Office of the Revisor of Statutes
Minnesota Session Laws - 1984, Regular Session
Key: (1) language to be deleted (2) new language
Laws of Minnesota 1984
CHAPTER 603-S.F.No. 1821
An act relating to powers of attorney; providing
procedures for granting powers of attorney; construing
various specific powers; amending Minnesota Statutes
1982, sections 508.72; 508A.72; 528.15; proposing new
law coded as Minnesota Statutes, chapter 523;
repealing Minnesota Statutes 1982, sections 51A.25;
507.291; 507.292; 507.293; 507.294; 507.39; 524.5-501;
524.5-502; and 528.16.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1. Minnesota Statutes 1982, section 508.72, is
amended to read:
508.72 [AGENCY; POWER TO BE REGISTERED.]
Any act which may legally be done or performed by any
person under this chapter may be done and performed by his agent
thereto when duly authorized in writing. Such The instrument or
power of attorney shall be filed with the registrar and
registered by him if it is executed and acknowledged as now
required by law in the case of a deed, filed with the registrar,
and registered by him. Any instrument revoking such the power
of attorney shall may be filed and registered if it is executed,
and acknowledged, and registered in like manner the same way. A
written instrument of revocation of an unregistered power of
attorney, executed and acknowledged by a person having a
registered interest in land, may be filed for registration as a
memorial upon the certificate of title.
Sec. 2. Minnesota Statutes 1982, section 508A.72, is
amended to read:
508A.72 [AGENCY; POWER TO BE REGISTERED.]
Any act which may legally be done or performed by any
person under sections 508A.01 to 508A.85 may be done and
performed by his agent when duly authorized in writing. The
instrument or power of attorney shall be filed with the
registrar and registered by him if it is executed and
acknowledged as required by law in the case of a deed, filed
with the registrar, and registered by him. Any instrument
revoking the power of attorney shall may be filed and registered
if it is executed, and acknowledged, and registered in like
manner the same way. A written instrument of revocation of an
unregistered power of attorney, executed and acknowledged by a
person having a registered interest in land, may be filed for
registration as a memorial upon the certificate of title.
Sec. 3. [523.01] [AUTHORIZATION.]
A person who is a competent adult may, as principal,
designate another person or an authorized corporation as the
person's attorney-in-fact by a written power of attorney. The
power of attorney is validly executed when it is dated and
signed by the principal and, in the case of a signature on
behalf of the principal, by another, or by a mark, acknowledged
by a notary public. Only powers of attorney validly created
pursuant to section 3 or 4 are validly executed powers of
attorney for the purposes of sections 3 to 27.
Sec. 4. [523.02] [COMMON LAW, PRE-EXISTING AND FOREIGN
POWERS OF ATTORNEY.]
A written power of attorney is a validly executed power of
attorney for the purposes of sections 3 to 27, and is subject to
the provisions of sections 3 to 27, if it is validly created
pursuant to: (1) the law of Minnesota as it existed prior to
the enactment of sections 3 to 27 if it was executed prior to
the effective date of sections 3 to 27; (2) the common law; or
(3) the law of another state or country.
Sec. 5. [523.03] [INTERPRETATION.]
Unless the context requires otherwise, all references in
sections 3 to 27 to the "principal" include any guardian or
conservator of the estate appointed for the principal at any
time and all references to a "power of attorney" mean a validly
executed power of attorney.
Sec. 6. [523.04] [POWER OF ATTORNEY PRESUMED TO BE VALIDLY
EXECUTED.]
A written power of attorney that is dated and purports to
be signed by the principal named in it is presumed to be valid.
All parties may rely on this presumption except those who have
actual knowledge that the power was not validly executed.
Sec. 7. [523.05] [RECORDING OF POWER OF ATTORNEY.]
If the exercise of the power of attorney requires execution
and delivery of any instrument which is recordable, the power of
attorney and any affidavit authorized under sections 3 to 27
when authenticated for record in conformity with section 507.24,
are also recordable.
Sec. 8. [523.06] [CERTIFICATION OF POWER OF ATTORNEY.]
A certified copy of a power of attorney has the same force
and effect as a power of attorney bearing the signature of the
principal. A copy of a power of attorney may be certified by an
official of a state or of a political subdivision of a state who
is authorized to make certifications. The certification shall
state that the certifying official has examined an original
power of attorney and the copy and that the copy is a true and
correct copy of the original power of attorney.
Sec. 9. [523.07] [DURABLE POWER OF ATTORNEY.]
A power of attorney is durable if it contains language such
as "This power of attorney shall not be affected by disability
of the principal" or "This power of attorney shall become
effective upon the disability of the principal," or similar
words showing the intent of the principal that the authority
conferred is exercisable notwithstanding his later disability or
incapacity.
Sec. 10. [523.08] [TERMINATION OF A DURABLE POWER.]
A durable power of attorney terminates on the death of the
principal or upon the expiration of a period of time specified
in the power of attorney if the period ends prior to the death
of the principal.
Sec. 11. [523.09] [TERMINATION OF A NONDURABLE POWER OF
ATTORNEY.]
A nondurable power of attorney terminates on the death of
the principal, on the incompetency of the principal, or upon the
expiration of a period of time specified in the power of
attorney if the period ends prior to the death or incompetency
of the principal.
Sec. 12. [523.10] [MISSING PERSONS PRESUMED LIVING.]
For purposes of this chapter, a missing person is presumed
to be living until actual proof of death or legal adjudication
of death occurs.
Sec. 13. [523.11] [REVOCATION OF A POWER.]
Subdivision 1. [MANNER.] An executed power of attorney may
be revoked only by a written instrument of revocation signed by
the principal and, in the case of a signature on behalf of the
principal by another or a signature by a mark, acknowledged by a
notary public. The conservator or guardian of the principal has
the same power the prinicipal would have if the principal were
not disabled or incompetent to revoke, suspend, or terminate all
or any part of the power of attorney.
Subd. 2. [EFFECT.] Revocation of an executed power of
attorney is not effective as to any party unless that party has
actual notice of the revocation. As used in this chapter,
"actual notice of revocation" means that a written instrument of
revocation has been received by the party or, in a real property
transaction, that a written instrument of revocation containing
the legal description of the real property has been recorded in
the office of the county recorder or filed in the office of the
registrar of titles. Recorded or filed revocation is actual
notice of revocation of a power of attorney only as to any
interest in real property described in the revocation and
located in the county where it is recorded.
Subd. 3. [PRESUMPTIONS.] A written instrument of
revocation that purports to be signed by the principal named in
the power of attorney is presumed to be valid. Any party
receiving the written instrument of revocation may rely on this
presumption and is not liable for later refusing to accept the
authority of the attorney-in-fact.
Subd. 4. [TRANSFEREE AFFIDAVIT OF NONREVOCATION.] In the
case of a conveyance of an interest in property, an affidavit
signed by an initial transferee of the interest of the principal
stating that the initial transferee had not received, at the
time of the conveyance, a written instrument of revocation of
the power of attorney, constitutes conclusive proof as to all
subsequent transferees that no written instrument of revocation
was received by the initial transferee, except as to a
subsequent transferee who commits an intentional fraud.
Sec. 14. [523.12] [POWER OF ATTORNEY-IN-FACT TO BIND
PRINCIPAL.]
Any action taken by the attorney-in-fact pursuant to the
power of attorney binds the principal, the principal's heirs and
assigns, and the representative of the estate of the principal
in the same manner as though the action was taken by the
principal, and, during any time while a guardian or conservator
has been appointed for the principal and only the guardian or
conservator has the power to take relevant action, as though the
action was taken by the guardian or conservator.
Sec. 15. [523.13] [MULTIPLE ATTORNEYS-IN-FACT.]
Unless it is provided to the contrary in a power of
attorney which authorizes two or more attorneys-in-fact to act
on behalf of a principal, any action taken by any one of the
several attorneys-in-fact pursuant to the power of attorney,
whether the other attorneys-in-fact consent or object to the
action, binds the principal, the principal's heirs and assigns,
and the representative of the estate of the principal in the
same manner as though the action was taken by the principal,
and, during any time while a guardian or conservator has been
appointed for the principal and only the guardian or conservator
has the power to take the relevant action, as though the action
was taken by the guardian or conservator.
Sec. 16. [523.14] [SUCCESSOR ATTORNEY-IN-FACT NOT LIABLE
FOR ACTS OF PREDECESSOR.]
An attorney-in-fact who is named in a power of attorney to
succeed an attorney-in-fact who dies, resigns, or otherwise is
unable to serve, is not liable for any action taken by the
predecessor attorney-in-fact.
Sec. 17. [523.15] [CO-ATTORNEYS-IN-FACT NOT LIABLE FOR
ACTS OF EACH OTHER.]
When two or more attorneys-in-fact are authorized to act on
behalf of a principal, an attorney-in-fact who did not join in
or consent to the action of one or more co-attorneys-in-fact is
not liable for that action. Failure to object to an action is
not consent.
Sec. 18. [523.16] [AFFIDAVIT AS PROOF OF AUTHORITY OF
ATTORNEY-IN-FACT.]
If the attorney-in-fact exercising a power pursuant to a
power of attorney has authority to act as a result of the death,
incompetency, or resignation of one or more attorneys-in-fact
named in the power of attorney, an affidavit executed by the
attorney-in-fact setting forth the conditions precedent to the
attorney-in-fact's authority to act under the power of attorney
and stating that those conditions have occurred is conclusive
proof as to any party relying on the affidavit of the occurrence
of those conditions.
Sec. 19. [523.17] [AFFIDAVIT OF ATTORNEY-IN-FACT AS
CONCLUSIVE PROOF OF NONTERMINATION AND NONREVOCATION IN REAL
PROPERTY TRANSACTIONS.]
If the exercise of a power granted by a power of attorney
relating to real property requires execution or delivery of any
instrument which is recordable, an affidavit, signed by the
attorney-in-fact, stating that the attorney-in-fact did not
have, at the time of exercising a power pursuant to the power of
attorney, actual knowledge of the termination of the power of
attorney by the death of the principal, or, if the power of
attorney is one which terminates upon the incompetence of the
principal, actual knowledge of the principal's incompetence, or
actual notice of the revocation of the power of attorney, is
conclusive proof that the power of attorney had not terminated
or been revoked at the time of the exercise of the power as to
any party relying on the affidavit except any party dealing
directly with the attorney-in-fact who has actual knowledge that
the power of attorney had terminated prior to the exercise of
the power or actual notice of the revocation of the power of
attorney.
Sec. 20. [523.18] [ATTORNEY-IN-FACT'S SIGNATURE AS
CONCLUSIVE PROOF OF NONTERMINATION.]
In the exercise of a power granted by a power of attorney,
other than in a transaction relating to real property described
in section 19, a signature by a person as "attorney-in-fact for
[Name of the Principal]" or "[Name of the Principal] by [Name of
the attorney-in-fact] his/her attorney-in-fact" or any similar
written disclosure of the principal and attorney-in-fact
relationship constitutes an attestation by the attorney-in-fact
that the attorney-in-fact did not have, at the time of signing,
actual knowledge of the termination of the power of attorney by
the death of the principal or, if the power is one which
terminates upon incompetence of the principal, actual knowledge
of the principal's incompetence, or actual notice of the
revocation of the power of attorney, and is conclusive proof as
to any party relying on the attestation that the power of
attorney had not terminated or been revoked at the time of the
signature by the attorney-in-fact on behalf of the principal
except as to any party who has actual knowledge that the power
of attorney had terminated prior to the signature or actual
notice of the revocation of the power of attorney.
Sec. 21. [523.19] [THIRD PARTIES HELD HARMLESS.]
Any party accepting the authority of an attorney-in-fact to
exercise a power granted by a power of attorney is not liable to
the principal, to the heirs and assigns of the principal, or to
any representative of the estate of the principal if: (1) the
applicable provisions of sections 19 and 20 have been satisfied;
(2) the provisions of section 18 have been satisfied, if
applicable; (3) the party has no actual notice of the revocation
of the power of attorney prior to the transaction; (4) the party
has no actual knowledge of the death of the principal and, if
the power of attorney is not a durable power of attorney, has
not received actual notice of a judicial determination that the
principal is legally incompetent; and (5) the duration of the
power of attorney specified in the power of attorney itself, if
any, has not expired. A good faith purchaser from any party who
has obtained an interest in property from an attorney-in-fact is
not liable to the principal, the heirs or assigns of the
principal, or the representative of the estate of the principal.
Sec. 22. [523.20] [LIABILITY OF PARTIES REFUSING AUTHORITY
OF ATTORNEY-IN-FACT TO ACT ON PRINCIPAL'S BEHALF.]
Any party refusing to accept the authority of an
attorney-in-fact to exercise a power granted by a power of
attorney which (1) is executed in conformity with section 25;
(2) contains a specimen signature of the attorney-in-fact
authorized to act; (3) with regard to the execution or delivery
of any recordable instrument relating to real property, is
accompanied by affidavits that satisfy the provisions of section
19; (4) with regard to any other transaction, is signed by the
attorney-in-fact in a manner conforming to section 20; and (5)
when applicable, is accompanied by an affidavit and any other
document required by section 18, is liable to the principal and
to the principal's heirs, assigns, and representative of the
estate of the principal in the same manner as the party would be
liable had the party refused to accept the authority of the
principal to act on his own behalf unless: (1) the party has
actual notice of the revocation of the power of attorney prior
to the exercise of the power; (2) the duration of the power of
attorney specified in the power of attorney itself has expired;
or (3) the party has actual knowledge of the death of the
principal or, if the power of attorney is not a durable power of
attorney, actual notice of a judicial determination that the
principal is legally incompetent. This provision does not
negate any liability which a party would have to the principal
or to the attorney-in-fact under any other form of power of
attorney under the common law or otherwise.
Sec. 23. [523.21] [DUTIES OF AN ATTORNEY-IN-FACT.]
The attorney-in-fact shall keep complete records of all
transactions entered into by the attorney-in-fact on behalf of
the principal. The attorney-in-fact has no duty to render an
accounting of those transactions unless: (1) requested to do so
at any time by the principal; or (2) the instrument conferring
the power of attorney requires that the attorney-in-fact render
accountings and specifies to whom the accounting must be
delivered. The persons entitled to examine and copy the records
of the attorney-in-fact are the principal and the guardian or
conservator of the estate of the principal while the principal
is living and the personal representative of the estate of the
principal after the death of the principal. The
attorney-in-fact has no affirmative duty to exercise any power
conferred upon the attorney-in-fact under the power of
attorney. In exercising any power conferred by the power of
attorney, the attorney-in-fact shall exercise the power in the
same manner as an ordinarily prudent person of discretion and
intelligence would exercise in the management of the person's
own affairs and shall have the interests of the principal utmost
in mind. The attorney-in-fact is personally liable to any
person, including the principal, who is injured by an action
taken by the attorney-in-fact in bad faith under the power of
attorney.
Sec. 24. [523.22] [LIABILITY OF ATTORNEY-IN-FACT FOR
IMPROPER EXECUTION OF AFFIDAVITS AND SIGNATURE.]
Nothing in sections 3 to 27 limits any rights the principal
may have against the attorney-in-fact for any fraudulent or
negligent actions in executing affidavits or signing or acting
on behalf of the principal as an attorney-in-fact. An
attorney-in-fact who knowingly executes a false affidavit or,
knowing that the conditions of section 20 are not satisfied,
signs on behalf of the principal is liable for treble the amount
of damages suffered by the principal.
Sec. 25. [523.23] [STATUTORY SHORT FORM OF GENERAL POWER
OF ATTORNEY; FORMAL REQUIREMENTS; JOINT AGENTS.]
Subdivision 1. [FORM.] The use of the following form in
the creation of a power of attorney is lawful, and, when used,
it shall be construed in accordance with the provisions of
sections 25 and 26:
NOTICE: THE POWERS GRANTED BY THIS DOCUMENT ARE BROAD AND
SWEEPING. THEY ARE DEFINED IN SECTION 26. IF YOU HAVE ANY
QUESTIONS ABOUT THESE POWERS, OBTAIN COMPETENT ADVICE. THE USE
OF ANY OTHER OR DIFFERENT FORM OF POWER OF ATTORNEY DESIRED BY
THE PARTIES IS ALSO PERMITTED. THIS POWER OF ATTORNEY MAY BE
REVOKED BY YOU IF YOU LATER WISH TO DO SO. THIS POWER OF
ATTORNEY AUTHORIZES THE ATTORNEY-IN-FACT TO ACT FOR YOU BUT DOES
NOT REQUIRE THAT HE OR SHE DO SO.
Know All Men by These Presents, which are intended to
constitute a STATUTORY SHORT FORM POWER OF ATTORNEY pursuant to
Chapter ...., Section ...., of Minnesota Law:
That I .................... (insert name and address of the
principal) do hereby appoint .................... (insert name
and address of the attorney-in-fact, or each attorney-in-fact,
if more than one is designated) my attorney(s)-in-fact to act
(jointly):
(NOTE: If more than one attorney-in-fact is designated and
the principal wishes each attorney-in-fact alone to be able to
exercise the power conferred, delete the word "jointly." Failure
to delete the word "jointly" will require the attorneys-in-fact
to act unanimously.)
First: in my name, place and stead in any way which I
myself could do, if I were personally present, with respect to
the following matters as each of them is defined in section 26:
[TO GRANT TO THE ATTORNEY-IN-FACT ANY OF THE FOLLOWING
POWERS, MAKE A CHECK OR "X" IN THE LINE IN FRONT OF EACH POWER
BEING GRANTED. TO DELETE ANY OF THE FOLLOWING POWERS, DO NOT
MAKE A CHECK OR "X" IN THE LINE IN FRONT OF THE POWER. YOU MAY,
BUT NEED NOT, CROSS OUT EACH POWER BEING DELETED WITH A LINE
DRAWN THROUGH IT (OR IN SIMILAR FASHION). FAILURE TO MAKE A
CHECK OR "X" IN THE LINE IN FRONT OF THE POWER WILL HAVE THE
EFFECT OF DELETING THE POWER UNLESS THE LINE IN FRONT OF THE
POWER OF (O) IS CHECKED OR X-ED.]
Check or "x"
....... (A) real property transactions;
....... (B) tangible personal property transactions;
....... (C) bond, share, and commodity transactions;
....... (D) banking transactions;
....... (E) business operating transactions;
....... (F) insurance transactions;
....... (G) beneficiary transactions;
....... (H) gift transactions;
....... (I) fiduciary transactions;
....... (J) claims and litigation;
....... (K) family maintenance;
....... (L) benefits from military service;
....... (M) records, reports, and statements;
....... (N) all other matters;
....... (O) all of the powers listed in
(A) through (N) above.
Second: [YOU MUST INDICATE BELOW WHETHER OR NOT THIS POWER
OF ATTORNEY WILL BE EFFECTIVE IF YOU BECOME INCOMPETENT. MAKE A
CHECK OR "X" IN THE LINE IN FRONT OF THE STATEMENT THAT
EXPRESSES YOUR INTENT.]
..... This power of attorney shall continue
to be effective if I become incompetent.
It shall not be affected by my later
disability or incompetency.
..... This power of attorney shall not be
effective if I become incompetent.
Third: [YOU MUST INDICATE BELOW WHETHER OR NOT THIS POWER
OF ATTORNEY AUTHORIZES THE ATTORNEY-IN-FACT TO TRANSFER YOUR
PROPERTY DIRECTLY TO HIMSELF OR HERSELF. MAKE A CHECK OR "X" IN
THE LINE IN FRONT OF THE STATEMENT THAT EXPRESSES YOUR INTENT.]
..... This power of attorney authorizes the
attorney-in-fact to transfer property
directly to himself or herself.
..... This power of attorney does not author-
ize the attorney-in-fact to transfer
property directly to himself or herself.
In Witness Whereof I have hereunto signed my name this
......... day of ..................., 19...
......................
(Signature of Principal)
[Acknowledgment]
Specimen Signature of Attorney(s)-in-Fact
.........................
.........................
Subd. 2. [FAILURE TO CHECK OR "X" A POWER.] Any of the
powers of the form in subdivision 1 which is not checked or X-ed
is withheld by the principal from the attorney-in-fact unless
the power of (O) of the form in subdivision 1 is checked or
X-ed. The withholding by the principal from the
attorney-in-fact of any of the powers of (A) to (M), in addition
to the withholding of the power of (O), of the form in
subdivision 1 automatically constitutes withholding of the
powers of (N).
Subd. 3. [REQUIREMENTS.] To constitute a "statutory short
form power of attorney," as this phrase is used in this chapter
the wording and content of the form in subdivision 1 must be
duplicated exactly, the NOTICES must appear in a conspicuous
place and manner, parts Second and Third must be properly
completed, and the signature of the principal must be
acknowledged.
Subd. 4. [POWERS OF ATTORNEY-IN-FACT.] All powers
enumerated in section 26 may be legally performed by an
attorney-in-fact acting on behalf of a principal.
Sec. 26. [523.24] [CONSTRUCTION.]
Subdivision 1. [REAL PROPERTY TRANSACTIONS.] In a
statutory short form power of attorney, the language conferring
general authority with respect to real estate transactions,
means that the principal authorizes the attorney-in-fact:
(1) to accept as a gift, or as security for a loan, to
reject, to demand, to buy, to lease, to receive, or otherwise to
acquire either ownership or possession of any estate or interest
in real property;
(2) to sell, exchange, convey either with or without
convenants, quitclaim, release, surrender, mortgage, encumber,
partition or consent the partitioning, plat or consent platting,
grant options concerning, lease or sublet, or otherwise to
dispose of, any estate or interest in real property;
(3) to release in whole or in part, assign the whole or a
part of, satisfy in whole or in part, and enforce by action,
proceeding or otherwise, any mortgage, encumbrance, lien, or
other claim to real property which exists, or is claimed to
exist, in favor of the principal;
(4) to do any act of management or of conservation with
respect to any estate or interest in real property owned, or
claimed to be owned, by the principal, including by way of
illustration, but not of restriction, power to insure against
any casualty, liability, or loss, to obtain or regain possession
or protect such estate or interest by action, proceeding or
otherwise, to pay, compromise or contest taxes or assessments,
to apply for and receive refunds in connection therewith, to
purchase supplies, hire assistance or labor, and make repairs or
alterations in the structures or lands;
(5) to use in any way, develop, modify, alter, replace,
remove, erect, or install structures or other improvements upon
any real property in which the principal has, or claims to have,
any estate or interest;
(6) to demand, receive, obtain by action, proceeding, or
otherwise, any money, or other thing of value to which the
principal is, or may become, or may claim to be entitled as the
proceeds of an interest in real property or of one or more of
the transactions enumerated in this subdivision, to conserve,
invest, disburse, or utilize anything so received for purposes
enumerated in this subdivision, and to reimburse the
attorney-in-fact for any expenditures properly made by the
attorney-in-fact in the execution of the powers conferred on the
attorney-in-fact by the statutory short form power of attorney;
(7) to participate in any reorganization with respect to
real property and receive and hold any shares of stock or
instrument of similar character received in accordance with a
plan of reorganization, and to act with respect to the shares,
including, by way of illustration but not of restriction, power
to sell or otherwise to dispose of the shares, or any of them,
to exercise or sell any option, conversion or similar right with
respect to the shares, and to vote on the shares in person or by
the granting of a proxy;
(8) to agree and contract, in any manner, and with any
person and on any terms, which the attorney-in-fact may select,
for the accomplishment of any of the purposes enumerated in this
subdivision, and to perform, rescind, reform, release, or modify
such an agreement or contract or any other similar agreement or
contract made by or on behalf of the principal;
(9) to execute, acknowledge, seal, and deliver any deed,
revocation, mortgage, lease, notice, check, or other instrument
which the attorney-in-fact deems useful for the accomplishment
of any of the purposes enumerated in this subdivision;
(10) to prosecute, defend, submit to arbitration, settle,
and propose or accept a compromise with respect to, any claim
existing in favor of, or against, the principal based on or
involving any real estate transaction or to intervene in any
action or proceeding relating to the claim;
(11) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistant or assistants
when the attorney-in-fact deems that action to be desirable for
the proper execution of any of the powers described in this
subdivision, and for the keeping of needed records; and
(12) in general, and in addition to all the specific acts
in this subdivision, to do any other act with respect to any
estate or interest in real property.
All powers described in this subdivision are exercisable
equally with respect to any estate or interest in real property
owned by the principal at the giving of the power of attorney or
acquired after that time, and whether located in the state of
Minnesota or elsewhere.
Subd. 2. [TANGIBLE PERSONAL PROPERTY TRANSACTIONS.] In a
statutory short form power of attorney, the language conferring
general authority with respect to tangible personal property
transactions, means that the principal authorizes the
attorney-in-fact:
(1) to accept as a gift, or as security for a loan, reject,
demand, buy, receive, or otherwise to acquire either ownership
or possession of any tangible personal property or any interest
in tangible personal property;
(2) to sell, exchange, convey either with or without
convenants, release, surrender, mortgage, encumber, pledge,
hypothecate, pawn, grant options concerning, lease or sublet to
others, or otherwise to dispose of any tangible personal
property or any interest in any tangible personal property;
(3) to release in whole or in part, assign the whole or a
part of, satisfy in whole or in part, and enforce by action,
proceeding or otherwise, any mortgage, encumbrance, lien, or
other claim, which exists, or is claimed to exist, in favor of
the principal, with respect to any tangible personal property or
any interest in tangible personal property;
(4) to do any act of management or of conservation, with
respect to any tangible personal property or to any interest in
any tangible personal property owned, or claimed to be owned, by
the principal, including by way of illustration, but not of
restriction, power to insure against any casualty, liability, or
loss, to obtain or regain possession, or protect the tangible
personal property or interest in any tangible personal property,
by action, proceeding, or otherwise, to pay, compromise, or
contest taxes or assessments, to apply for and receive refunds
in connection with taxes or assessments, move from place to
place, store for hire or on a gratuitous bailment, use, alter,
and make repairs or alterations of any tangible personal
property, or interest in any tangible personal property;
(5) to demand, receive, or obtain by action, proceeding, or
otherwise any money or other thing of value to which the
principal is, or may become, or may claim to be entitled as the
proceeds of any tangible personal property or of any interest in
any tangible personal property, or of one or more of the
transactions enumerated in this subdivision, to conserve,
invest, disburse or utilize anything so received for purposes
enumerated in this subdivision, and to reimburse the
attorney-in-fact for any expenditures properly made by the
attorney-in-fact in the execution of the powers conferred on the
attorney-in-fact by the statutory short form power of attorney;
(6) to agree and contract in any manner and with any person
and on any terms which the attorney-in-fact may select, for the
accomplishment of any of the purposes enumerated in this
subdivision, and to perform, rescind, reform, release, or modify
any agreement or contract or any other similar agreement or
contract made by or on behalf of the principal;
(7) to execute, acknowledge, seal, and deliver any
conveyance, mortgage, lease, notice, check, or other instrument
which the attorney-in-fact deems useful for the accomplishment
of any of the purposes enumerated in this subdivision;
(8) to prosecute, defend, submit to arbitration, settle,
and propose or accept a compromise with respect to any claim
existing in favor of or against the principal based on or
involving any tangible personal property transaction or to
intervene in any action or proceeding relating to such a claim;
(9) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistant when the
attorney-in-fact deems that action to be desirable for the
proper execution by the attorney-in-fact of any of the powers
described in this subdivision, and for the keeping of needed
records; and
(10) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts with respect to
any tangible personal property or interest in any tangible
personal property.
All powers described in this subdivision are exercisable
equally with respect to any tangible personal property or
interest in any tangible personal property owned by the
principal at the giving of the power of attorney or acquired
after that time, and whether located in the state of Minnesota
or elsewhere.
Subd. 3. [BOND, SHARE, AND COMMODITY TRANSACTIONS.] In a
statutory short form power of attorney, the language conferring
general authority with respect to bond, share, and commodity
transactions means that the principal authorizes the
attorney-in-fact:
(1) to accept as a gift or as security for a loan, reject,
demand, buy, receive, or otherwise to acquire either ownership
or possession of any bond, share, instrument of similar
character, commodity interest, or any instrument with respect to
the bond, share, or interest, together with the interest,
dividends, proceeds, or other distributions connected with any
of those instruments;
(2) to sell or sell short and to exchange, transfer either
with or without a guaranty, release, surrender, hypothecate,
pledge, grant options concerning, loan, trade in, or otherwise
to dispose of any bond, share, instrument of similar character,
commodity interest, or any instrument with respect to the bond,
share, or interest;
(3) to release in whole or in part, assign the whole or a
part of, satisfy in whole or in part, and enforce by action,
proceeding or otherwise, any pledge, encumbrance, lien, or other
claim as to any bond, share, instrument of similar character,
commodity interest or any interest with respect to the bond,
share, or interest, when the pledge, encumbrance, lien, or other
claim is owned, or claimed to be owned, by the principal;
(4) to do any act of management or of conservation with
respect to any bond, share, instrument of similar character,
commodity interest or any instrument with respect thereto, owned
or claimed to be owned by the principal or in which the
principal has or claims to have an interest, including by way of
illustration but not of restriction, power to insure against any
casualty, liability, or loss, to obtain or regain possession or
protect the principal's interest therein by action, proceeding
or otherwise, to pay, compromise or contest taxes or
assessments, to apply for and receive refunds in connection with
taxes or assessments, to consent to and participate in any
reorganization, recapitalization, liquidation, merger,
consolidation, sale or lease, or other change in or revival of a
corporation or other association, or in the financial structure
of any corporation or other association, or in the priorities,
voting rights, or other special rights with respect to the
corporation or association, to become a depositor with any
protective, reorganization, or similar committee of the bond,
share, other instrument of similar character, commodity
interest, or any instrument with respect to the bond, share, or
interest, belonging to the principal, to make any payments
reasonably incident to the foregoing, to exercise or sell any
option, conversion, or similar right, to vote in person or by
the granting of a proxy with or without the power of
substitution, either discretionary, general or otherwise, for
the accomplishment of any of the purposes enumerated in this
subdivision;
(5) to carry in the name of a nominee selected by the
attorney-in-fact any evidence of the ownership of any bond,
share, other instrument of similar character, commodity
interest, or instrument with respect to the bond, share, or
interest, belonging to the principal;
(6) to employ, in any way believed to be desirable by the
attorney-in-fact, any bond, share, other instrument of similar
character, commodity interest, or any instrument with respect to
the bond, share, or interest, in which the principal has or
claims to have any interest, for the protection or continued
operation of any speculative or margin transaction personally
begun or personally guaranteed, in whole or in part, by the
principal;
(7) to demand, receive, or obtain by action, proceeding or
otherwise, any money or other thing of value to which the
principal is, or may become, or may claim to be entitled as the
proceeds of any interest in a bond, share, other instrument of
similar character, commodity interest, or any instrument with
respect to the bond, share, or interest, or of one or more of
the transactions enumerated in this subdivision, to conserve,
invest, disburse, or utilize anything so received for purposes
enumerated in this subdivision, and to reimburse the
attorney-in-fact for any expenditures properly made by the
attorney-in-fact in the execution of the powers conferred on the
attorney-in-fact by the statutory short form power of attorney;
(8) to agree and contract, in any manner, with any broker
or other person, and on any terms which the attorney-in-fact
selects, for the accomplishment of any of the purposes
enumerated in this subdivision, and to perform, rescind, reform,
release, or modify the agreement or contract or any other
similar agreement made by or on behalf of the principal;
(9) to execute, acknowledge, seal, and deliver any consent,
agreement, authorization, assignment, revocation, notice, waiver
of notice, check, or other instrument which the attorney-in-fact
deems useful for the accomplishment of any of the purposes
enumerated in this subdivision;
(10) to execute, acknowledge, and file any report or
certificate required by law or governmental regulation;
(11) to prosecute, defend, submit to arbitration, settle,
and propose or accept a compromise with respect to, any claim
existing in favor of or against the principal based on or
involving any bond, share, or commodity transaction or to
intervene in any related action or proceeding;
(12) to hire, discharge, and compensate any attorney,
accountant, expert witness or other assistant or assistants when
the attorney-in-fact deems that action to be desirable for the
proper execution of any of the powers described in this
subdivision, and for the keeping of needed records; and
(13) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts with respect to
any interest in any bond, share, other instrument of similar
character, commodity, or instrument with respect to a commodity.
All powers described in this subdivision are exercisable
equally with respect to any interest in any bond, share or other
instrument of similar character, commodity, or instrument with
respect to a commodity owned by the principal at the giving of
the power of attorney or acquired after that time, whether
located in the state of Minnesota or elsewhere.
Subd. 4. [BANKING TRANSACTIONS.] In a statutory short form
power of attorney, the language conferring general authority
with respect to banking transactions, means that the principal
authorizes the attorney-in-fact:
(1) to continue, modify, and terminate any deposit account
or other banking arrangement made by or on behalf of the
principal prior to the execution of the power of attorney;
(2) to open in the name of the principal alone, or in a way
that clearly evidences the principal and attorney-in-fact
relationship, a deposit account of any type with any bank, trust
company, savings and loan association, credit union, thrift
company, brokerage firm, or other institution which serves as a
depository for funds selected by the attorney-in-fact, to hire
safe deposit box or vault space and to make other contracts for
the procuring of other services made available by the banking
institution as the attorney-in-fact deems desirable;
(3) to make, sign, and deliver checks or drafts for any
purpose, to withdraw by check, order, or otherwise any funds or
property of the principal deposited with or left in the custody
of any banking institution, wherever located, either before or
after the execution of the power of attorney;
(4) to prepare any necessary financial statements of the
assets and liabilities or income and expenses of the principal
for submission to any banking institution;
(5) to receive statements, vouchers, notices, or other
documents from any banking institution and to act with respect
to them;
(6) to enter at any time any safe deposit box or vault
which the principal could enter if personally present;
(7) to borrow money at any interest rate the
attorney-in-fact selects, to pledge as security any assets of
the principal the attorney-in-fact deems desirable or necessary
for borrowing, to pay, renew, or extend the time of payment of
any debt of the principal;
(8) to make, assign, draw, endorse, discount, guarantee,
and negotiate, all promissory notes, bills of exchange, checks,
drafts, or other negotiable or nonnegotiable paper of the
principal, or payable to the principal or his order, to receive
the cash or other proceeds of any of those transactions, to
accept any bill of exchange or draft drawn by any person upon
the principal, and to pay it when due;
(9) to receive for the principal and to deal in and to deal
with any sight draft, warehouse receipt, or other negotiable or
nonnegotiable instrument in which the principal has or claims to
have an interest;
(10) to apply for and to receive letters of credit from any
banking institution selected by the attorney-in-fact, giving
indemnity or other agreement in connection with the letters of
credit which the attorney-in-fact deems desirable or necessary;
(11) to consent to an extension in the time of payment with
respect to any commercial paper or any banking transaction in
which the principal has an interest or by which the principal
is, or might be, affected in any way;
(12) to demand, receive, obtain by action, proceeding, or
otherwise any money or other thing of value to which the
principal is, or may become, or may claim to be entitled as the
proceeds of any banking transaction, and to reimburse the
attorney-in-fact for any expenditures properly made in the
execution of the powers conferred upon the attorney-in-fact by
the statutory short form power of attorney;
(13) to execute, acknowledge, and deliver any instrument of
any kind, in the name of the principal or otherwise, which the
attorney-in-fact deems useful for the accomplishment of any of
the purposes enumerated in this subdivision;
(14) to prosecute, defend, submit to arbitration, settle,
and propose or accept a compromise with respect to any claim
existing in favor of or against the principal based on or
involving any banking transaction or to intervene in any related
action or proceeding;
(15) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistant when the
attorney-in-fact deems that action to be desirable for the
proper execution of any of the powers described in this
subdivision, and for the keeping of needed records; and
(16) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts in connection
with any banking transaction which does or might in any way
affect the financial or other interests of the principal.
All powers described in this subdivision are exercisable
equally with respect to any banking transaction engaged in by
the principal at the giving of the power of attorney or engaged
in after that time, and whether conducted in the state of
Minnesota or elsewhere.
Subd. 5. [BUSINESS OPERATING TRANSACTIONS.] In a statutory
short form power of attorney, the language conferring general
authority with respect to business operating transactions, means
that the principal authorizes the attorney-in-fact:
(1) to discharge and perform any duty or liability and also
to exercise any right, power, privilege, or option which the
principal has, or claims to have, under any partnership
agreement whether the principal is a general or limited partner,
to enforce the terms of a partnership agreement for the
protection of the principal, by action, proceeding, or
otherwise, as the attorney-in-fact deems desirable or necessary,
and to defend, submit to arbitration, settle, or compromise any
action or other legal proceeding to which the principal is a
party because of his membership in the partnership;
(2) to exercise in person or by proxy or to enforce by
action, proceeding, or otherwise, any right, power, privilege,
or option which the principal has as the holder of any bond,
share, or other instrument of similar character and to defend,
submit to arbitration, settle or compromise any action or other
legal proceeding to which the principal is a party because of a
bond, share, or other instrument of similar character;
(3) with respect to any business enterprise which is owned
solely by the principal:
(a) to continue, modify, renegotiate, extend, and terminate
any contractual arrangements made with any person or entity,
firm, association, or corporation by or on behalf of the
principal with respect to the business enterprise prior to the
granting of the power of attorney;
(b) to determine the policy of the business enterprise as
to the location of the site or sites to be used for its
operation, the nature and extent of the business to be
undertaken by it, the methods of manufacturing, selling,
merchandising, financing, accounting, and advertising to be
employed in its operation, the amount and types of insurance to
be carried, the mode of securing, compensating, and dealing with
accountants, attorneys, servants, and other agents and employees
required for its operation, and to agree and to contract in any
manner, with any person, and on any terms which the
attorney-in-fact deems desirable or necessary for effectuating
any or all of the decisions of the attorney-in-fact as to
policy, and to perform, rescind, reform, release, or modify the
agreement or contract or any other similar agreement or contract
made by or on behalf of the principal;
(c) to change the name or form of organization under which
the business enterprise is operated and to enter into a
partnership agreement with other persons or to organize a
corporation to take over the operation of the business or any
part of the business, as the attorney-in-fact deems desirable or
necessary;
(d) to demand and receive all money which is or may become
due to the principal or which may be claimed by the principal or
on his behalf in the operation of the business enterprise, and
to control and disburse the funds in the operation of the
enterprise in any way which the attorney-in-fact deems desirable
or necessary, and to engage in any banking transactions which
the attorney-in-fact deems desirable or necessary for
effectuating the execution of any of the powers of the
attorney-in-fact described in clauses (a) to (d);
(4) to prepare, sign, file, and deliver all reports,
compilations of information, returns, or other papers with
respect to any business operating transaction of the principal,
which are required by any governmental agency, department, or
instrumentality or which the attorney-in-fact deems desirable or
necessary for any purpose, and to make any related payments;
(5) to pay, compromise, or contest taxes or assessments and
to do any act or acts which the attorney-in-fact deems desirable
or necessary to protect the principal from illegal or
unnecessary taxation, fines, penalties, or assessments in
connection with his business operations, including 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) to demand, receive, obtain by action, proceeding, or
otherwise, any money or other thing of value to which the
principal is, may become, or may claim to be entitled as the
proceeds of any business operation of the principal, to
conserve, to invest, to disburse, or to use anything so received
for purposes enumerated in this subdivision, and to reimburse
the attorney-in-fact for any expenditures properly made by the
attorney-in-fact in the execution of the powers conferred upon
the attorney-in-fact by the statutory short form power of
attorney;
(7) to execute, acknowledge, seal, and deliver any deed,
assignment, mortgage, lease, notice, consent, agreement,
authorization, check, or other instrument which the
attorney-in-fact deems useful for the accomplishment of any of
the purposes enumerated in this subdivision;
(8) to prosecute, defend, submit to arbitration, settle,
and propose or accept a compromise with respect to, any claim
existing in favor of, or against, the principal based on or
involving any business operating transaction or to intervene in
any related action or proceeding;
(9) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistant when the
attorney-in-fact deems that action to be desirable for the
proper execution by the attorney-in-fact of any of the powers
described in this subdivision, and for the keeping of needed
records; and
(10) in general, and in addition to all the specific acts
listed in this subdivision, to do any other act which the
attorney-in-fact deems desirable or necessary for the
furtherance or protection of the interests of the principal in
any business.
All powers described in this subdivision are exercisable
equally with respect to any business in which the principal is
interested at the time of giving of the power of attorney or in
which the principal becomes interested after that time, and
whether operated in the state of Minnesota or elsewhere.
Subd. 6. [INSURANCE TRANSACTIONS.] In a statutory short
form power of attorney, the language conferring general
authority with respect to insurance transactions, means that the
principal authorizes the attorney-in-fact:
(1) to continue, pay the premium or assessment on, modify,
rescind, release, or terminate any contract of life, accident,
health, or disability insurance or for the provision of health
care services, or any combination of these contracts procured by
or on behalf of the principal prior to the granting of the power
of attorney which insures either the principal or any other
person, without regard to whether the principal is or is not a
beneficiary under the contract;
(2) to procure new, different, or additional contracts of
life, accident, health, or disability insurance for the
principal or for provision of health care services for the
principal, to select the amount, the type of insurance and the
mode of payment under each contract, to pay the premium or
assessment on, modify, rescind, release or terminate, any
contract so procured by the attorney-in-fact, and to designate
the beneficiary of the contract, provided, however, that the
attorney-in-fact cannot be named a beneficiary except, if
permitted under subdivision 8, the attorney-in-fact can be named
the beneficiary of death benefit proceeds under an insurance
contract, or, if the attorney-in-fact was named as a beneficiary
under the contract which was procured by the principal prior to
the granting of the power of attorney, then the attorney-in-fact
can continue to be named as the beneficiary under the contract
or under any extension or renewal of or substitute for the
contract;
(3) to apply for and receive any available loan on the
security of the contract of insurance, whether for the payment
of a premium or for the procuring of cash, to surrender and then
to receive the cash surrender value, to exercise any election as
to beneficiary or mode of payment, to change the manner of
paying premiums, to change or convert the type of insurance
contract, with respect to any contract of life, accident,
health, disability, or liability insurance as to which the
principal has, or claims to have, any one or more of the powers
described in this subdivision and to change the beneficiary of
the contract of insurance, provided, however, that the
attorney-in-fact cannot be a new beneficiary except, if
permitted under subdivision 8, the attorney-in-fact can be the
beneficiary of death benefit proceeds under an insurance
contract, or, if the attorney-in-fact was named as a beneficiary
under the contract which was procured by the principal prior to
the granting of the power of attorney, then the attorney-in-fact
can continue to be named as the beneficiary under the contract
or under any extension or renewal of or substitute for the
contract;
(4) to demand, receive, obtain by action, proceeding, or
otherwise, any money, dividend, or other thing of value to which
the principal is, or may become, or may claim to be entitled as
the proceeds of any contract of insurance or of one or more of
the transactions enumerated in this subdivision, to conserve,
invest, disburse, or utilize anything so received for purposes
enumerated in this subdivision, and to reimburse the
attorney-in-fact for any expenditures properly made by the
attorney-in-fact in the execution of the powers conferred on the
attorney-in-fact by the statutory short form power of attorney;
(5) to apply for and procure any available governmental aid
in the guaranteeing or paying of premiums of any contract of
insurance on the life of the principal;
(6) to sell, assign, hypothecate, borrow upon, or pledge
the interest of the principal in any contract of insurance;
(7) to pay from any proceeds or otherwise, compromise, or
contest, and to apply for refunds in connection with, any tax or
assessment levied by a taxing authority with respect to any
contract of insurance or the proceeds of the refunds or
liability accruing by reason of the tax or assessment;
(8) to agree and contract in any manner, with any person,
and on any terms which the attorney-in-fact selects for the
accomplishment of any of the purposes enumerated in this
subdivision, and to perform, rescind, reform, release, or modify
the agreement or contract;
(9) to execute, acknowledge, seal, and deliver any consent,
demand, request, application, agreement, indemnity,
authorization, assignment, pledge, notice, check, receipt,
waiver, or other instrument which the attorney-in-fact deems
useful for the accomplishment of any of the purposes enumerated
in this subdivision;
(10) to continue, procure, pay the premium or assessment
on, modify, rescind, release, terminate, or otherwise deal with
any contract of insurance, other than those enumerated in clause
(1) or (2), whether fire, marine, burglary, compensation,
liability, hurricane, casualty, or other type, or any
combination of insurance, to do any act or acts with respect to
the contract or with respect to its proceeds or enforcement
which the attorney-in-fact deems desirable or necessary for the
promotion or protection of the interests of the principal;
(11) to prosecute, defend, submit to arbitration, settle,
and propose or accept a compromise with respect to any claim
existing in favor of or against the principal based on or
involving any insurance transaction or to intervene in any
related action or proceeding;
(12) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistants when the
attorney-in-fact deems the action to be desirable for the proper
execution by the attorney-in-fact of any of the powers described
in this subdivision and for the keeping of needed records; and
(13) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts in connection
with procuring, supervising, managing, modifying, enforcing, and
terminating contracts of insurance or for the provisions of
health care services in which the principal is the insured or is
otherwise in any way interested.
All powers described in this subdivision are exercisable
with respect to any contract of insurance or for the provision
of health care service in which the principal is in any way
interested, whether made in the state of Minnesota or elsewhere.
Subd. 7. [BENEFICIARY TRANSACTIONS.] In the statutory
short form power of attorney, the language conferring general
authority with respect to beneficiary transactions, means that
the principal authorizes the attorney-in-fact:
(1) to represent and act for the principal in all ways and
in all matters affecting any trust, probate estate,
guardianship, conservatorship, escrow, custodianship, or other
fund out of which the principal is entitled, or claims to be
entitled, as a beneficiary, to some share or payment, including,
but not limited to the following:
(a) to accept, reject, disclaim, receive, receipt for,
sell, assign, release, pledge, exchange, or consent to a
reduction in or modification of any share in or payment from the
fund;
(b) to demand or obtain by action, proceeding, or otherwise
any money or other thing of value to which the principal is, may
become, or may claim to be entitled by reason of the fund, to
initiate, to participate in, and to oppose any proceeding,
judicial, or otherwise, for the ascertainment of the meaning,
validity, or effect of any deed, declaration of trust, or other
transaction affecting in any way the interest of the principal,
to initiate, participate in, and oppose any proceeding, judicial
or otherwise, for the removal, substitution, or surcharge of a
fiduciary, to conserve, invest, disburse, or use anything so
received for purposes listed in this subdivision, and to
reimburse the attorney-in-fact for any expenditures properly
made by the attorney-in-fact in the execution of the powers
conferred on the attorney-in-fact by the statutory short form
power of attorney;
(c) to prepare, sign, file, and deliver all reports,
compilations of information, returns, or papers with respect to
any interest had or claimed by or on behalf of the principal in
the fund, to pay, compromise, or contest, and apply for and
receive refunds in connection with, any tax or assessment, with
respect to any interest had or claimed by or on behalf of the
principal in the fund or with respect to any property in which
an interest is had or claimed;
(d) to agree and contract in any manner, with any person,
and on any terms the attorney-in-fact selects, for the
accomplishment of the purposes listed in this subdivision, and
to perform, rescind, reform, release, or modify the agreement or
contract or any other similar agreement or contract made by or
on behalf of the principal;
(e) to execute, acknowledge, verify, seal, file, and
deliver any deed, assignment, mortgage, lease, consent,
designation, pleading, notice, demand, election, conveyance,
release, assignment, check, pledge, waiver, admission of
service, notice of appearance, or other instrument which the
attorney-in-fact deems useful for the accomplishment of any of
the purposes enumerated in this subdivision;
(f) to submit to arbitration or settle and propose or
accept a compromise with respect to any controversy or claim
which affects the administration of the fund, in any one of
which the principal has, or claims to have, an interest, and to
do any and all acts which the attorney-in-fact deems to be
desirable or necessary in effectuating the compromise;
(g) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistant, when the
attorney-in-fact deems that action to be desirable for the
proper execution by the attorney-in-fact of any of the powers
described in this subdivision, and for the keeping of needed
records;
(h) to transfer any part or all of any interest which the
principal may have in any interests in real estate, stocks,
bonds, bank accounts, insurance, and any other assets of any
kind and nature, to the trustee of any revocable trust created
by the principal as grantor.
For the purposes of clauses (a) to (h), "the fund" means
any trust, probate estate, guardianship, conservatorship,
escrow, custodianship, or any other fund in which the principal
has or claims to have an interest.
(2) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts with respect to
the administration of a trust, probate estate, guardianship,
conservatorship, escrow, custodianship, or other fund, in which
the principal has, or claims to have, an interest as a
beneficiary.
All powers described in this subdivision are exercisable
equally with respect to the administration or disposition of any
trust, probate estate, guardianship, conservatorship, escrow,
custodianship, or other fund in which the principal is
interested at the giving of the power of attorney or becomes
interested after that time, as a beneficiary, and whether
located in the state of Minnesota or elsewhere.
Subd. 8. [GIFT TRANSACTIONS.] In the statutory short form
power of attorney, the language conferring general authority
with respect to gift transactions, means that the principal
authorizes the attorney-in-fact:
(1) to make gifts to organizations, whether charitable or
otherwise, to which the principal has made gifts, and to satisfy
pledges made to organizations by the principal;
(2) to make gifts on behalf of the principal to the
principal's spouse, children, and other descendants or the
spouse of any child or other descendant, either outright or in
trust, for purposes which the attorney-in-fact deems to be in
the best interest of the principal, specifically including
minimization of income, estate, inheritance, or gift taxes,
provided that no attorney-in-fact nor anyone the
attorney-in-fact has a legal obligation to support may be the
recipient of any gifts in any one calendar year which, in the
aggregate, exceed $10,000 in value to each recipient;
(3) to prepare, execute, consent to on behalf of the
principal, and file any return, report, declaration, or other
document required by the laws of the United States, any state or
subdivision of a state, or any foreign government, which the
attorney-in-fact deems to be desirable or necessary with respect
to any gift made under the authority of this subdivision;
(4) to execute, acknowledge, seal, and deliver any deed,
assignment, agreement, authorization, check, or other instrument
which the attorney-in-fact deems useful for the accomplishment
of any of the purposes enumerated in this subdivision;
(5) to prosecute, defend, submit to arbitration, settle,
and propose or accept a compromise with respect to any claim
existing in favor of or against the principal based on or
involving any gift transaction or to intervene in any related
action or proceeding;
(6) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistant when the
attorney-in-fact deems that action to be desirable for the
proper execution by the attorney-in-fact of any of the powers
described in this subdivision, and for the keeping of needed
records; and
(7) in general, and in addition to but not in contravention
of all the specific acts listed in this subdivision, to do any
other acts which the attorney-in-fact deems desirable or
necessary to complete any gift on behalf of the principal.
All powers described in this subdivision are exercisable
equally with respect to a gift of any property in which the
principal is interested at the giving of the power of attorney
or becomes interested after that time, and whether located in
the state of Minnesota or elsewhere.
Subd. 9. [FIDUCIARY TRANSACTIONS.] In a statutory short
form power of attorney, the language conferring general
authority with respect to fiduciary transactions, means that the
principal authorizes the agent:
(1) to apply for and procure, in the name of the principal,
letters of administration, letters testamentary, letters of
guardianship or conservatorship, or any other type of authority,
either judicial or administrative, to act as a fiduciary of any
sort;
(2) to represent and act for the principal in all ways and
in all matters affecting any fund with respect to which the
principal is a fiduciary;
(3) to initiate, participate in, and oppose any proceeding,
judicial or otherwise, for the removal, substitution, or
surcharge of a fiduciary, to conserve, to invest or to disburse
anything received for the purposes of the fund for which it is
received, and to reimburse the attorney-in-fact for any
expenditures properly made by the attorney-in-fact in the
execution of the powers conferred on the attorney-in-fact by the
statutory short form power of attorney;
(4) to agree and contract, in any manner, with any person,
and on any terms which the attorney-in-fact selects for the
accomplishment of the purposes enumerated in this subdivision,
and to perform, rescind, reform, release, or modify the
agreement or contract or any other similar agreement or contract
made by or on behalf of the principal;
(5) to execute, acknowledge, verify, seal, file, and
deliver any consent, designation, pleading, notice, demand,
election, conveyance, release, assignment, check, pledge,
waiver, admission of service, notice of appearance, or other
instrument which the attorney-in-fact deems useful for the
accomplishment of any of the purposes enumerated in this
subdivision;
(6) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistants, when the
attorney-in-fact deems that action to be desirable for the
proper execution by the attorney-in-fact of any of the powers
described in this subdivision, and for the keeping of needed
records; and
(7) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts with respect to
a fund of which the principal is a fiduciary.
For the purposes of clauses (1) to (7), "fund" means any
trust, probate estate, guardianship, conservatorship, escrow,
custodianship, or any other fund in which the principal has, or
claims to have, an interest as a fiduciary.
All powers described in this subdivision are exercisable
equally with respect to any fund of which the principal is a
fiduciary to the giving of the power of attorney or becomes a
fiduciary after that time, and whether located in the state of
Minnesota or elsewhere.
Subd. 10. [CLAIMS AND LITIGATION.] In a statutory short
form power of attorney, the language conferring general
authority with respect to claims and litigation, means that the
principal authorizes the attorney-in-fact:
(1) to assert and prosecute before any court,
administrative board, department, commissioner, or other
tribunal, any cause of action, claim, counterclaim, offset, or
defense, which the principal has, or claims to have, against any
individual, partnership, association, corporation, government,
or other person or instrumentality, including, by way of
illustration and not of restriction, power to sue for the
recovery of land or of any other thing of value, for the
recovery of damages sustained by the principal in any manner,
for the elimination or modification of tax liability, for an
injunction, for specific performance, or for any other relief;
(2) to bring an action of interpleader or other action to
determine adverse claims, to intervene or interplead in any
action or proceeding, and to act in any litigation as amicus
curiae;
(3) in connection with any action or proceeding or
controversy at law or otherwise, to apply for and, if possible,
procure a libel, an attachment, a garnishment, an order of
arrest, or other preliminary, provisional, or intermediate
relief and to resort to and to utilize in all ways permitted by
law any available procedure for the effectuation or satisfaction
of the judgment, order, or decree obtained;
(4) in connection with any action or proceeding, at law or
otherwise, to perform any act which the principal might perform,
including by way of illustration and not of restriction,
acceptance of tender, offer of judgment, admission of any facts,
submission of any controversy on an agreed statement of facts,
consent to examination before trial, and generally to bind the
principal in the conduct of any litigation or controversy as
seems desirable to the attorney-in-fact;
(5) to submit to arbitration, settle, and propose or accept
a compromise with respect to any claim existing in favor of or
against the principal or any litigation to which the principal
is, may become, or may be designated a party;
(6) to waive the issuance and service of a summons,
citation, or other process upon the principal, accept service of
process, appear for the principal, designate persons upon whom
process directed to the principal may be served, execute and
file or deliver stipulations on the principal's behalf, verify
pleadings, appeal to appellate tribunals, procure and give
surety and indemnity bonds at the times and to the extent the
attorney-in-fact deems desirable or necessary, contract and pay
for the preparation and printing of records and briefs, receive
and execute and file or deliver any consent, waiver, release,
confession of judgment, satisfaction of judgment, notice,
agreement, or other instrument which the attorney-in-fact deems
desirable or necessary in connection with the prosecution,
settlement, or defense of any claim by or against the principal
or of any litigation to which the principal is or may become or
be designated a party;
(7) to appear for, represent, and act for the principal
with respect to bankruptcy or insolvency proceedings, whether
voluntary or involuntary, whether of the principal or of some
other person, with respect to any reorganization proceeding, or
with respect to any receivership or application for the
appointment of a receiver or trustee which, in any way, affects
any interest of the principal in any real property, bond, share,
commodity interest, tangible personal property, or other thing
of value;
(8) to hire, discharge, and compensate any attorney,
accountant, expert witness or other assistant when the
attorney-in fact deems that action to be desirable for the
proper execution of any of the powers described in this
subdivision;
(9) to pay, from funds in the control of the
attorney-in-fact or for the account of the principal, any
judgment against the principal or any settlement which may be
made in connection with any transaction enumerated in this
subdivision, and to receive and conserve any money or other
things of value paid in settlement of or as proceeds of one or
more of the transactions enumerated in this subdivision, and to
receive, endorse, and deposit checks; and
(10) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts in connection
with any claim by or against the principal or with litigation to
which the principal is or may become or be designated a party.
All powers described in this subdivision are exercisable
equally with respect to any claim or litigation existing at the
giving of the power of attorney or arising after that time, and
whether arising in the state of Minnesota or elsewhere.
Subd. 11. [FAMILY MAINTENANCE.] In a statutory short form
power of attorney, the language conferring general authority
with respect to family maintenance, means that the principal
authorizes the attorney-in-fact:
(1) to do all acts necessary for maintaining the customary
standard of living of the spouse and children, and other persons
customarily supported by the principal, including by way of
illustration and not by way of restriction, power to provide
living quarters by purchase, lease, or other contract, or by
payment of the operating costs, including interest, amortization
payments, repairs, and taxes of premises owned by the principal
and occupied by his family or dependents, to provide normal
domestic help for the operation of the household, to provide
usual vacations and usual travel expenses, to provide usual
educational facilities, and to provide funds for all the current
living costs of the spouse, children, and other dependents,
including, among other things, shelter, clothing, food, and
incidentals;
(2) to pay for necessary medical, dental, and surgical
care, hospitalization, and custodial care for the spouse,
children, and other dependents of the principal;
(3) to continue whatever provision has been made by the
principal, either prior to or after the execution of the power
of attorney, for his spouse and other persons customarily
supported by the principal, with respect to automobiles, or
other means of transportation, including by way of illustration
but not by way of restriction, power to license, insure, and
replace any automobiles owned by the principal and customarily
used by the spouse, children, or other persons customarily
supported by the principal;
(4) to continue whatever charge accounts have been operated
by the principal prior to the execution of the power of attorney
or thereafter for the convenience of his spouse, children, or
other persons customarily supported by the principal, to open
new accounts the attorney-in-fact deems to be desirable for the
accomplishment of any of the purposes enumerated in this
subdivision, and to pay the items charged on those accounts by
any person authorized or permitted by the principal to make
charges prior to the execution of the power of attorney;
(5) to continue payments incidental to the membership or
affiliation of the principal in any church, club, society,
order, or other organization or to continue contributions to
those organizations;
(6) to demand, receive, obtain by action, proceeding, or
otherwise any money or other thing of value to which the
principal is or may become or may claim to be entitled as
salary, wages, commission, or other remuneration for services
performed, or as a dividend or distribution upon any stock, or
as interest or principal upon any indebtedness, or any periodic
distribution of profits from any partnership or business in
which the principal has or claims an interest, and to endorse,
collect, or otherwise realize upon any instrument for the
payment received;
(7) to use any asset of the principal for the performance
of the powers enumerated in this subdivision, including by way
of illustration and not by way of restriction, power to draw
money by check or otherwise from any bank deposit of the
principal, to sell any interest in real property, bond, share,
commodity interest, tangible personal property, or other asset
of the principal, to borrow money and pledge as security for a
loan, any asset, including insurance, which belongs to the
principal;
(8) to execute, acknowledge, verify, seal, file, and
deliver any application, consent, petition, notice, release,
waiver, agreement, or other instrument which the
attorney-in-fact deems useful for the accomplishment of any of
the purposes enumerated in this subdivision;
(9) to hire, discharge, and compensate any attorney,
accountant, or other assistant when the attorney-in-fact deems
that action to be desirable for the proper execution by any of
the powers described in this subdivision, and for the keeping of
needed records; and
(10) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts for the welfare
of the spouse, children, or other persons customarily supported
by the principal or for the preservation and maintenance of the
other personal relationships of the principal to parents,
relatives, friends, and organizations as are appropriate.
All powers described in this subdivision are exercisable
equally whether the acts required for their execution relate to
real or personal property owned by the principal at the giving
of the power of attorney or acquired after that time and whether
those acts are performable in the state of Minnesota or
elsewhere.
Subd. 12. [BENEFITS FROM MILITARY SERVICE.] In a statutory
short form power of attorney, the language conferring general
authority with respect to benefits from military service, means
that the principal authorizes the attorney-in-fact:
(1) to execute vouchers in the name of the principal for
any and all allowances and reimbursements payable by the United
States or by any state or subdivision of a state to the
principal, including, by way of illustration and not of
restriction, all allowances and reimbursements for
transportation of the principal and of his dependents, and for
shipment of household effects, to receive, endorse, and collect
the proceeds of any check payable to the order of the principal
drawn on the treasurer or other fiscal officer or depository of
the United States or of any state or subdivision of a state;
(2) to take possession and order the removal and shipment
of any property of the principal from any post, warehouse,
depot, dock, or other place of storage or safekeeping, either
governmental or private, to execute and deliver any release,
voucher, receipt, bill of lading, shipping ticket, certificate,
or other instrument which the attorney-in-fact deems desirable
or necessary for that purpose;
(3) to prepare, file, and prosecute the claim of the
principal to any benefit or assistance, financial or otherwise,
to which the principal is, or claims to be, entitled, under the
provisions of any statute or regulation existing at the
execution of the power of attorney or enacted after that time by
the United States or by any state or by any subdivision of a
state, or by any foreign government, which benefit or assistance
arises from or is based upon military service performed prior to
or after the execution of the power of attorney by the principal
or by any person related by blood or marriage to the principal,
to execute any receipt or other instrument which the
attorney-in-fact deems desirable or necessary for the
enforcement or for the collection of that claim;
(4) to receive the financial proceeds of any claim of the
type described in this subdivision, to conserve, invest,
disburse, or use anything so received for purposes enumerated in
this subdivision, and to reimburse the attorney-in-fact for any
expenditures properly made by him in the execution of the powers
conferred on the attorney-in-fact by the statutory short form
power of attorney;
(5) to prosecute, defend, submit to arbitration, settle,
and propose or accept a compromise with respect to any claim
existing in favor of or against the principal based on or
involving any benefits from military service or to intervene in
any related action or proceeding;
(6) to hire, discharge, and compensate any attorney,
accountant, expert witness, or other assistant when the
attorney-in-fact deems that action to be desirable for the
proper execution by the attorney-in-fact of any of the powers
described in this subdivision; and
(7) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts which the
attorney-in-fact deems desirable or necessary, to assure to the
principal, and to the dependents of the principal, the maximum
possible benefit from the military service performed prior to or
after the execution of the power of attorney by the principal or
by any person related by blood or marriage to the principal.
All powers described in this subdivision are exercisable
equally with respect to any benefits from military service
existing at the giving of the power of attorney or accruing
after that time, and whether accruing in the state of Minnesota
or elsewhere.
Subd. 13. [RECORDS, REPORTS, AND STATEMENTS.] In a
statutory short form power of attorney, the language conferring
general authority with respect to records, reports, and
statements means that the principal authorizes the
attorney-in-fact:
(1) to keep records of all cash received and disbursed for
or on account of the principal, of all credits and debits to the
account of the principal, and of all transactions affecting in
any way the assets and liabilities of the principal;
(2) to prepare, execute, and file all tax and tax
information returns, for all periods, required by the laws of
the United States, any state or any subdivision of a state, or
any foreign government, to prepare, execute, and file all other
tax-related documents for all tax periods, including requests
for extension of time, offers, waivers, consents, powers of
attorney, closing agreements, and petitions to any tax court
regarding tax matters, and to prepare, execute, and file all
other instruments which the attorney-in-fact deems desirable or
necessary for the safeguarding of the principal against
excessive or illegal taxation or against penalties imposed for
claimed violation of any law or other governmental regulation,
it being the intent of this provision that it is sufficiently
definite to permit the attorney-in-fact to represent the
principal respecting all taxes that the principal has paid and
all tax returns that the principal has filed, either personally
or through an agent, with the Internal Revenue Service or any
other agency of the United States government, any state
department of revenue, any political subdivision of a state, and
any foreign country or political subdivision of a foreign
country;
(3) to prepare, execute, and file any return, report,
declaration, or other document required by the laws of the
United States, any state, subdivision of a state, or any foreign
government, including, by way of illustration and not as a
limitation, any report or declaration required by the Social
Security Administration, the commissioner of economic security
or other, similar, governmental agency, which the
attorney-in-fact deems to be desirable or necessary for the
safeguarding or maintenance of the principal's interest;
(4) to prepare, execute, and file any record, report, or
statement which the attorney-in-fact deems desirable or
necessary for the safeguarding or maintenance of the principal's
interest, with respect to price, rent, wage, or rationing
control, or other governmental activity;
(5) to hire, discharge, and compensate any attorney,
accountant, or other assistant when the attorney-in-fact deems
that action to be desirable for the proper execution of any of
the powers described in this subdivision; and
(6) in general, and in addition to all the specific acts
listed in this subdivision, to do any other acts in connection
with the preparation, execution, filing, storage, or other use
of any records, reports, or statements of or concerning the
principal's affairs.
All powers described in this subdivision are exercisable
equally with respect to any records, reports, or statements of
or concerning the affairs of the principal existing at the
giving of the power of attorney or arising after that time, and
whether arising in the state of Minnesota or elsewhere.
Subd. 14. [ALL OTHER MATTERS.] In a statutory short form
power of attorney, the language conferring general authority
with respect to all other matters, means that the principal
authorizes the attorney-in-fact to act as an alter ego of the
principal with respect to any and all possible matters and
affairs affecting property owned by the principal which are not
enumerated in subdivisions 1 to 13, and which the principal can
do through an agent.
Sec. 27. [523.25] [MODIFICATION TO STATUTORY SHORT FORM
POWER OF ATTORNEY.]
A power of attorney which satisfies the requirements of
section 25, subdivision 1, is not prevented from being a
statutory short form power of attorney, by the fact that: (1)
it creates a nondurable power of attorney instead of a durable
power of attorney; (2) it provides for one or more named
successors to the attorney-in-fact originally named; or (3) it
provides that the attorney-in-fact must render an accounting to
the principal or other designated person.
Sec. 28. Minnesota Statutes 1982, section 528.15, is
amended to read:
528.15 [PURPOSE; FORMS.]
The declared purpose of sections 528.01 to 528.16 528.15 is
to render certainty to the nature of accounts of deposit in
relation to the rights of survivorship, and to distinguish
accounts of survivorship from accounts established for the
purpose of having an agent with power to draw on the account for
the convenience of the owner with no survivorship rights in the
agent. To further accomplish this purpose, the forms contained
in this section are recommended for use to be kept on file in
the depository financial institution. Deposits made using a
form of account containing the following language signed by the
depositor shall be conclusive evidence of the intent of decedent
to establish a survivorship account in the absence of fraud or
misrepresentation, subject, nevertheless, to other disposition
made by will specifically referring to the account as otherwise
provided in section 528.05, clause (e), the form to read as
follows:
"The undersigned signators of this account hereby
acknowledge that the depositor or depositors, both as to the
original deposit and any subsequent deposits, intend that such
funds as may constitute the account balance upon the death of
any party to this account, shall be the property of the
surviving party or parties who shall take as a surviving joint
tenant.
If two or more persons shall be the survivors, their
interests shall continue to be held as joint tenants with right
of survivorship.
..........................
.........................."
Where no rights of survivorship are intended and the
account is one to be established for convenience only between a
depositor and his agent, the following language is recommended
for use, and when so used, any account deposited in the form
shall be construed as a matter of law to be an account subject
to a power of attorney with no survivorship rights, the form to
read as follows:
"I .................... (grantor of power), hereby
constitute and appoint .................... (grantee of power),
as my attorney in fact, to deposit or withdraw funds held in
.................... (name of bank), in account No. ............
.
Dated:
Acknowledgment: In the presence of .......................
(an authorized person), ....................... (name of
financial institution)."
The power so granted is subject to the provisions of
section 528.16 sections 3 to 27.
Sec. 29. [REPEALER.]
Minnesota Statutes 1982, sections 51A.25; 507.291; 507.292;
507.293; 507.294; 507.39; 524.5-501; 524.5-502; and 528.16, are
repealed.
Approved April 26, 1984
Official Publication of the State of Minnesota
Revisor of Statutes