Section 404.703

Title XXVI TRADE AND COMMERCE

Chapter 404

Effective - 28 Aug 1997   

  404.703.  Definitions. — As used in sections 404.700 to 404.735 the following terms mean:

  (1)  "Attorney in fact", an individual or corporation appointed to act as agent of a principal in a written power of attorney;

  (2)  "Court", the circuit court including the probate division of the circuit court;

  (3)  "Disabled" or "incapacitated", a person who is wholly or partially disabled or incapacitated as defined in section 475.010 or in a similar law of the place having jurisdiction of the person whose capacity is in question;

  (4)  "Durable power of attorney", a written power of attorney in which the authority of the attorney in fact does not terminate in the event the principal becomes disabled or incapacitated or in the event of later uncertainty as to whether the principal is dead or alive and which complies with subsection 1 of section 404.705 or is durable under the laws of any of the following places:

  (a)  The law of the place where executed;

  (b)  The law of the place of the residence of the principal when executed; or

  (c)  The law of a place designated in the written power of attorney if that place has a reasonable relationship to the purpose of the instrument;

  (5)  "Legal representative", a decedent's personal representative, a guardian of a person or the conservator of the estate of a person, whether denominated as general, limited or temporary, or a person legally authorized to perform substantially the same functions;

  (6)  "Person", an individual, corporation, or other legal entity;

  (7)  "Personal representative", a legal representative of a decedent's estate as defined in section 472.010;

  (8)  "Power of attorney", a written power of attorney, either durable or not durable;

  (9)  "Principal's family", the principal's parent, grandparent, uncle, aunt, brother, sister, son, daughter, grandson, granddaughter and their descendants, whether of the whole blood or the half blood, or by adoption, and the principal's spouse, stepparent and stepchild;

  (10)  "Third person", any individual, corporation or legal entity that acts on a request from, contracts with, relies on or otherwise deals with an attorney in fact pursuant to authority granted by a principal in a power of attorney and includes a partnership, either general or limited, governmental agency, financial institution, issuer of securities, transfer agent, securities or commodities broker, real estate broker, title insurance company, insurance company, benefit plan, legal representative, custodian or trustee.

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(L. 1989 H.B. 145 § 2, A.L. 1997 S.B. 265)