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HomeMy WebLinkAbout969716GENERAL DURABLE POWER OF ATTORNEY 00751 I, CONSTANCE M. NELSON, the Principal, of Evanston, Wyoming, hereby designate DAVID M. NELSON as my attorney in fact and agent (subsequently called "agent in my name and for my benefit: 1. General Grant of Power. To exercise or perform any act, power, duty, right or obligation whatsoever that I now have or may hereafter acquire, relating to any person, matter, transaction or property, real or personal, tangible or intangible, now owned or hereafter acquired by me, including without limitation, the following specifically enumerated powers. I grant to my agent full power and authority to do everything necessary in exercising any of the powers herein granted as fully as I might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that my agent shall lawfully do or cause to be done by virtue of this power of attorney and the powers herein granted. (a) Powers of Collection and Payment. To forgive, request, demand, sue for, recover, collect, receive, hold all such sums of money, debts, dues, commercial paper, checks, drafts, accounts, deposits, legacies, bequests, devises, notes, interests, stock certificates, bonds, dividends, certificates of deposit, annuities, pension, profit RECEIVED 2/28/2013 at 11:33 AM RECEIVING 969716 BOOK: 805 PAGE: 751 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 00752 sharing, retirement, social security, insurance and other contractual benefits and proceeds, all documents of title, all property, real or personal, intangible and tangible property and property rights, and demands whatsoever, liquidated or unliquidated, now or hereafter owned by, or due, owning, payable or belonging to, me or in which I have or may hereafter acquire an interest; to have, use and take all lawful means and equitable and legal remedies and proceedings in my name for the collection and recovery thereof, and to adjust, sell, compromise, and agree for the same, and to execute and deliver for me, on my behalf, and in my name, all endorsements, releases, receipts or other sufficient discharges for the same; (b) Power to Acquire and Sell. To acquire, purchase, exchange, grant options to sell, and sell and convey real or personal property, tangible or intangible, or interests therein, on such terms as my agent shall deem proper; (c) Management Powers. To maintain, repair, improve, invest, manage, insure, rent, lease, encumber, and in any manner deal with any real or personal property, tangible or 2 00753 intangible, or any interest therein, that I now own or may hereafter acquire, in my name and for my benefit, upon such terms and conditions as my agent shall deem proper; (d) Banking Powers. To make, receive and endorse checks and drafts, deposit and withdraw funds, acquire and redeem certificates of deposit, in banks, saving and loan associations and other institutions, execute or release such deeds of trust or other security agreements as may be necessary or proper in the exercise of the rights and powers herein granted; (e) Motor Vehicles. To apply for a certificate of title upon, and endorse and transfer title thereto, for any automobile, truck, pickup, van, motorcycle or other motor vehicle, and to represent in such transfer assignment that the title to said motor vehicle is free and clear of all liens and encumbrances except those specifically set forth in such transfer assignment; (f) Business Interests. To conduct or participate in any lawful business of whatever nature for me and in my name; execute partnership agreements and amendments thereto, incorporate, reorganize, 3 merge, consolidate, 4 00754 recapitalize, sell, liquidate or dissolve any business; elect or employ officers, directors and agents; carry out the provisions of any agreement for the sale of any business interest or the stock therein; and exercise voting rights with respect to stock, either in person or by proxy, and exercise stock options; (g) Tax Powers. To prepare, sign and file joint or separate income tax returns or declarations of estimated tax for any year or years; to prepare, sign and file gift tax returns with respect to gifts made by me for any year or years; to consent to any gift and to utilize any gift splitting provision or other tax election; and to prepare, sign and file any claims for refund of any tax; to receive, receipt for, and deposit any refunds of any tax; to prosecute any defenses against any claims for additional tax assessments, and to prosecute any claims for refund of any tax, before any administrative body or any court having jurisdiction; this grant of powers to be deemed co- extensive with all powers I might grant to my agent under I.R.S. Form 2848 as to any and all years during which this power of attorney is in force and effect, this power of attorney to be deemed to be continuing power of attorney under I.R.S. Form 2848, and 5 a grant of power to my attorney in fact to execute and deliver on my behalf an I.R.S. Form 2848 for any and all years in which this power of attorney is in force and effect. (h) Safe Deposit Boxes. To have access at any time or times to any safe deposit box rented by me, wheresoever located, and to surrender or relinquish said safe deposit box, in any institution in which any such safe deposit box may be located shall not incur any liability to me or my estate as a result of permitting my agent to exercise this power. (i) Mineral Interests and Leases. This power of attorney, and all powers conferred hereby, shall include, but not be limited to, all of my mineral interests, wherever located, including herewith all bonuses, delay rentals, and payments for production to which I am or may become entitled with respect to said mineral interests, and specifically including, but not being limited to, the powers of my agent to collect, receive and receipt for all payments to which I am or may become entitled with respect to said mineral interests, and the powers to cancel existing leases for legal cause, and the powers to (j) 00756 enter into renewals, extensions or new or additional leases with respect to any mineral interests I may have at any time, including the power on my behalf to execute division orders and join in any plan of unitization, orders and agreements. Power to Make Gifts. My agent shall have the power to make gifts of any and all of my assets or property to (i) such charity or charities which qualify as an organization described in Section 170(c) of the Internal Revenue Code of 1986, as from time to time amended, (ii) relatives of mine, and /or (iii) friends of mine, as would likely be beneficiaries of my gifts and /or as would benefit me or my estate by minimizing current or prospective taxes or expenses of administration; provided, however, that any such gifts made to a donee other than a charity, shall not exceed in any one (1) year the Federal annual gift tax exclusion, as from time to time amended, with the following exceptions: (1) My agent may make gifts directly to a "qualifying educational organization" as tuition for an individual as described in Section 2503(e) of the Internal Revenue Code of 1986, as from time to time amended; (2) My agent may make gifts directly to a provider of medical care as payment for an individual's medical care as described in 6 Section 2503(e) of the Internal Revenue Code of 1986, as from time to time amended; and (3) My agent may make gifts during my lifetime in excess of the annual exclusion to take advantage of the applicable credit amount against federal gift and estate tax described in Sections 2010(a) and 2505 of the Internal Revenue Code of 1986, as from time to time amended. 7 00757 (k) Power to Disclaim. My agent shall have the power at any time to disclaim on my behalf any gift, devise, bequest or inheritance to be received by me. (1) Power to Transfer Assets to an Existing Trust. My agent shall have the power to transfer any assets in which I have an ownership interest to any trust I have heretofore created by written agreement or declaration. 2. Interpretation and Governing Law. This instrument is to be construed and interpreted as a general durable power of attorney. The enumeration of specific powers herein is not intended to, nor does it, limit or restrict the general powers herein granted to my agent. This instrument is executed and delivered in the State of Wyoming, and the laws of the State of Wyoming shall govern all questions as to the validity of this power and the construction of its provisions. shall not become ineffective by my disability. 8 00758 3. Third -Party Reliance. Third parties may rely upon the representations of my agent as to all matters relating to any power granted to my agent, and no person who may act in reliance upon the representations of my agent or the authority granted to my agent shall incur any liability to me or my estate as a result of permitting my agent to exercise any power. 4. Disability of Principal. This general power of attorney 5. Successor Agent. In the event my agent, hereinbefore designated, becomes deceased, or becomes unable to perform the functions of my agent as certified to by a statement by my agent's attending physician, or my agent submits a resignation in writing to me, I then designate DAVID R. NELSON and MICHAEL E. NELSON, jointly, as my successor agents. In the event one of my agents, hereinbefore designated, becomes deceased, or becomes unable to perform the functions of an agent as certified to by a statement by the agent's attending physician, or an agent submits a resignation in writing to me, I then designate JUDY A. HANKIN as one of my successor agents. In the event another of my agents, hereinbefore designated, becomes deceased, or becomes unable to perform the functions of an agent as certified to by a statement by the agent's attending physician, or another of my agents submits a resignation 00759 in writing to me, I then designate LINDA K. TAYLOR as one of my successor agents. My successor agents shall have all of the powers and duties hereinbefore set forth as being granted to and imposed upon my agent as originally designated. 6. Termination. This power of attorney shall remain in full force and effect unless, and until, revoked in accordance with the provisions of Section 3 -5 -103, W.S.A., or in accordance with the provisions of Section 3- 5- 101(c), W.S.A. My agent is hereby granted the power to furnish to any and all parties, in my agent's sole discretion, a photocopy of this instrument with appended thereto a certification by my agent that this instrument is still in full force and effect, and all parties dealing with my agent are entitled to rely completely thereon, unless and until this power of attorney has been duly revoked as provided in the preceding sentence. 7. Revocation of Prior Powers of Attorney. The undersigned hereby revokes any and all powers of attorney, general or special, durable or not, heretofore executed by the undersigned, and hereby grants to my agent the power to furnish, file and record, for any purpose, a photocopy of this power of attorney, with any person or party, public or private. 9 10 00760 8. Restrictions on Agent's Powers. (a) My agent cannot execute a Will or Codicil on my behalf; (b) My agent cannot execute any trust on my behalf; however, my agent can enter into a custodial agreement with a financial institution having trust powers; (c) Except as otherwise provided herein, my agent cannot divert the beneficial use of my assets to my agent, my agent's creditors, or the estate of my agent (although my agent may have legal title to the same by virtue of joint ownership or otherwise); (d) My agent shall not exercise, and shall not be vested with any incidents of ownership as to insurance policies insuring my agent's life, owned by me; (e) My agent is a fiduciary, possessing no general power of appointment; and (f) My agent shall not exercise any powers which I received from my Agent in a fiduciary capacity, and my agent shall have no authority to exercise any powers, the exercise of which would cause assets of mine to be considered as taxable in my agent's estate for the purpose of the federal estate tax. O Q 76 1 IN WITNESS WHEREOF, I have executed this General Durable Power of Attorney, and I have directed that photographic copies of this power of attorney be made, which shall have the same force and effect as an original. DATED this 12th day of October, 2005. THE STATE OF WYOMING COUNTY OF UINTA ss. The above and foregoing instrument was acknowledged before me this 0J -1-- day of C--6 2005, by CONSTANCE M. NELSON. WITNESS my hand and official seal. ovillimuo,,� Notary Public My Commission Expires: 0. BEpp`�',, s o �M�ssiovF�,t�� CI :4 JULY N.. 2007 4-7 11 CONSTANCE M. NELSON Principal