§ 18-16-6 Banking transactions. – (a) In a statutory short form power of attorney, the language conferringgeneral authority with respect to banking transactions shall be construed tomean that the principal authorizes the agent:
(1) To continue, modify and terminate any deposit account orother banking arrangement made by or on behalf of the principal prior to thecreation of the agency;
(2) To open, either in the name of the agent alone, or in thename of the principal alone, or in both their names jointly or otherwise, adeposit account of any type with any banker or in any banking institutionselected by the agent; to hire any safe deposit box or vault space;
(3) To make, sign and deliver checks or drafts for anypurpose; to withdraw by check, order or otherwise any funds or property of theprincipal deposited with, or left in the custody of, any banker or bankinginstitution, wherever located, either before or after the creation of theagency;
(4) To prepare from time to time financial statementsconcerning the assets and liabilities or income and expenses of the principal,and to deliver the prepared statements to any banker, banking institution orother person, whom the agent reasonably believes to be entitled to them;
(5) To receive statements, vouchers, notices or otherdocuments from any banker or banking institution and to act with respect tothem;
(6) To have access to any safe deposit box or vault that theprincipal might have, if personally present;
(7) To borrow money by bank overdraft, or by promissory noteof the principal given for a period and at an interest rate that the agent mayselect; to give any security out of the assets of the principal that the agentdeems desirable or necessary for this borrowing; to pay, renew or extend thetime 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 institutionby any other procedure made available by the banker or institution;
(8) To make, assign, endorse, discount, guarantee andnegotiate, for any and all purposes, all promissory notes, bills of exchange,checks, drafts or other negotiable or non-negotiable paper of the principal, orpayable to the principal or to his order; to receive the cash or other proceedsof these transactions; to accept any bill of exchange or draft drawn by anyperson upon the principal, and to pay it when due;
(9) To receive for the principal and deal in and deal withany receipt, warehouse receipt or other negotiable or non-negotiable instrumentin which the principal has or claims to have an interest;
(10) To apply for and receive letters of credit or travelerschecks from any banker or banking institution selected by the agent and to giveany indemnity or other agreements in connection with them that the agent deemsdesirable or necessary;
(11) To consent to an extension in the time of payment withrespect to any commercial paper or any banking transaction in which theprincipal has an interest or by which the principal is, or might be, affectedin any way;
(12) To pay, compromise or contest taxes or assessments andto apply for refunds in connection with them;
(13) To demand, receive, obtain by action, proceeding orotherwise any money or other thing of value to which the principal is, or maybecome, or may claim to be, entitled as the proceeds of any banking transactionconducted by the principal himself, or by the agent in the execution of any ofthe powers described in this section, or partly by the principal and partly bythe agent so acting; to conserve, invest, disburse or utilize anything receivedfor the purposes enumerated in this section, and to be reimbursed for anyexpenditures properly made by him or her in the execution of the powersconferred upon him or her by the statutory short form power of attorney;
(14) To execute, acknowledge, seal and deliver any instrumentof any kind, in the name of the principal or otherwise, which the agent deemsuseful for the accomplishment of any of the purposes enumerated in this section;
(15) To prosecute, defend, submit to arbitration, settle, andpropose or accept a compromise with respect to, any claim existing in favorfor, or against, the principal based on or involving any banking transaction,or to intervene in any action or proceeding relating to any claim;
(16) To hire, discharge and compensate any attorney,accountant, expert witness or other assistant or assistants when the agentdeems this action to be desirable for proper execution by him or her of any ofpowers described in this section, and for the keeping of needed records ofthese actions; and
(17) In general, and in addition to all the specific actsenumerated in this section, to do any other act or acts, which the principalcan do through an agent, in connection with any banking transaction which doesor might in any way affect the financial or other interest of the principal.
(b) All powers described in this section shall be equallyexercisable with respect to any banking transaction engaged in by the principalat the giving of the power of attorney or thereafter engaged in, whetherconducted in the state of Rhode Island or elsewhere.
§ 18-16-6 Banking transactions. – (a) In a statutory short form power of attorney, the language conferringgeneral authority with respect to banking transactions shall be construed tomean that the principal authorizes the agent:
(1) To continue, modify and terminate any deposit account orother banking arrangement made by or on behalf of the principal prior to thecreation of the agency;
(2) To open, either in the name of the agent alone, or in thename of the principal alone, or in both their names jointly or otherwise, adeposit account of any type with any banker or in any banking institutionselected by the agent; to hire any safe deposit box or vault space;
(3) To make, sign and deliver checks or drafts for anypurpose; to withdraw by check, order or otherwise any funds or property of theprincipal deposited with, or left in the custody of, any banker or bankinginstitution, wherever located, either before or after the creation of theagency;
(4) To prepare from time to time financial statementsconcerning the assets and liabilities or income and expenses of the principal,and to deliver the prepared statements to any banker, banking institution orother person, whom the agent reasonably believes to be entitled to them;
(5) To receive statements, vouchers, notices or otherdocuments from any banker or banking institution and to act with respect tothem;
(6) To have access to any safe deposit box or vault that theprincipal might have, if personally present;
(7) To borrow money by bank overdraft, or by promissory noteof the principal given for a period and at an interest rate that the agent mayselect; to give any security out of the assets of the principal that the agentdeems desirable or necessary for this borrowing; to pay, renew or extend thetime 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 institutionby any other procedure made available by the banker or institution;
(8) To make, assign, endorse, discount, guarantee andnegotiate, for any and all purposes, all promissory notes, bills of exchange,checks, drafts or other negotiable or non-negotiable paper of the principal, orpayable to the principal or to his order; to receive the cash or other proceedsof these transactions; to accept any bill of exchange or draft drawn by anyperson upon the principal, and to pay it when due;
(9) To receive for the principal and deal in and deal withany receipt, warehouse receipt or other negotiable or non-negotiable instrumentin which the principal has or claims to have an interest;
(10) To apply for and receive letters of credit or travelerschecks from any banker or banking institution selected by the agent and to giveany indemnity or other agreements in connection with them that the agent deemsdesirable or necessary;
(11) To consent to an extension in the time of payment withrespect to any commercial paper or any banking transaction in which theprincipal has an interest or by which the principal is, or might be, affectedin any way;
(12) To pay, compromise or contest taxes or assessments andto apply for refunds in connection with them;
(13) To demand, receive, obtain by action, proceeding orotherwise any money or other thing of value to which the principal is, or maybecome, or may claim to be, entitled as the proceeds of any banking transactionconducted by the principal himself, or by the agent in the execution of any ofthe powers described in this section, or partly by the principal and partly bythe agent so acting; to conserve, invest, disburse or utilize anything receivedfor the purposes enumerated in this section, and to be reimbursed for anyexpenditures properly made by him or her in the execution of the powersconferred upon him or her by the statutory short form power of attorney;
(14) To execute, acknowledge, seal and deliver any instrumentof any kind, in the name of the principal or otherwise, which the agent deemsuseful for the accomplishment of any of the purposes enumerated in this section;
(15) To prosecute, defend, submit to arbitration, settle, andpropose or accept a compromise with respect to, any claim existing in favorfor, or against, the principal based on or involving any banking transaction,or to intervene in any action or proceeding relating to any claim;
(16) To hire, discharge and compensate any attorney,accountant, expert witness or other assistant or assistants when the agentdeems this action to be desirable for proper execution by him or her of any ofpowers described in this section, and for the keeping of needed records ofthese actions; and
(17) In general, and in addition to all the specific actsenumerated in this section, to do any other act or acts, which the principalcan do through an agent, in connection with any banking transaction which doesor might in any way affect the financial or other interest of the principal.
(b) All powers described in this section shall be equallyexercisable with respect to any banking transaction engaged in by the principalat the giving of the power of attorney or thereafter engaged in, whetherconducted in the state of Rhode Island or elsewhere.
§ 18-16-6 Banking transactions. – (a) In a statutory short form power of attorney, the language conferringgeneral authority with respect to banking transactions shall be construed tomean that the principal authorizes the agent:
(1) To continue, modify and terminate any deposit account orother banking arrangement made by or on behalf of the principal prior to thecreation of the agency;
(2) To open, either in the name of the agent alone, or in thename of the principal alone, or in both their names jointly or otherwise, adeposit account of any type with any banker or in any banking institutionselected by the agent; to hire any safe deposit box or vault space;
(3) To make, sign and deliver checks or drafts for anypurpose; to withdraw by check, order or otherwise any funds or property of theprincipal deposited with, or left in the custody of, any banker or bankinginstitution, wherever located, either before or after the creation of theagency;
(4) To prepare from time to time financial statementsconcerning the assets and liabilities or income and expenses of the principal,and to deliver the prepared statements to any banker, banking institution orother person, whom the agent reasonably believes to be entitled to them;
(5) To receive statements, vouchers, notices or otherdocuments from any banker or banking institution and to act with respect tothem;
(6) To have access to any safe deposit box or vault that theprincipal might have, if personally present;
(7) To borrow money by bank overdraft, or by promissory noteof the principal given for a period and at an interest rate that the agent mayselect; to give any security out of the assets of the principal that the agentdeems desirable or necessary for this borrowing; to pay, renew or extend thetime 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 institutionby any other procedure made available by the banker or institution;
(8) To make, assign, endorse, discount, guarantee andnegotiate, for any and all purposes, all promissory notes, bills of exchange,checks, drafts or other negotiable or non-negotiable paper of the principal, orpayable to the principal or to his order; to receive the cash or other proceedsof these transactions; to accept any bill of exchange or draft drawn by anyperson upon the principal, and to pay it when due;
(9) To receive for the principal and deal in and deal withany receipt, warehouse receipt or other negotiable or non-negotiable instrumentin which the principal has or claims to have an interest;
(10) To apply for and receive letters of credit or travelerschecks from any banker or banking institution selected by the agent and to giveany indemnity or other agreements in connection with them that the agent deemsdesirable or necessary;
(11) To consent to an extension in the time of payment withrespect to any commercial paper or any banking transaction in which theprincipal has an interest or by which the principal is, or might be, affectedin any way;
(12) To pay, compromise or contest taxes or assessments andto apply for refunds in connection with them;
(13) To demand, receive, obtain by action, proceeding orotherwise any money or other thing of value to which the principal is, or maybecome, or may claim to be, entitled as the proceeds of any banking transactionconducted by the principal himself, or by the agent in the execution of any ofthe powers described in this section, or partly by the principal and partly bythe agent so acting; to conserve, invest, disburse or utilize anything receivedfor the purposes enumerated in this section, and to be reimbursed for anyexpenditures properly made by him or her in the execution of the powersconferred upon him or her by the statutory short form power of attorney;
(14) To execute, acknowledge, seal and deliver any instrumentof any kind, in the name of the principal or otherwise, which the agent deemsuseful for the accomplishment of any of the purposes enumerated in this section;
(15) To prosecute, defend, submit to arbitration, settle, andpropose or accept a compromise with respect to, any claim existing in favorfor, or against, the principal based on or involving any banking transaction,or to intervene in any action or proceeding relating to any claim;
(16) To hire, discharge and compensate any attorney,accountant, expert witness or other assistant or assistants when the agentdeems this action to be desirable for proper execution by him or her of any ofpowers described in this section, and for the keeping of needed records ofthese actions; and
(17) In general, and in addition to all the specific actsenumerated in this section, to do any other act or acts, which the principalcan do through an agent, in connection with any banking transaction which doesor might in any way affect the financial or other interest of the principal.
(b) All powers described in this section shall be equallyexercisable with respect to any banking transaction engaged in by the principalat the giving of the power of attorney or thereafter engaged in, whetherconducted in the state of Rhode Island or elsewhere.
