Kentucky Statutes 457.020 – Definitions for chapter
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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.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 2, effective July 14, 2018.
(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;
Terms Used In Kentucky Statutes 457.020
- 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. See Kentucky Statutes 457.020
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Kentucky Statutes 457.020
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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. See Kentucky Statutes 457.020 - Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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. See Kentucky Statutes 457.020
- 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. See Kentucky Statutes 457.020
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Principal: means an individual who grants authority to an agent in a power of attorney. See Kentucky Statutes 457.020
- Property: means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right therein. See Kentucky Statutes 457.020
- 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. See Kentucky Statutes 457.020
- 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. See Kentucky Statutes 457.020
(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.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 185, sec. 2, effective July 14, 2018.