§ 30-5-5-5 — Banking transactions

Indiana § 30-5-5-5

• Jurisdiction: Indiana
• Art. 5: POWERS OF ATTORNEY
• Ch. 5: Powers

Text

(a) Language conferring general authority with
respect to banking transactions means the principal authorizes the
attorney in fact to do the following:
(1) Continue, modify, or terminate a deposit account or other
banking arrangement made by or on behalf of the principal before
the execution of the power of attorney.
(2) Open in the name of the principal alone, or in a way that
clearly evidences the principal and attorney in fact relationship,
a deposit account with a bank, trust company, savings association,
credit union, thrift company, brokerage firm, or other institution
that serves as a depository for funds selected by the attorney in
fact, or hire a safe deposit box or vault space and make other
contracts to procure services made available by a banking
institution as the attorney in fact considers desirable.
(3) Make, sign, and deliver checks or drafts for any purpose and
withdraw by check, order, or other means funds or property of the
principal deposited with or left in the custody of a banking
institution either before or after the power of attorney was
executed.
(4) Prepare necessary financial statements of assets and liabilities
or income and expenses of the principal for submission to a
banking institution.
(5) Receive statements, vouchers, notices, or other documents
from a banking institution and act with respect to the documents.
(6) Enter at any time a safe deposit box or vault that the principal
could enter if personally present.
(7) Borrow money at an interest rate the attorney in fact selects,
pledge as security assets of the principal the attorney in fact
considers desirable or necessary for borrowing, and pay, renew,
or extend the time of the payment of a debt of the principal.
(8) Make, assign, pledge, draw, endorse, discount, guarantee, and
negotiate promissory notes, bills of exchange, checks, drafts, or
other negotiable or nonnegotiable paper of the principal or
payable to the principal or the principal's order, receive cash or
other proceeds of a transaction authorized under this subdivision,
accept a bill of exchange or draft drawn by another person upon
the principal, and pay a bill of exchange or a draft when the bill
of exchange or draft is due.
(9) Receive for the principal and deal in or deal with a sight draft,
warehouse receipt, or other negotiable or nonnegotiable
instrument in which the principal has or claims to have an
interest.
(10) Apply for and receive letters of credit for a banking
institution selected by the attorney in fact giving indemnity or
other agreement in connection with letters of credit the attorney
in fact considers desirable or necessary.
(11) Consent to an extension in the time of payment with respect
to a commercial paper or banking transaction in which the
principal has an interest or by which the principal is or might be
affected in any way.
(12) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become, or
claims to be entitled as the proceeds of a banking transaction, and
reimburse the attorney in fact for expenditures properly made in
the execution of powers conferred upon the attorney in fact under
this section.
(13) Execute, acknowledge, and deliver an instrument in the name
of the principal or other person the attorney in fact considers
useful to accomplish a purpose permitted under this section.
(14) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a banking
transaction, or intervene in a related action or proceeding.
(15) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and keep
needed records.
(16) Perform any other acts with respect to a bond, a share, an
instrument of similar character, a commodity, or an interest with
respect to a commodity.
(b) The powers described in this section are exercisable equally with
respect to a banking transaction engaged in by the principal at the time
of the giving of the power of attorney or engaged in after that time,
whether conducted in Indiana or in another jurisdiction.

Legislative History

As added by P.L.149-1991, SEC.2. Amended by P.L.79-1998, SEC.95.