Section 15-14-731 - Banks and other financial institutions(1) 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: (a) Continue, modify, and terminate an account or other banking arrangement made by or on behalf of the principal;(b) 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;(c) Contract for services available from a financial institution, including renting a safe deposit box or space in a vault;(d) 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;(e) Receive statements of account, vouchers, notices, and similar documents from a financial institution and act with respect to them;(f) Enter a safe deposit box or vault and withdraw or add to the contents;(g) 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;(h) 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;(i) 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;(j) 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(k) Consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution.L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 401, §1, effective April 9.