State Codes and Statutes

Statutes > Nebraska > Chapter49 > 49-1550

49-1550. General Power for Fiduciary Relationships, defined.The short form expression, General Power for Fiduciary Relationships, shall mean that the principal, in connection with or with respect to any absentee, beneficiary, bequest, conservatorship, decedent, devise, estate, gift, guardianship, incompetent, infant, inheritance, intestacy, trust, trustee, will, or other fiduciary matter or subject, whether or not any of them is specifically described or named, generally authorizes and empowers the agent to have and to exercise collectively or singly and concurrently or consecutively any one or more in combination or otherwise of each of Specific Authority for Ancillary Matters, Specific Authority for Assistants, Specific Authority for Claims, Specific Authority for Compensation, Specific Authority for Contracts, Specific Authority for Disclosure, Names, and Signatures, Specific Authority for Documents, Specific Authority for Proceeds, Specific Authority for Reimbursements, Specific Authority for Reports, Specific Authority for Taxes, and Specific Authority for Trusts, and that the principal also generally authorizes and empowers the agent to accept or waive service of process in any fiduciary matter, to appeal, assert, compromise, conduct, control, defend, disclaim, intervene in, oppose, plead, prosecute, renounce, relinquish, resist, resolve, settle, sue, or otherwise initiate, pursue, or terminate any accounting, action, application, charge, claim, complaint, conservation, construction, counterclaim, defense, distribution, indemnity, instruction, petition, investment, payment, offset, recoupment, request, surcharge, transfer, or other fiduciary cause, or interest, or proceeding against or by any person by appellate review, arbitration, hearing, litigation, negotiation, trial with or without jury, retrial, or other private or public fiduciary controversy or question resolution process, to apply for, give bond or other security for, take affirmation or oath for, or seek discharge from and termination of and nominate and procure appointment of any person to or seek discharge, removal, or replacement of any person in the office of conservator or similar custodian of the property of any child, parent, spouse, or other person established by administrative or judicial process, to apply for, give bond or other security for, take affirmation or oath for, or seek discharge from and termination of any letters of administration, conservatorship, guardianship, personal representative, or trusteeship, or other documentation of fiduciary office or relationship established by administrative or judicial process, and otherwise generally to act or decide as to any fiduciary relationship or related circumstance, condition, interest, matter, property, question, or transaction as the principal might do or omit to do in person and while competent, but that the principal does not authorize or empower the agent to exercise any fiduciary authority, duty, liability, power, privilege, or right granted to, imposed upon, or possessed by the principal as trustee of any irrevocable trust created, declared, or established by the agent as grantor. SourceLaws 1988, LB 475, § 50.