Florida Statutes 709.2208 – Banks and other financial institutions
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(1) A power of attorney that includes the statement that the agent has “authority to conduct banking transactions as provided in section 709.2208(1), Florida Statutes” grants general authority to the agent to engage in the following transactions with financial institutions without additional specific enumeration in the power of attorney:
(a) Establish, continue, modify, or terminate an account or other banking arrangement with a financial institution.
Terms Used In Florida Statutes 709.2208
- Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney in fact, or otherwise. See Florida Statutes 709.2102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Electronic: means technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Florida Statutes 709.2102
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Power of attorney: means a writing that grants authority to an agent to act in the place of the principal, whether or not the term is used in that writing. See Florida Statutes 709.2102
- Principal: means an individual who grants authority to an agent in a power of attorney. See Florida Statutes 709.2102
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest or right therein. See Florida Statutes 709.2102
(b) Contract for services available from a financial institution, including renting a safe-deposit box or space in a vault.
(c) 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.
(d) Receive statements of account, vouchers, notices, and similar documents from a financial institution and act with respect to them.
(e) Purchase cashier’s checks, official checks, counter checks, bank drafts, money orders, and similar instruments.
(f) Endorse and negotiate checks, cashier’s checks, official checks, drafts, and other negotiable 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.
(g) Apply for, receive, and use debit cards, electronic transaction authorizations, and traveler’s checks from a financial institution.
(h) Use, charge, or draw upon any line of credit, credit card, or other credit established by the principal with a financial institution.
(i) Consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution.
(2) A power of attorney that specifically includes the statement that the agent has “authority to conduct investment transactions as provided in section 709.2208(2), Florida Statutes” grants general authority to the agent with respect to securities held by financial institutions or broker-dealers to take the following actions without additional specific enumeration in the power of attorney:
(a) Buy, sell, and exchange investment instruments.
(b) Establish, continue, modify, or terminate an account with respect to investment instruments.
(c) Pledge investment instruments as security to borrow, pay, renew, or extend the time of payment of a debt of the principal.
(d) Receive certificates and other evidences of ownership with respect to investment instruments.
(e) Exercise voting rights with respect to investment instruments in person or by proxy, enter into voting trusts, and consent to limitations on the right to vote.
(f) Sell commodity futures contracts and call and put options on stocks and stock indexes.
For purposes of this subsection, the term “investment instruments” means stocks, bonds, mutual funds, and all other types of securities and financial instruments, whether held directly, indirectly, or in any other manner, including shares or interests in a private investment fund, including, but not limited to, a private investment fund organized as a limited partnership, a limited liability company, a statutory or common law business trust, a statutory trust, or a real estate investment trust, joint venture, or any other general or limited partnership; derivatives or other interests of any nature in securities such as options, options on futures, and variable forward contracts; mutual funds; common trust funds; money market funds; hedge funds; private equity or venture capital funds; insurance contracts; and other entities or vehicles investing in securities or interests in securities whether registered or otherwise, except commodity futures contracts and call and put options on stocks and stock indexes.