Oklahoma § 58-3002 - Definitions

§ 58-3002. 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

Oklahoma Statutes - Title 58. Probate Procedure

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.

Added by Laws 2021, c. 332, § 2, eff. Nov. 1, 2021.