457.020 Definitions for chapter.
402 words·~2 min read·
/ky/chapter-457/457-020A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.