Except as otherwise provided under this part 7, and
except as the context may otherwise require, in this part 7:
(1)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.
The term includes an original agent, coagent, successor agent, and a person to
which an agent's authority is delegated.
(2)Durable, with respect to a power of attorney, means not terminated by
the principal's incapacity.
(3)Electronic means relating to technology having electrical, digital,
magnetic, wireless, optical, electromagnetic, or similar capabilities.
(4)Good faith means honesty in fact.
(5)Incapacity means inability of an individual to manage property or
business affairs because the individual:
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Except as otherwise provided under this part 7, and
except as the context may otherwise require, in this part 7:
(1) 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.
The term includes an original agent, coagent, successor agent, and a person to
which an agent's authority is delegated.
(2) Durable, with respect to a power of attorney, means not terminated by
the principal's incapacity.
(3) Electronic means relating to technology having electrical, digital,
magnetic, wireless, optical, electromagnetic, or similar capabilities.
(4) Good faith means honesty in fact.
(5) Incapacity means inability of an individual to manage property or
business affairs because the individual:
(a) Has an impairment in the ability to receive and evaluate information or
make or communicate decisions even with the use of technological assistance; or
(b) Is:
(I) Missing;
(II) Detained, including incarcerated in a penal system; or
(III) Outside the United States and unable to return.
(6) Person means an individual, corporation, business trust, estate, trust,
partnership, limited liability company, association, joint venture, public corporation,
government or governmental subdivision, agency, or instrumentality, or any other
legal or commercial entity.
(7) Power of attorney means a writing or other record that grants authority
to an agent to act in the place of the principal, whether or not the term power of
attorney is used.
(8) Presently exercisable general power of appointment, with respect to
property or a property interest subject to a power of appointment, means power
exercisable at the time in question to vest absolute ownership in the principal
individually, the principal's estate, the principal's creditors, or the creditors of the
principal's estate. The term includes a power of appointment not exercisable until
the occurrence of a specified event, the satisfaction of an ascertainable standard,
or the passage of a specified period only after the occurrence of the specified
event, the satisfaction of the ascertainable standard, or the passage of the
specified period. The term does not include a power exercisable in a fiduciary
capacity or only by will.
(9) Principal means an individual who grants authority to an agent in a
power of attorney.
(10) Property means anything that may be the subject of ownership,
whether real or personal, or legal or equitable, or any interest or right therein.
(11) Record means information that is inscribed on a tangible medium or
that is stored in an electronic or other medium and is retrievable in perceivable
form.
(12) Sign means, with present intent to authenticate or adopt a record:
(a) To execute or adopt a tangible symbol; or
(b) To attach to or logically associate with the record an electronic sound,
symbol, or process.
(13) State means a state of the United States, the District of Columbia,
Puerto Rico, the United States Virgin Islands, or any territory or insular possession
subject to the jurisdiction of the United States.
(14) Stocks and bonds means stocks, bonds, mutual funds, and all other
types of securities and financial instruments, whether held directly, indirectly, or in
any other manner. The term does not include commodity futures contracts and call
or put options on stocks or stock indexes.