Oklahoma § 15-1010 - Construction of power relating to banking and other

§ 15-1010. Construction of power relating to banking and other

financial institution transactions.

CONSTRUCTION OF POWER RELATING TO BANKING

AND OTHER FINANCIAL INSTITUTION TRANSACTIONS

In a statutory power of attorney, the language granting power

with respect to banking and other financial institution transactions

empowers the agent to:

1. Continue, modify, and terminate an account or other banking

arrangement made by or on behalf of the principal;

2. 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;

3. Hire a safe deposit box or space in a vault;

4. Contract to procure other services available from a

financial institution as the agent considers desirable;

5. Withdraw by check, order, or otherwise money or property of

the principal deposited with or left in the custody of a financial

institution;

Oklahoma Statutes - Title 15. Contracts

6. Receive bank statements, vouchers, notices, and similar

documents from a financial institution and act with respect to them;

7. Enter a safe deposit box or vault and withdraw or add to the

contents;

8. Borrow money at an interest rate agreeable to the agent and

pledge as security personal property of the principal necessary in

order to borrow, pay, renew, or extend the time of payment of a debt

of the principal;

9. 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, receive the cash or other proceeds of those

transactions, accept a draft drawn by a person upon the principal,

and pay it when due;

10. Receive for the principal and act upon a sight draft,

warehouse receipt, or other negotiable or nonnegotiable instrument;

11. Apply for and receive letters of credit, credit cards, and

traveler's checks from a financial institution, and give an

indemnity or other agreement in connection with letters of credit;

and

12. Consent to an extension of the time of payment with respect

to commercial paper or a financial transaction with a financial

institution.

Added by Laws 1998, c. 420, § 10, eff. Nov. 1, 1998.