Michigan Laws 556.307 – Authority of agent; commodities and options
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Terms Used In Michigan Laws 556.307
- 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
- power: means a power of attorney. See Michigan Laws 556.202
Unless the power of attorney provides otherwise, language in a power granting general authority with respect to commodities and options authorizes the agent to do the following:
(a) Buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call or put options on stocks or stock indexes traded on a regulated option exchange.
(b) Establish, continue, modify, and terminate option accounts.