§ 5-1502D. Construction--banking transactions. In a statutory short\nform power of attorney, the language conferring general authority with\nrespect to "banking transactions," must be construed to mean that the\nprincipal authorizes the agent:\n 1. To continue, to modify, to terminate and to make deposits to and\nwithdrawals from any deposit account, including any joint account with\nthe agent or totten trust for the benefit of the agent, or other banking\narrangement made by or on behalf of the principal prior to the creation\nof the agency, provided, however, that:\n (a) with respect to joint accounts existing at the creation of the\nagency, the authority granted hereby shall not include the power to\nchange the title of the account by the addition of a new joint tenant or\nthe delet
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§ 5-1502D. Construction--banking transactions. In a statutory short\nform power of attorney, the language conferring general authority with\nrespect to "banking transactions," must be construed to mean that the\nprincipal authorizes the agent:\n 1. To continue, to modify, to terminate and to make deposits to and\nwithdrawals from any deposit account, including any joint account with\nthe agent or totten trust for the benefit of the agent, or other banking\narrangement made by or on behalf of the principal prior to the creation\nof the agency, provided, however, that:\n (a) with respect to joint accounts existing at the creation of the\nagency, the authority granted hereby shall not include the power to\nchange the title of the account by the addition of a new joint tenant or\nthe deletion of an existing joint tenant, unless the authority to make\nsuch changes is expressly stated otherwise in the "Modifications"\nsection of a statutory short form power of attorney or in a\nnon-statutory power of attorney signed and dated by the principal with\nthe signature of the principal duly acknowledged in the manner\nprescribed for the acknowledgement of a conveyance of real property, and\nwhich is executed pursuant to the requirements of section 5-1501B of\nthis title, and\n (b) with respect to totten trust accounts existing at the creation of\nthe agency, the authority granted hereby shall not include the power to\nadd, delete, or otherwise change the designation of beneficiaries in\neffect for any such accounts, unless the authority to make such\nadditions, deletions or changes is expressly stated otherwise in the\n"Modifications" section of a statutory short form power of attorney or\nin a non-statutory power of attorney signed and dated by the principal\nwith the signature of the principal duly acknowledged in the manner\nprescribed for the acknowledgment of a conveyance of real property, and\nwhich is executed pursuant to the requirements of section 5-1501B of\nthis title.\n 2. To open in the name of the principal or on behalf of the principal\na deposit account of any type with any banker or in any banking\ninstitution selected by the agent, to make deposits to and withdrawals\nfrom any such deposit account, to hire such safe deposit box or vault\nspace and to make such other contracts for the procuring of other\nservices made available by any such banker or banking institution as the\nagent shall think to be desirable;\n 3. To make, to sign and to deliver checks or drafts for any purpose,\nto withdraw by check, order or otherwise any funds or property of the\nprincipal deposited with, or left in the custody of, any banker or\nbanking institution, wherever located, either before or after the\ncreation of the agency;\n 4. To prepare from time to time financial statements concerning the\nassets and liabilities or income and expenses of the principal, and to\ndeliver statements so prepared to any banker, banking institution or\nother person, whom the agent believes to be reasonably entitled thereto;\n 5. To receive statements, vouchers, notices or other documents from\nany banker or banking institution and to act with respect thereto;\n 6. To have free access at any time or times to any safe deposit box or\nvault to which the principal might have access, if personally present;\n 7. To borrow money by bank overdraft, or by promissory note of the\nprincipal given for such period and at such interest rate as the agent\nshall select, to give such security out of the assets of the principal\nas the agent shall think to be desirable or necessary for any such\nborrowing, to pay, to renew or to extend the time of payment of any note\nso given or given by or on behalf of the principal, and to procure for\nthe principal a loan from any banker or banking institution by any other\nprocedure made available by such banker or institution;\n 8. To make, to assign, to indorse, to discount, to guarantee, and to\nnegotiate, for any and all purposes, all promissory notes, bills of\nexchange, checks, drafts or other negotiable or non-negotiable paper of\nthe principal, or payable to the principal or to his order, to receive\nthe cash or other proceeds of any such transactions, to accept any bill\nof exchange or draft drawn by any person upon the principal, and to pay\nit when due;\n 9. To receive for the principal and to deal in and to deal with any\ntrust receipt, warehouse receipt or other negotiable or non-negotiable\ninstrument, in which the principal has or claims to have an interest;\n 10. To apply for and to receive letters of credit or travelers checks\nfrom any banker or banking institution selected by the agent, giving\nsuch indemnity or other agreements in connection therewith as the agent\nshall think to be desirable or necessary;\n 11. To consent to an extension in the time of payment with respect to\nany commercial paper or any banking transaction in which the principal\nhas an interest or by which the principal is, or might be, affected in\nany way;\n 12. To pay, to compromise or to contest taxes or assessments and to\napply for refunds in connection therewith;\n 13. To demand, to receive, to obtain by action, proceeding, or\notherwise any money or other thing of value to which the principal is,\nor may become, or may claim to be entitled as the proceeds of any\nbanking transaction conducted by the principal himself, or by the agent\nin the execution of any of the powers described in this section, or\npartly by the principal and partly by the agent so acting, to conserve,\nto invest, to disburse or to utilize anything so received for purposes\nenumerated in this section, and to reimburse the agent for any\nexpenditures properly made by him in the execution of the powers\nconferred upon him by the statutory short form power of attorney;\n 14. To execute, to acknowledge, to seal and to deliver any instrument\nof any kind, in the name of the principal or otherwise, which the agent\nmay think useful for the accomplishment of any of the purposes\nenumerated in this section;\n 15. To prosecute, to defend, to submit to alternative dispute\nresolution, to settle, and to propose or to accept a compromise with\nrespect to, any claim existing in favor of, or against, the principal\nbased on or involving any banking transaction or to intervene in any\naction or proceeding relating thereto;\n 16. To hire, to discharge, and to compensate any attorney, accountant,\nexpert witness or other assistant or assistants when the agent shall\nthink such action to be desirable for the proper execution by him of any\nof the powers described in this section, and for the keeping of needed\nrecords thereof; and\n 17. In general, and in addition to all the specific acts in this\nsection enumerated, to do any other act or acts, which the principal can\ndo through an agent, in connection with any banking transaction which\ndoes or might in any way affect the financial or other interests of the\nprincipal.\n 18. If a power of attorney requires that two or more agents act\ntogether as co-agents, one or more agents may delegate to the co-agent\nthe authority to conduct banking transactions if the principal initialed\nsubject (o) in the grant of authority provisions of paragraph (f) of the\nstatutory short form set forth in section 15-1513 of this title.\n All powers described in this section 5-1502D of the general\nobligations law shall be exercisable equally with respect to any banking\ntransaction engaged in by the principal at the giving of the power of\nattorney or thereafter engaged in, and whether conducted in the state of\nNew York or elsewhere.\n