Okla. Stat. tit. 58 § 3002

Current through Laws 2024, c. 453.

Section 3002 - Definitions

As used in this act:

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 (LLC), 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. "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. The term 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. The term does not include a power exercisable in a fiduciary capacity or only by will;

9. "Principal" means an individual who grants authority to an agent in a power of attorney;

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;

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:

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;

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; and

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. The term does not include commodity futures contracts and call or put options on stocks or stock indexes.

Okla. Stat. tit. 58, § 3002

Added by Laws 2021 , c. 332, s. 2, eff. 11/1/2021.