Oklahoma § 15-1006 - Construction of power relating to real property

§ 15-1006. Construction of power relating to real property

transactions.

CONSTRUCTION OF POWER RELATING TO REAL PROPERTY TRANSACTIONS

In a statutory power of attorney, the language granting power

with respect to real property transactions empowers the agent to:

1. Accept as a gift or as security for a loan, reject, demand,

buy, lease, receive, or otherwise acquire, an interest in real

property or a right incident to real property;

2. Sell, exchange, convey with or without covenants, quitclaim,

release, surrender, mortgage, encumber, partition, consent to

partitioning, subdivide, apply for zoning, rezoning, or other

governmental permits, plat or consent to platting, develop, grant

options concerning, lease, sublease, or otherwise dispose of, an

interest in real property or a right incident to real property;

3. Release, assign, satisfy, and enforce by litigation or

otherwise, a mortgage, deed of trust, encumbrance, lien, or other

claim to real property which exists or is asserted;

4. Do any act of management or of conservation with respect to

an interest in real property, or a right incident to real property,

owned, or claimed to be owned, by the principal, including:

a.

insuring against a casualty, liability, or loss,

b.

obtaining or regaining possession, or protecting the

interest or right, by litigation or otherwise,

c.

paying, compromising, or contesting taxes or

assessments, or applying for and receiving refunds in

connection with them, and

d.

purchasing supplies, hiring assistance or labor, and

making repairs or alterations in the real property;

5. Use, develop, alter, replace, remove, erect, or install

structures or other improvements upon real property in or incident

to which the principal has, or claims to have, an interest or right;

Oklahoma Statutes - Title 15. Contracts

6. Participate in a reorganization with respect to real

property or a legal entity that owns an interest in or right

incident to real property and receive and hold shares of stock or

obligations received in a plan of reorganization, and act with

respect to them, including:

a.

selling or otherwise disposing of them,

b.

exercising or selling an option, conversion, or

similar right with respect to them, and

c.

voting them in person or by proxy;

7. Change the form of title of an interest in or right incident

to real property; and

8. Dedicate to public use, with or without consideration,

easements or other real property in which the principal has, or

claims to have, an interest.

Added by Laws 1998, c. 420, § 6, eff. Nov. 1, 1998.