                                 CODE OF VIRGINIA

BANKS AND OTHER FINANCIAL INSTITUTIONS (§ 64.2-1629)

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 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&#8217;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&#8217;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.

HISTORY: 2010, cc. 455, 632, § 26-102; 2012, c. 614.