§ 4038. Banks and other financial institutions
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:
(1) continue, modify, and terminate an account or other banking arrangement made by or
on behalf of the principal;
(2) 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;
(3) contract for services available from a financial institution, including 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 it 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 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; and
(11) consent to an extension of the time of payment with respect to commercial paper or
a financial transaction with a financial institution. (Added 2023, No. 60, § 1, eff. July 1, 2023.)