Current through 2023-2024 Legislative Session Chapter 353
Section 10-6B-2 - Definitions
As used in this chapter, the term:(1) "Agent" means a person granted authority to act in the place of an individual, whether denominated by such term, attorney-in-fact, or otherwise. Such term shall include a coagent, successor agent, and a person to which authority is delegated.(2) "Durable" means not terminated by the principal's incapacity.(3) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.(3.1) "Gift" means a transfer of property for less than adequate consideration in money or money's worth that is not a renunciation within the meaning of Code Section 53-1-20.(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:(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 a person to act in the place of an individual, whether or not such term 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. Such term shall include 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. Such term shall not include a power exercisable in a fiduciary capacity or only by will.(9) "Principal" means an individual who grants authority to a person to act in the place of such individual.(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 and shall include digital assets and electronic communications, as such terms are defined in Code Section 53-13-2.(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, to execute or adopt a tangible symbol.(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. Such term shall not include commodity futures contracts and call or put options on stocks or stock indexes.Amended by 2018 Ga. Laws 560,§ 2, eff. 7/1/2018.Amended by 2018 Ga. Laws 412,§ 2, eff. 7/1/2018.Added by 2017 Ga. Laws 186,§ 2-1, eff. 7/1/2017.