§ 633B.208 — Banks and other financial institutions

Iowa § 633B.208

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 633B: POWERS OF ATTORNEY

Text

Unless the power of attorney otherwise provides and subject to section 633B.201, language
in a power of attorney granting general authority with respect to banks and other financial
institutions authorizes the agent to do all of the following:
1. Continue, modify, and terminate an account or other banking arrangement made by or
on behalf of the principal.
2. Establish, modify, andterminateanaccountorotherbankingarrangementwithabank,
trust company, savings and loan association, credit union, thrift company, brokerage firm, or
other financial institution selected by the agent.
§633B.208, POWERS OF ATTORNEY 14
3. Contract for services available from a financial institution, including but not limited to
renting a safe deposit box or space in a vault.
4. 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.
5. Receive statements of account, vouchers, notices, and similar documents from a
financial institution and act with respect to them.
6. Enter a safe deposit box or vault and withdraw or add to the contents.
7. 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.
8. 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 the promissory
note, check, draft, or other negotiable or nonnegotiable paper when due.
9. Receive for the principal and act upon a sight draft, warehouse receipt, or other
document of title whether tangible or electronic, or any other negotiable or nonnegotiable
instrument.
10. 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.
11. Consent to an extension of the time of payment with respect to commercial paper or
a financial transaction with a financial institution.