Maine Revised Statutes Title 18-C Sec. 5-902 – Definitions
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As used in this Part, unless the context otherwise indicates, the following terms have the following meanings. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
1. Agent. “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. “Agent” includes an original agent, coagent, successor agent and a person to whom an agent’s authority is delegated.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
Terms Used In Maine Revised Statutes Title 18-C Sec. 5-902
- Agent: includes an original agent, coagent, successor agent and a person to whom an agent's authority is delegated. See Maine Revised Statutes Title 18-C Sec. 5-902
- 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.
- 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.
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities. See Maine Revised Statutes Title 18-C Sec. 5-902
- 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
- Fiduciary: A trustee, executor, or administrator.
- Good faith: means honesty in fact. See Maine Revised Statutes Title 18-C Sec. 5-902
- Incapacity: means inability of an individual to effectively manage property or business affairs because the individual:
A. See Maine Revised Statutes Title 18-C Sec. 5-902Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. 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 Maine Revised Statutes Title 18-C Sec. 5-902 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 Maine Revised Statutes Title 18-C Sec. 5-902 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 Presently exercisable general power of appointment: 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. See Maine Revised Statutes Title 18-C Sec. 5-902 Principal: means an individual who grants authority to an agent in a power of attorney. See Maine Revised Statutes Title 18-C Sec. 5-902 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 Maine Revised Statutes Title 18-C Sec. 5-902 Sign: means , with present intent to authenticate or adopt a record:
A. See Maine Revised Statutes Title 18-C Sec. 5-902Stocks 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. See Maine Revised Statutes Title 18-C Sec. 5-902 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Durable. “Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3. Electronic. “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
4. Good faith. “Good faith” means honesty in fact.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
5. Incapacity. “Incapacity” means inability of an individual to effectively manage property or business affairs because the individual:
A. Is impaired by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication or other cause to the extent that the individual lacks sufficient understanding, capacity or ability to receive and evaluate information or make or communicate decisions regarding the individual’s property or business affairs; or [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. Is:
(1) Missing;
(2) Detained, including incarcerated in a penal system; or
(3) Outside the United States and unable to return. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
6. Person. “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.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
7. Power of attorney. “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.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
8. Presently exercisable general power of appointment. “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. “Presently exercisable general power of appointment” 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. “Presently exercisable general power of appointment” does not include a power exercisable in a fiduciary capacity or only by will.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
9. Principal. “Principal” means an individual who grants authority to an agent in a power of attorney.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
10. Property. “Property” means anything that may be the subject of ownership, whether real or personal or legal or equitable, or any interest or right therein.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
11. Sign. “Sign” means, with present intent to authenticate or adopt a record:
A. To execute or adopt a tangible symbol; or [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. To attach to or logically associate with the record an electronic sound, symbol or process. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
12. Stocks and bonds. “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. “Stocks and bonds” does not include commodity futures contracts and call or put options on stocks or stock indexes.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).