59-12-30. Banks and other financial institutions.
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'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.
Source: SL 2020, ch 214, ยง 30.
Structure South Dakota Codified Laws
Chapter 12 - Uniform Power Of Attorney Act
Section 59-12-1 - Definitions.
Section 59-12-2 - Applicability.
Section 59-12-3 - Durable power of attorney.
Section 59-12-4 - Execution of power of attorney.
Section 59-12-5 - Validity of power of attorney.
Section 59-12-6 - Meaning and effect of power of attorney.
Section 59-12-8 - When power of attorney is effective.
Section 59-12-9 - Termination of power of attorney or agent's authority.
Section 59-12-10 - Coagents and successor agents.
Section 59-12-11 - Reimbursement and compensation of agent.
Section 59-12-12 - Agent's acceptance.
Section 59-12-13 - Agent's duties.
Section 59-12-14 - Exoneration of agent.
Section 59-12-15 - Judicial relief.
Section 59-12-16 - Agent's liability.
Section 59-12-17 - Agent's resignation--Notice.
Section 59-12-18 - Acceptance of and reliance upon acknowledged power of attorney.
Section 59-12-19 - Liability for refusal to accept acknowledged power of attorney.
Section 59-12-20 - Principles of law and equity.
Section 59-12-21 - Laws applicable to financial institutions and entities.
Section 59-12-22 - Remedies under other law.
Section 59-12-23 - Authority that requires specific grant--Grant of general authority.
Section 59-12-24 - Incorporation of authority.
Section 59-12-25 - Construction of authority generally.
Section 59-12-26 - Real property.
Section 59-12-27 - Tangible personal property.
Section 59-12-28 - Stocks and bonds.
Section 59-12-29 - Commodities and options.
Section 59-12-30 - Banks and other financial institutions.
Section 59-12-31 - Operation of entity or business.
Section 59-12-32 - Insurance and annuities.
Section 59-12-33 - Estates, trusts, and other beneficial interests.
Section 59-12-34 - Claims and litigation.
Section 59-12-35 - Personal and family maintenance.
Section 59-12-36 - Benefits from governmental programs or civil or military service.
Section 59-12-37 - Retirement plans.
Section 59-12-40 - Effect on existing powers of attorney.
Section 59-12-41 - Statutory form--Power of attorney.