26-73 - Definitions.
§ 26-73. Definitions.
For the purposes of this act, unless the context requires otherwise:
"Agent" means a person granted authority to act for a principal under apower of attorney, whether denominated an agent, attorney-in-fact, orotherwise. The term includes an original agent, coagent, successor agent, anda person to which an agent's authority is delegated.
"Durable," with respect to a power of attorney, means not terminated by theprincipal's incapacity.
"Electronic" means relating to technology having electrical, digital,magnetic, wireless, optical, electromagnetic, or similar capabilities.
"Good faith" means honesty in fact.
"Incapacity" means inability of an individual to manage property orbusiness affairs because the individual:
(1) Has an impairment in the ability to receive and evaluate information ormake or communicate decisions even with the use of technological assistance;or
(2) Is missing or outside the United States and unable to return.
"Person" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture, publiccorporation, government or governmental subdivision, agency, orinstrumentality, or any other legal or commercial entity.
"Power of attorney" means a writing or other record that grants authorityto an agent to act in the place of the principal, whether or not the termpower of attorney is used.
"Presently exercisable general power of appointment," with respect toproperty or a property interest subject to a power of appointment, meanspower exercisable at the time in question to vest absolute ownership in theprincipal individually, the principal's estate, the principal's creditors, orthe creditors of the principal's estate. The term includes a power ofappointment not exercisable until the occurrence of a specified event, thesatisfaction of an ascertainable standard, or the passage of a specifiedperiod only after the occurrence of the specified event, the satisfaction ofthe ascertainable standard, or the passage of the specified period. The termdoes not include a power exercisable in a fiduciary capacity or only by will.
"Principal" means an individual who grants authority to an agent in a powerof attorney.
"Property" means anything that may be the subject of ownership, whetherreal or personal, or legal or equitable, or any interest or right therein.
"Record" means information that is inscribed on a tangible medium or thatis stored in an electronic or other medium and is retrievable in perceivableform.
"Sign" means, with present intent to authenticate or adopt a record: (i) toexecute or adopt a tangible symbol; or (ii) to attach to or logicallyassociate with the record an electronic sound, symbol, or process.
"State" means a state of the United States, the District of Columbia,Puerto Rico, the United States Virgin Islands, or any territory or insularpossession subject to the jurisdiction of the United States.
"Stocks and bonds" means stocks, bonds, mutual funds, and all other typesof securities and financial instruments, whether held directly, indirectly,or in any other manner. The term does not include commodity futures contractsand call or put options on stocks or stock indexes.
(2010, cc. 455, 632.)