New Jersey § 46:2b-11

§ 46:2b-11.

If any power of attorney contains language which confers authority on the agent to

“conduct banking transactions as set forth in section 2 of P.L.1991, c. 95 ( C.46:2B-11 )”, the agent shall have the following authority under the power of attorney: a. To continue, modify or terminate any account or other banking arrangement made

by or on behalf of the principal prior to creation of the agency; b. To open, either in the name of the agent alone, the principal alone or in both

their names jointly, or otherwise, an account of any type in any banking institution

selected by the agent; to hire, remove the contents of or surrender a safe deposit

box or vault space; and to make other contracts for the procuring of other services

made available by any banking institution or safe deposit company as the agent shall

deem desirable; c. To draw, sign and deliver checks or drafts for any purpose, to withdraw by check,

order, draft, wire transfer, electronic funds transfer or otherwise, any funds or

property of the principal deposited with, or left in the custody of, any banking institution,

wherever located, either prior or subsequent to the creation of the agency, and use

any line of credit connected with any such accounts, apply for any automatic teller

machine card or debit card or use any automatic teller machine card or debit card,

including already existing cards, in connection with any such accounts and apply for

and use any bank credit card issued in the name of the agent as an alternate user,

but shall not use existing credit cards issued in the name of the principal, on existing

bank credit card accounts of the principal; d. To prepare periodic financial statements concerning the assets and liabilities

or income and expenses of the principal, and to deliver statements so prepared to

the banking institution or other person whom the agent believes to be reasonably entitled; e. To receive statements, vouchers, notices or other documents from any banking institution

and to act with respect to them; f. To have free access during normal business hours to any safe deposit box or vault

to which the principal would have access if personally present; g. To borrow money by bank overdraft, loan agreement or promissory note of the principal

given for a period or on demand and at an interest rate as the agent shall select;

to give any security out of the assets of the principal as the agent shall deem desirable

or necessary for any borrowing; to pay, renew or extend the time of payment of any

agreement or note so given or given by or on behalf of the principal; and to procure

for the principal a loan from any banking institution by any other procedure made

available by a banking institution; h. To make, assign, endorse, discount, guaranty and negotiate for any purpose all

promissory notes, checks, drafts or other negotiable or non-negotiable paper instruments

of the principal or payable to the principal or to the principal's order; to receive

the cash or other proceeds of these transactions; and to accept any draft drawn by

any person upon the principal and pay it when due; i. To receive for the principal and deal in or with any trust receipt, warehouse receipt

or other negotiable or non-negotiable instrument in which the principal has or claims

to have interest; j. To apply for and receive letters of credit or traveler's checks from any banking

institution selected by the agent, giving any related indemnity or other agreements

as the agent shall deem appropriate; k. To consent to an extension in the time of payment for any 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; l. To demand, receive, obtain by action, proceeding or otherwise any money or other

thing of value to which the principal is, may become or may claim to be entitled to

as the proceeds of any banking transaction conducted by the principal 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 so received for the purposes enumerated in this section; and to reimburse

the agent for any expenditures properly made by the agent in the execution of the

powers conferred upon the agent by the power of attorney pursuant to the provisions

of this section; m. To execute, acknowledge, seal and deliver any instrument in the name of the principal

or otherwise which the agent deems useful for the accomplishment of any purpose enumerated

in this section; n. To prosecute, defend, submit to arbitration, settle and propose or accept a compromise

with respect to any claim existing in favor of or against the principal based on or

involving any banking transaction or to intervene in any action or proceeding relating

to the banking transaction; o . To hire, discharge and compensate any attorney, accountant, expert witness or other

assistant or assistants when the agent deems the action to be appropriate for the

proper execution by the agent of any of the powers described in this section and for

maintaining the necessary records; and p. In addition to the specific acts set forth in this section, to do any other act

which the principal may do through an agent concerning any transaction with a banking

institution which affects the financial or other interests of the principal.