Oklahoma § 58-3031 - Banks and other financial institutions

§ 58-3031. 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:

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. Contract for services available from a financial

institution, including renting a safe deposit box or space in a

vault;

4. 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;

5. Receive statements of account, vouchers, notices and similar

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

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

contents;

7. Borrow money and pledge as security personal property of the

principal necessary to borrow money or pay, renew or extend the time

Oklahoma Statutes - Title 58. Probate Procedure

of payment of a debt of the principal or a debt guaranteed by the

principal;

8. 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;

9. 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;

10. 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

11. 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 2021, c. 332, § 31, eff. Nov. 1, 2021.