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Michie's Legal Resources

(f) Receive bank statements, vouchers, notices, and similar documents from a financial institution and act with respect to them;

(g) Enter a safe deposit box or vault and withdraw or add to the contents;

(h) Borrow money at an interest rate agreeable to the agent and pledge as security personal property of the principal necessary in order to borrow, pay, renew, or extend the time of payment of a debt of the principal;

(i) 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, receive the cash or other proceeds of those transactions, accept a draft drawn by a person upon the principal, and pay it when due;

(j) Receive for the principal and act upon a sight draft, warehouse receipt, or other negotiable or nonnegotiable instrument;

(k) Apply for and receive letters of credit, credit cards, and traveler's checks from a financial institution, and give an indemnity or other agreement in connection with letters of credit; and

(l) Consent to an extension of the time of payment with respect to commercial paper or a financial transaction with a financial institution.

Source: L. 92: Entire part added, p. 309, § 1, effective July 1.

 
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