The Vermont Statutes Online

Title 14 : Decedents Estates and Fiduciary Relations

Chapter 127 : Vermont Uniform Power of Attorney Act

Subchapter 002 : Authority

• § 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.)