(B) Determine the policy of the business enterprise,
including the following:
(i) The location of the site or sites to be used for the
enterprise's operation.
(ii) The nature and extent of business to be undertaken by
the enterprise.
(iii) The methods of manufacturing, selling,
merchandising, financing, accounting, and advertising to
be employed in the enterprise's operation.
(iv) The amounts and types of insurance to be carried.
(v) The mode of securing, compensating, and dealing with
accountants, attorneys, servants, and other agents and
employees required for the operation of the enterprise.
(C) Agree and contract in any manner and on any terms with
any person on any terms the attorney in fact considers
desirable or necessary to make any or all decisions of the
attorney in fact as to policy and rescind, reform, release, or
modify an agreement or a contract made by or on behalf of
the principal.
(D) Change the name or the form of organization under
which the business enterprise is operated, enter into a
partnership agreement with other persons, or organize a
corporation to take over the business or a part of the business
that the attorney in fact considers necessary or desirable.
(E) Demand and receive money that is or becomes due to the
principal or that may be claimed by the principal or on the
principal's behalf in the operation of the business enterprise,
control and disburse the funds in the operation of the
enterprise in a way that the attorney in fact considers
desirable or necessary, and engage in banking transactions
the attorney in fact considers desirable or necessary to
execute a power permitted under this subdivision.
(4) Prepare, sign, file, and deliver reports, compilations of
information, returns, or other papers with respect to a business
operating transaction of the principal that are required by a
governmental agency, a department, or an instrumentality or
that the attorney in fact considers desirable or necessary, and
make related payments.
(5) Pay, compromise, or contest taxes or assessments and do
acts the attorney in fact considers desirable or necessary to
protect the principal from illegal or unnecessary taxation, fines,
penalties, or assessments in connection with the principal's
business operations, including the power to attempt to recover,
in any manner permitted by law, sums paid before or after the
execution of the power of attorney as taxes, fines, penalties, or
assessments.
(6) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or claims to be entitled to as the proceeds of a business
operation of the principal, conserve, invest, disburse, or use
anything received for a purpose permitted under this section,
and reimburse the attorney in fact for expenditures properly
made in the execution of powers conferred upon the attorney in
fact.
(7) Execute, acknowledge, seal, and deliver a deed, an
assignment, a mortgage, a lease, a notice, a consent, an
agreement, an authorization, a check, or other instrument that
the attorney in fact considers useful to accomplish a purpose
permitted under this section.
(8) 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 based on or involving a business
operating transaction or intervene in an action or a proceeding
relating to a claim.
(9) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(10) Perform any other acts the attorney in fact considers
desirable or necessary for the furtherance or protection of the
interests of the principal in a business.
(b) The powers described in this section are exercisable equally
with respect to a business in which the principal is interested at the
time of the giving of the power of attorney or in which the principal
becomes interested after that time, whether located in Indiana or in
another jurisdiction.
As added by P.L.149-1991, SEC.2.
Last modified: May 27, 2006