2020 Georgia Code
Title 10 - Commerce and Trade
Chapter 6B - Georgia Power of Attorney
Article 2 - Authority of Agent
§ 10-6B-47. Banks and Other Financial Institutions

Universal Citation: GA Code § 10-6B-47 (2020)

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions shall authorize 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'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.

(Code 1981, §10-6B-47, enacted by Ga. L. 2017, p. 435, § 2-1/HB 221; Ga. L. 2018, p. 1112, § 10/SB 365.)

The 2018 amendment, effective May 8, 2018, part of an Act to revise, modernize, and correct the Code, revised punctuation in paragraph (9).

Disclaimer: These codes may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.