Section 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 conveyed in a statutory major gifts rider to 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 paragraph (b) of subdivision nine of section  5-1514  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 conveyed in a statutory major gifts
  rider to 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 paragraph (b)  of  subdivision  nine  of
  section 5-1514 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 arbitration, 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.
    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.