Banking transactions
Sec. 5. (a) Language conferring general authority with respect to
banking transactions means the principal authorizes the attorney in
fact to do the following:
(1) Continue, modify, or terminate a deposit account or other
banking arrangement made by or on behalf of the principal
before the execution of the power of attorney.
(2) Open in the name of the principal alone, or in a way that
clearly evidences the principal and attorney in fact relationship,
a deposit account with a bank, trust company, savings
association, credit union, thrift company, brokerage firm, or
other institution that serves as a depository for funds selected by
the attorney in fact, or hire a safe deposit box or vault space and
make other contracts to procure services made available by a
banking institution as the attorney in fact considers desirable.
(3) Make, sign, and deliver checks or drafts for any purpose and
withdraw by check, order, or other means funds or property of
the principal deposited with or left in the custody of a banking
institution either before or after the power of attorney was
executed.
(4) Prepare necessary financial statements of assets and
liabilities or income and expenses of the principal for
submission to a banking institution.
(5) Receive statements, vouchers, notices, or other documents
from a banking institution and act with respect to the
documents.
(6) Enter at any time a safe deposit box or vault that the
principal could enter if personally present.
(7) Borrow money at an interest rate the attorney in fact selects,
pledge as security assets of the principal the attorney in fact
considers desirable or necessary for borrowing, and pay, renew,
or extend the time of the payment of a debt of the principal.
(8) Make, assign, pledge, draw, endorse, discount, guarantee,
and negotiate promissory notes, bills of exchange, checks,
drafts, or other negotiable or nonnegotiable paper of the
principal or payable to the principal or the principal's order,
receive cash or other proceeds of a transaction authorized under
this subdivision, accept a bill of exchange or draft drawn by
another person upon the principal, and pay a bill of exchange or
a draft when the bill of exchange or draft is due.
(9) Receive for the principal and deal in or deal with a sight
draft, warehouse receipt, or other negotiable or nonnegotiable
instrument in which the principal has or claims to have an
interest.
(10) Apply for and receive letters of credit for a banking
institution selected by the attorney in fact giving indemnity or
other agreement in connection with letters of credit the attorney
in fact considers desirable or necessary.
(11) Consent to an extension in the time of payment with
respect to a commercial paper or banking transaction in which
the principal has an interest or by which the principal is or
might be affected in any way.
(12) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or claims to be entitled as the proceeds of a banking transaction,
and reimburse the attorney in fact for expenditures properly
made in the execution of powers conferred upon the attorney in
fact under this section.
(13) Execute, acknowledge, and deliver an instrument in the
name of the principal or other person the attorney in fact
considers useful to accomplish a purpose permitted under this
section.
(14) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving a banking
transaction, or intervene in a related action or proceeding.
(15) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(16) Perform any other acts with respect to a bond, a share, an
instrument of similar character, a commodity, or an interest
with respect to a commodity.
(b) The powers described in this section are exercisable equally
with respect to a banking transaction engaged in by the principal at
the time of the giving of the power of attorney or engaged in after
that time, whether conducted in Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2. Amended by P.L.79-1998,
SEC.95.
Last modified: May 27, 2006