2023 New York Laws › GOB - General Obligations › Article 5 - Creation, Definition and Enforcement of Contractual Obligations › Title 15 - Statutory Short Form and Other Powers of Attorney for Financial and Estate Planning › 5-1502D - Construction--Banking Transactions.

§ 5-1502D. Construction--banking  transactions.  In  a statutory short
form power of attorney, the language conferring general  authority  with
respect  to  "banking  transactions," must be construed to mean that the
principal authorizes the agent:
1. To continue, to modify, to terminate and to make  deposits  to  and
withdrawals  from  any deposit account, including any joint account with
the agent or totten trust for the benefit of the agent, or other banking
arrangement made by or on behalf of the principal prior to the  creation
of the agency, provided, however, that:
(a)  with  respect  to  joint accounts existing at the creation of the
agency, the authority granted hereby shall  not  include  the  power  to
change the title of the account by the addition of a new joint tenant or
the  deletion  of an existing joint tenant, unless the authority to make
such changes  is  expressly  stated  otherwise  in  the  "Modifications"
section   of   a  statutory  short  form  power  of  attorney  or  in  a
non-statutory power of attorney signed and dated by the  principal  with
the   signature  of  the  principal  duly  acknowledged  in  the  manner
prescribed for the acknowledgement of a conveyance of real property, and
which is executed pursuant to the requirements  of  section  5-1501B  of
this title, and
(b)  with respect to totten trust accounts existing at the creation of
the agency, the authority granted hereby shall not include the power  to
add,  delete,  or  otherwise  change the designation of beneficiaries in
effect for  any  such  accounts,  unless  the  authority  to  make  such
additions,  deletions  or  changes  is expressly stated otherwise in the
"Modifications" section of a statutory short form power of  attorney  or
in  a  non-statutory power of attorney signed and dated by the principal
with the signature of the principal  duly  acknowledged  in  the  manner
prescribed  for the acknowledgment of a conveyance of real property, and
which is executed pursuant to the requirements  of  section  5-1501B  of
this title.
2.  To open in the name of the principal or on behalf of the principal
a deposit account of  any  type  with  any  banker  or  in  any  banking
institution  selected  by the agent, to make deposits to and withdrawals
from any such deposit account, to hire such safe deposit  box  or  vault
space  and  to  make  such  other  contracts  for the procuring of other
services made available by any such banker or banking institution as the
agent shall think to be desirable;
3. To make, to sign and to deliver checks or drafts for  any  purpose,
to  withdraw  by  check, order or otherwise any funds or property of the
principal deposited with, or left in  the  custody  of,  any  banker  or
banking  institution,  wherever  located,  either  before  or  after the
creation of the agency;
4. To prepare from time to time financial  statements  concerning  the
assets  and  liabilities or income and expenses of the principal, and to
deliver statements so prepared to any  banker,  banking  institution  or
other person, whom the agent believes to be reasonably entitled thereto;
5.  To  receive  statements, vouchers, notices or other documents from
any banker or banking institution and to act with respect thereto;
6. To have free access at any time or times to any safe deposit box or
vault to which the principal might have access, if personally present;
7. To borrow money by bank overdraft, or by  promissory  note  of  the
principal  given  for such period and at such interest rate as the agent
shall select, to give such security out of the assets of  the  principal
as  the  agent  shall  think  to  be desirable or necessary for any such
borrowing, to pay, to renew or to extend the time of payment of any note
so given or given by or on behalf of the principal, and to  procure  for

the principal a loan from any banker or banking institution by any other
procedure made available by such banker or institution;
8.  To  make, to assign, to indorse, to discount, to guarantee, and to
negotiate, for any and all purposes,  all  promissory  notes,  bills  of
exchange,  checks, drafts or other negotiable or non-negotiable paper of
the principal, or payable to the principal or to his order,  to  receive
the  cash or other proceeds of any such transactions, to accept any bill
of exchange or draft drawn by any person upon the principal, and to  pay
it when due;
9.  To  receive  for the principal and to deal in and to deal with any
trust receipt, warehouse receipt or other negotiable  or  non-negotiable
instrument, in which the principal has or claims to have an interest;
10.  To apply for and to receive letters of credit or travelers checks
from any banker or banking institution selected  by  the  agent,  giving
such  indemnity or other agreements in connection therewith as the agent
shall think to be desirable or necessary;
11. To consent to an extension in the time of payment with respect  to
any  commercial  paper or any banking transaction in which the principal
has an interest or by which the principal is, or might be,  affected  in
any way;
12.  To  pay,  to compromise or to contest taxes or assessments and to
apply for refunds in connection therewith;
13. To demand,  to  receive,  to  obtain  by  action,  proceeding,  or
otherwise  any  money or other thing of value to which the principal is,
or may become, or may claim to  be  entitled  as  the  proceeds  of  any
banking  transaction conducted by the principal himself, 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,
to invest, to disburse or to utilize anything so received  for  purposes
enumerated  in  this  section,  and  to  reimburse  the  agent  for  any
expenditures properly made  by  him  in  the  execution  of  the  powers
conferred upon him by the statutory short form power of attorney;
14.  To execute, to acknowledge, to seal and to deliver any instrument
of any kind, in the name of the principal or otherwise, which the  agent
may  think  useful  for  the  accomplishment  of  any  of  the  purposes
enumerated in this section;
15.  To  prosecute,  to  defend,  to  submit  to  alternative  dispute
resolution,  to  settle,  and  to propose or to 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 thereto;
16. To hire, to discharge, and to compensate any attorney, accountant,
expert witness or other assistant or assistants  when  the  agent  shall
think such action to be desirable for the proper execution by him of any
of  the  powers described in this section, and for the keeping of needed
records thereof; and
17. In general, and in addition to  all  the  specific  acts  in  this
section enumerated, to do any other act or acts, which the principal can
do  through  an  agent, in connection with any banking transaction which
does or might in any way affect the financial or other interests of  the
principal.
18.  If  a  power  of  attorney  requires  that two or more agents act
together as co-agents, one or more agents may delegate to  the  co-agent
the authority to conduct banking transactions if the principal initialed
subject (o) in the grant of authority provisions of paragraph (f) of the
statutory short form set forth in section 15-1513 of this title.
All   powers   described  in  this  section  5-1502D  of  the  general
obligations law shall be exercisable equally with respect to any banking

transaction engaged in by the principal at the giving of  the  power  of
attorney or thereafter engaged in, and whether conducted in the state of
New York or elsewhere.