North Carolina § 32C-2-208 - Banks and other financial institutions.

§ 32C-2-208. 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 do all of the following: Continue, modify, and terminate an account or other banking arrangement made by or on behalf of the principal. 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. Contract for services available from a financial institution, including renting a safe deposit box or space in a vault, and continue, modify, and terminate any such services. 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. Receive statements of account, vouchers, notices, and similar documents from a financial institution and act with respect to them. Enter a safe deposit box or vault and withdraw or add to the contents. 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. Guarantee any obligation necessary for any entity in which the principal has an ownership interest to borrow money or to pay, renew, or extend the time of payment of a debt. Pledge as security personal property of the principal necessary for any entity in which the principal has an ownership interest to borrow money or to pay, renew, or extend the time of payment of a debt. 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. 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. 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. Consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution. Establish, modify, and terminate an ABLE account as defined under section 529A of the Internal Revenue Code with any State or financial institution selected by the agent and have the same authority over the ABLE account as the agent has with regard to any other account with a bank or other financial institution. History (2017-153, s. 1.) NORTH CAROLINA COMMENT This section is somewhat similar to, but more comprehensive than, the powers concerning banking transactions defined in former G.S. 32A-2(4) that could be incorporated in the Statutory Short Form Power of Attorney pursuant to former G.S. 32A-1 . This section modified Section 208 of the Uniform Power of Attorney Act as follows: (i) In subdivision (3) the words "and continue, modify and terminate any such service" were added to the end of this subdivision to allow for not only contracting for services but for continuing, modifying and terminating such services. (ii) Subdivisions (7a) and (7b), which are not part of the Uniform Power of Attorney Act, were added to grant general authority with respect to the matters described in those subdivisions. (iii) Subdivision (12) was added to provide for establishing, modifying or terminating ABLE accounts. Editor's Note. - Session Laws 2017-153, s. 3, provides, in part: "The Revisor of Statutes shall cause to be printed, as annotations to the published General Statutes, all relevant portions of the Official Comments to the Uniform Power of Attorney Act (2006) and all explanatory comments of the drafters of this act as the Revisor may deem appropriate."