Section 5-1502B. Construction--chattel and goods transactions

In  a
  statutory short form power of attorney, the language conferring  general
  authority  with  respect  to  "chattel and goods transactions, " must be
  construed to mean that the principal authorizes the agent:
    1. To accept as a gift, or as security  for  a  loan,  to  reject,  to
  demand,  to buy, to receive, or otherwise to acquire either ownership or
  possession of, any chattel or goods or any interest in  any  chattel  or
  goods;
    2.  To  sell, to exchange, to convey either with or without covenants,
  to release, to surrender,  to  mortgage,  to  incumber,  to  pledge,  to
  hypothecate, to pawn, to grant options concerning, to lease or to sublet
  to  others,  or  otherwise  to  dispose  of  any chattel or goods or any
  interest in any chattel or goods;
    3. To release in whole or in part, to assign the whole or a  part  of,
  to  satisfy in whole or in part, and to enforce by action, proceeding or
  otherwise, any mortgage, incumbrance, lien or other claim, which exists,
  or is claimed to exist, in favor of the principal, with respect  to  any
  chattel or goods or any interest in any chattel or goods;
    4. To do any act of management or of conservation, with respect to any
  chattel  or  goods  or to any interest in any chattel or goods 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 to regain possession, or to protect such chattel
  or goods or interest in any chattel or goods, by action,  proceeding  or
  otherwise,  to pay, to compromise or to contest taxes or assessments, to
  apply for refunds in connection therewith, to move from place to  place,
  to  store for hire or on a gratuitous bailment, to use, to alter, and to
  make repairs or alterations of any such chattel or goods, or interest in
  any chattel or goods;
    5.  To  demand,  to  receive,  to  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 a  chattel
  or  goods  or of any interest in any chattel or goods, or of one or more
  of the transactions enumerated in this section, to conserve, to  invest,
  to  disburse  or to utilize anything so received for purposes enumerated
  in this section,  and  to  reimburse  the  agent  for  any  expenditures
  properly  made by him in the execution of the powers conferred on him by
  the statutory short form power of attorney;
    6. To agree and to contract, in any manner, and with any person and on
  any terms, which the agent may select, for the accomplishment of any  of
  the  purposes enumerated in this section, and to perform, to rescind, to
  reform, to release or to modify any such agreement or  contract  or  any
  other  similar  agreement  or  contract  made  by  or  on  behalf of the
  principal;
    7. To execute, to acknowledge, to seal and to deliver any  conveyance,
  mortgage,  lease,  notice, check or other instrument which the agent may
  think useful for the accomplishment of any of the purposes enumerated in
  this section;
    8. To prosecute, to defend, to submit to arbitration, to  settle,  and
  to propose or to accept a compromise with respect to, any claim existing
  in favor of, or against, the principal based on or involving any chattel
  or  goods  transaction  or  to  intervene  in  any  action or proceeding
  relating thereto;
    9. To hire, to discharge, and to compensate any attorney,  accountant,
  expert  witness  or  other  assistant or assistants when the agent shall
  think such action to be desirable for the proper execution by him of any
  of the powers described in this section, and for the keeping  of  needed
  records thereof; and

    10.  In  general,  and  in  addition  to all the specific acts in this
  section enumerated, to do any other act or acts, which the principal can
  do through an agent, with respect to any chattel or goods or interest in
  any chattel or goods.
    All   powers   described  in  this  section  5-1502B  of  the  general
  obligations law shall be exercisable equally with respect to any chattel
  or goods or interest in any chattel or goods owned by the  principal  at
  the  giving of the power of attorney or thereafter acquired, and whether
  located in the state of New York or elsewhere.