New Mexico § 45-5B-208 - Banks and other financial institutions

§ 45-5B-208. 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: 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 to pay, renew or extend the time of payment of a debt of the principal

or of 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.