§ 15-14-731 — Banks and other financial institutions

(1) Unless the power of
attorney otherwise provides, language in a power of attorney granting general
authority with respect to banks and other financial institutions authorizes the agent
to:

(a) Continue, modify, and terminate an account or other banking
arrangement made by or on behalf of the principal;

(b) Establish, modify, and terminate an account or other banking
arrangement with a bank, trust company, savings and loan association, credit union,
thrift company, brokerage firm, or other financial institution selected by the agent;

(c) Contract for services available from a financial institution, including
renting a safe deposit box or space in a vault;

(d) Withdraw, by check, order, electronic funds transfer, or otherwise, money
or property of the principal deposited with or left in the custody of a financial
institution;

(e) Receive statements of account, vouchers, notices, and similar documents
from a financial institution and act with respect to them;

(f) Enter a safe deposit box or vault and withdraw or add to the contents;

(g) Borrow money and pledge as security personal property of the principal
necessary to borrow money or pay, renew, or extend the time of payment of a debt
of the principal or a debt guaranteed by the principal;

(h) Make, assign, draw, endorse, discount, guarantee, and negotiate
promissory notes, checks, drafts, and other negotiable or nonnegotiable paper of
the principal or payable to the principal or the principal's order; transfer money;
receive the cash or other proceeds of those transactions; and accept a draft drawn
by a person upon the principal and pay it when due;

(i) Receive for the principal and act upon a sight draft, warehouse receipt, or
other document of title whether tangible or electronic or other negotiable or
nonnegotiable instrument;

(j) Apply for, receive, and use letters of credit, credit and debit cards,
electronic transaction authorizations, and traveler's checks from a financial
institution and give an indemnity or other agreement in connection with letters of
credit; and

(k) Consent to an extension of the time of payment with respect to
commercial paper or a financial transaction with a financial institution.

Legislative History

Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 401, � 1, effective April 9.