Question on terms of online brokerage agreement

[cottony]

When signing up for an online trading account with sogotrade, I came across this particularly onerous sounding clause and was wondering if it is common/not as bad as it sounded to me?


"You are authorized, whenever in your discretion you consider it necessary for your protection and/or in the event I die or am incapacitated, pursuant to a petition in bankruptcy or for the appointment of a receiver is filed by or against me, an attachment is levied against my account(s) or pursuant to any order of any exchange, and without notice to me to: a) sell any and all securities and all other property of whatsoever kind belonging to me or in which I may have an interest held by you or carried for my account(s); b) borrow or buy in any securities required to make delivery against any sale effected for me; c) cancel any or all outstanding orders or commitments for my account(s); d) close my account(s); and/or e) apply or transfer any and all securities and all other property of whatsoever kind belonging to me or in which I may have an interest held by you or carried for my account(s), interchangeably between any of my account(s) or account(s) guaranteed by me. Such sales, purchases or cancellations may be made according to your judgment and at your discretion and may be public or private and without advertising and notice to me and in such manner as you may in your discretion determine and you may purchase the property free from any right of redemption and I shall be liable for any deficiency. Any notice, tender or demand given or received shall not constitute a waiver of this provision."

Thanks,
CWhat is the name of your state (only U.S. law)?