§ 18-16-6. Banking transactions.
(a) In a statutory short form power of attorney, the language conferring general authority
with respect to banking transactions shall be construed to mean that the principal
authorizes the agent:
(1) To continue, modify and terminate any deposit account or other banking arrangement
made by or on behalf of the principal prior to the creation of the agency;
(2) To open, either in the name of the agent alone, or in the name of the principal alone,
or in both their names jointly or otherwise, a deposit account of any type with any
banker or in any banking institution selected by the agent; to hire any safe deposit
box or vault space;
(3) To make, sign and deliver checks or drafts for any purpose; to withdraw by check,
order or otherwise any funds or property of the principal deposited with, or left
in the custody of, any banker or banking institution, wherever located, either before
or after the creation of the agency;
(4) To prepare from time to time financial statements concerning the assets and liabilities
or income and expenses of the principal, and to deliver the prepared statements to
any banker, banking institution or other person, whom the agent reasonably believes
to be entitled to them;
(5) To receive statements, vouchers, notices or other documents from any banker or banking
institution and to act with respect to them;
(6) To have access to any safe deposit box or vault that the principal might have, if
personally present;
(7) To borrow money by bank overdraft, or by promissory note of the principal given for
a period and at an interest rate that the agent may select; to give any security out
of the assets of the principal that the agent deems desirable or necessary for this
borrowing; to pay, renew or extend the time of payment of any note so given or given
by or on behalf of the principal, and to procure for the principal a loan from any
banker or banking institution by any other procedure made available by the banker
or institution;
(8) To make, assign, endorse, discount, guarantee and negotiate, for any and all purposes,
all promissory notes, bills of exchange, checks, drafts or other negotiable or non-negotiable
paper of the principal, or payable to the principal or to his order; to receive the
cash or other proceeds of these transactions; to accept any bill of exchange or draft
drawn by any person upon the principal, and to pay it when due;
(9) To receive for the principal and deal in and deal with any receipt, warehouse receipt
or other negotiable or non-negotiable instrument in which the principal has or claims
to have an interest;
(10) To apply for and receive letters of credit or travelers checks from any banker or
banking institution selected by the agent and to give any indemnity or other agreements
in connection with them that the agent deems desirable or necessary;
(11) To consent to an extension in the time of payment with respect to any commercial paper
or any banking transaction in which the principal has an interest or by which the
principal is, or might be, affected in any way;
(12) To pay, compromise or contest taxes or assessments and to apply for refunds in connection
with them;
(13) To demand, receive, obtain by action, proceeding or otherwise any money or other thing
of value to which the principal is, or may become, or may claim to be, entitled as
the proceeds of any banking transaction conducted by the principal himself, or by
the agent in the execution of any of the powers described in this section, or partly
by the principal and partly by the agent so acting; to conserve, invest, disburse
or utilize anything received for the purposes enumerated in this section, and to be
reimbursed for any expenditures properly made by him or her in the execution of the
powers conferred upon him or her by the statutory short form power of attorney;
(14) To execute, acknowledge, seal and deliver any instrument of any kind, in the name
of the principal or otherwise, which the agent deems useful for the accomplishment
of any of the purposes enumerated in this section;
(15) To prosecute, defend, submit to arbitration, settle, and propose or accept a compromise
with respect to, any claim existing in favor for, or against, the principal based
on or involving any banking transaction, or to intervene in any action or proceeding
relating to any claim;
(16) To hire, discharge and compensate any attorney, accountant, expert witness or other
assistant or assistants when the agent deems this action to be desirable for proper
execution by him or her of any of powers described in this section, and for the keeping
of needed records of these actions; and
(17) In general, and in addition to all the specific acts enumerated in this section, to
do any other act or acts, which the principal can do through an agent, in connection
with any banking transaction which does or might in any way affect the financial or
other interest of the principal.
(b) All powers described in this section shall be equally exercisable with respect to
any banking transaction engaged in by the principal at the giving of the power of
attorney or thereafter engaged in, whether conducted in the state of Rhode Island
or elsewhere.