457.020 Definitions for chapter

457.020 Definitions for chapter.

As used in this chapter:

(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:

1. Missing;

2. Detained, including incarcerated in a penal system; or

3. 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) "Principal" means an individual who grants authority to an agent in a power of

attorney;

(9) "Property" means anything that may be the subject of ownership, whether real or

personal, or legal or equitable, or any interest or right therein;

(10) "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;

(11) "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;

(12) "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; and

(13) "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.