Michigan Laws 556.303 – Powers of agent with a grant of general authority
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Terms Used In Michigan Laws 556.303
- Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Michigan Laws 556.202
- Contract: A legal written agreement that becomes binding when signed.
- Court: includes that term as defined in section 1103 of the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 556.202
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Michigan Laws 556.202
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Person: means an individual or corporation, including a fiduciary of an estate or trust, a business trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Michigan Laws 556.202
- power: means a power of attorney. See Michigan Laws 556.202
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Power of attorney: means a written record that grants authority to an agent to act in 1 or more matters on behalf of the principal, whether or not the term power of attorney is used. See Michigan Laws 556.202
- Principal: means an individual who grants authority to an agent in a power of attorney. See Michigan Laws 556.202
- Property: means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right in such a thing. See Michigan Laws 556.202
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 556.202
- seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nStatute: A law passed by a legislature.
Except as otherwise provided in the power of attorney, by executing a power that incorporates by reference a subject described in section 204 to 217 under section 202 or that grants to an agent authority to do all acts that a principal could do under section 201(3), a principal authorizes the agent, with respect to that subject, to do all of the following:
(a) Demand, receive, and obtain, by litigation or otherwise, money or another thing of value to which the principal is, may become, or claims to be entitled, and conserve, invest, disburse, or use anything so received or obtained for the purposes intended.
(b) Contract in any manner with any person, on terms agreeable to the agent, to accomplish a purpose of a transaction and perform, rescind, cancel, terminate, reform, restate, release, or modify the contract or another contract made by or on behalf of the principal.
(c) Execute, acknowledge, seal, deliver, file, or record any instrument or communication the agent considers desirable to accomplish a purpose of a transaction, including creating at any time a schedule listing some or all of the principal’s property and attaching it to the power of attorney.
(d) Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to a claim existing in favor of or against the principal or intervene in litigation relating to the claim.
(e) Seek on the principal’s behalf the assistance of a court or other governmental agency to carry out an act authorized in the power of attorney.
(f) Engage, compensate, and discharge an attorney, accountant, discretionary investment manager, expert witness, or other advisor.
(g) Prepare, execute, and file a record, report, or other document to safeguard or promote the principal’s interest under a statute or regulation.
(h) Communicate with any representative or employee of a government or governmental subdivision, agency, or instrumentality, on behalf of the principal.
(i) Access communications intended for and communicate on behalf of the principal, whether by mail, electronic transmission, telephone, or other means.
(j) Do any lawful act with respect to the subject and all property related to the subject.