IC 30-5-5-6 Business Operating Transactions

• Library: Indiana Statutes
• Edition: 2023
• Currency: Current through P.L. 255-2023
• Year: 2023
• Citation: IC 30-5-5-6

(a) Language conferring general authority with respect to business operating transactions means the principal authorizes the attorney in fact to do the following:

(1) Discharge and perform a duty or liability, exercise a right, a power, a privilege, or an option the principal has or claims to have under a partnership agreement, whether the principal is a general or limited partner, enforce the terms of a partnership agreement for the protection of the principal by action or proceeding as the attorney in fact considers desirable or necessary, and defend, submit to arbitration, settle, or compromise an action or other legal proceeding in which the principal is a party because of membership in a partnership.

(2) Exercise in person or by proxy or enforce by action or proceeding a right, a power, a privilege, or an option the principal has as the holder of a bond, share, or other instrument of similar character, and defend, submit to arbitration, settle, or compromise an action or legal proceeding to which the principal is a party because of a bond, share, or other instrument of similar character.

(3) With respect to a business owned solely by the principal, to perform the following:

(A) Continue, modify, renegotiate, extend, and terminate contractual arrangements made with a person, an entity, a firm, an association, or a corporation by or on behalf of the principal with respect to the business enterprise prior to the granting of the power of attorney.

(B) Determine the policy of the business enterprise, including the following:

(i) The location of the site or sites to be used for the enterprise's operation.

(ii) The nature and extent of business to be undertaken by the enterprise.

(iii) The methods of manufacturing, selling, merchandising, financing, accounting, and advertising to be employed in the enterprise's operation.

(iv) The amounts and types of insurance to be carried.

(v) The mode of securing, compensating, and dealing with accountants, attorneys, servants, and other agents and employees required for the operation of the enterprise.

(C) Agree and contract in any manner and on any terms with any person on any terms the attorney in fact considers desirable or necessary to make any or all decisions of the attorney in fact as to policy and rescind, reform, release, or modify an agreement or a contract made by or on behalf of the principal.

(D) Change the name or the form of organization under which the business enterprise is operated, enter into a partnership agreement with other persons, or organize a corporation to take over the business or a part of the business that the attorney in fact considers necessary or desirable.