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SECTION 5-1501
Application and definitions
General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 15
§ 5-1501. Application and definitions. 1. This title shall apply to
all powers of attorney except powers of attorney excluded from this
title by section 5-1501C of this title.

2. As used in this title the following terms shall have the following

(a) "Agent" means a person granted authority to act as
attorney-in-fact for the principal under a power of attorney, and
includes the original agent and any co-agent or successor agent. Unless
the context indicates otherwise, an "agent" designated in a power of
attorney shall mean "attorney-in-fact" for the purposes of this title.
An agent acting under a power of attorney has a fiduciary relationship
with the principal.

(b) "Benefits from governmental programs or civil or military service"
means any benefit, program or assistance provided under a statute or
governmental regulation, including social security, medicare and

(c) "Capacity" means ability to comprehend the nature and consequences
of the act of executing and granting, revoking, amending or modifying a
power of attorney, any provision in a power of attorney, or the
authority of any person to act as agent under a power of attorney.

(d) "Compensation" means reasonable compensation authorized to be paid
to the agent from assets of the principal for services actually rendered
by the agent pursuant to the authority granted in a power of attorney.

(e) "Financial institution" means a financial entity, including, but
not limited to: a bank, trust company, national bank, savings bank,
federal mutual savings bank, savings and loan association, federal
savings and loan association, federal mutual savings and loan
association, credit union, federal credit union, branch of a foreign
banking corporation, public pension fund, retirement system, securities
broker, securities dealer, securities firm, and insurance company.

(f) "Incapacitated" means to be without capacity.

(g) "Internal Revenue Code" means the United States Internal Revenue
Code of 1986, as amended. Such references, however, shall be deemed to
constitute references to any corresponding provisions of any subsequent
federal tax code.

(h) "Monitor" means a person appointed in the power of attorney who
has the authority to request, receive, and seek to compel the agent to
provide a record of all receipts, disbursements, and transactions
entered into by the agent on behalf of the principal.

(i) "Person" means an individual, whether acting for himself or
herself, or as a fiduciary or as an official of any legal, governmental
or commercial entity (including, but not limited to, any such entity
identified in this subdivision), corporation, business trust, estate,
trust, partnership, limited liability company, association, joint
venture, government, governmental subdivision, government agency,
government entity, government instrumentality, public corporation, or
any other legal or commercial entity.

(j) "Power of attorney" means a written document, other than a
document referred to in section 5-1501C of this title, by which a
principal with capacity designates an agent to act on his or her behalf
and includes both a statutory short form power of attorney and a
non-statutory power of attorney.

(k) "Principal" means an individual who is eighteen years of age or
older, acting for himself or herself and not as a fiduciary or as an
official of any legal, governmental or commercial entity, who executes a
power of attorney.

(l) "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.

(m) "Sign" means to place any memorandum, mark or sign, written,
printed, stamped, photographed, engraved or otherwise upon an instrument
or writing, or to use an electronic signature as that term is defined in
subdivision three of section three hundred two of the state technology
law, with the intent to execute the instrument, writing or electronic
record. In accordance with the requirements of section three hundred
seven of the state technology law, a power of attorney or any other
instrument executed by the principal or agent that is recordable under
the real property law shall not be executed with an electronic

(n) "Statutory short form power of attorney" means a power of attorney
that meets the requirements of paragraphs (a), (b) and (c) of
subdivision one of section 5-1501B of this title, and that substantially
conforms to the wording of the form set forth in section 5-1513 of this
title; provided however, that any section indicated as "Optional" that
is not used may be omitted and replaced by the words "Intentionally
Omitted". A given power of attorney substantially conforms to the form
required pursuant to section 5-1513 of this title notwithstanding that
the form contains (i) an insignificant mistake in wording, spelling,
punctuation or formatting, or the use of bold or italic type; or (ii)
uses language that is essentially the same as, but is not identical to,
the statutory form, including utilizing language from a previous
statute. The determination of whether there is substantial conformity
with the form set forth in section 5-1513 of this title shall not depend
on the presence or absence of a particular clause. Failing to include
clauses that are not relevant to a given power of attorney shall not in
itself cause such power of attorney to be found to not substantially
conform with the requirements of such form. The use of the form set
forth in section 5-1513 of this title is lawful and when used, it shall
be construed as a statutory short form power of attorney. A statutory
short form power of attorney may be used to grant authority provided in
sections 5-1502A through 5-1502N of this title. A "statutory short form
power of attorney" may contain modifications or additions as provided in
section 5-1503 of this title.

(o) "Non-statutory power of attorney" means a power of attorney that
is not a statutory short form power of attorney.

(p) "Third party" means a financial institution or person other than a
principal or an agent.