Sec. 752.107. BUSINESS OPERATION TRANSACTIONS. The language conferring authority with respect to business operating transactions in a statutory durable power of attorney empowers the attorney in fact or agent to:
(1) operate, buy, sell, enlarge, reduce, or terminate a business interest;
(2) do the following, to the extent that an attorney in fact or agent is permitted by law to act for a principal and subject to the terms of a partnership agreement:
(A) perform a duty, discharge a liability, or exercise a right, power, privilege, or option that the principal has, may have, or claims to have under the partnership agreement, whether or not the principal is a general or limited partner;
(B) enforce the terms of the partnership agreement by litigation, action, or otherwise; and
(C) defend, submit to arbitration, settle, or compromise litigation or an action to which the principal is a party because of membership in the partnership;
(3) exercise in person or by proxy, or enforce by litigation, action, or otherwise, a right, power, privilege, or option the principal has or claims to have as the holder of a bond, share, or other similar instrument and defend, submit to arbitration, settle, or compromise a legal proceeding to which the principal is a party because of a bond, share, or similar instrument;
(4) with respect to a business owned solely by the principal:
(A) continue, modify, renegotiate, extend, and terminate a contract made before execution of the power of attorney with an individual, legal entity, firm, association, or corporation by or on behalf of the principal with respect to the business;
(B) determine:
(i) the location of the business's operation;
(ii) the nature and extent of the business;
(iii) the methods of manufacturing, selling, merchandising, financing, accounting, and advertising employed in the business's operation;
(iv) the amount and types of insurance carried; and
(v) the method of engaging, compensating, and dealing with the business's accountants, attorneys, and other agents and employees;
(C) 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; and
(D) 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;
(5) put additional capital into a business in which the principal has an interest;
(6) join in a plan of reorganization, consolidation, or merger of the business;
(7) sell or liquidate a business or part of the business at the time and on the terms that the attorney in fact or agent considers desirable;
(8) establish the value of a business under a buy-out agreement to which the principal is a party;
(9) do the following:
(A) prepare, sign, file, and deliver reports, compilations of information, returns, or other papers with respect to a business:
(i) that are required by a governmental agency, department, or instrumentality; or
(ii) that the attorney in fact or agent considers desirable; and
(B) make related payments; and
(10) pay, compromise, or contest taxes or assessments and perform any other act that the attorney in fact or 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.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.01, eff. January 1, 2014.
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