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Delaware Laws | Title 12 Decedents' Estates and Fiduciary Relations
Sec. 4905. Exercise of power after revocation.

(63 Del. Laws, c. 267, Sec. 1; 70 Del Laws, c. 186, Sec. 1; 77 Del. Laws, c. 467, Sec. 1.) (5887)

Sec. 4906. Relation of this chapter to Chapter 49A of this title. (5888)(Text)

The provisions of this chapter shall not apply to any personal power of attorney governed by Chapter 49A of this title. (5889)

(77 Del. Laws, c. 467, Sec. 3.) (5890)

TITLE 12 Decedents' Estates and Fiduciary Relations Fiduciary Relations (5891)(Text)


Decedents' Estates and Fiduciary Relations Fiduciary Relations (5893)

Sec. 49A-101. Short title. (5894)(Text)

This chapter may be cited as the "Durable Personal Powers of Attorney Act". (5895)

(77 Del. Laws, c. 467, Sec. 4.) (5896)

Sec. 49A-102. Definitions. (5897)(Text)

In this chapter: (5898)

(1) "Agent" means a person granted authority to act for the benefit of a principal under a durable power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, concurrent agent, joint agent, successor agent, and a person to which an agent's authority is delegated. (5899)

(2) "Durable," with respect to a power of attorney, means not terminated by the principal's incapacity, and satisfying the requirements set forth in Sec. 49A-104 of this title. (5900)

(3) "Durable power of attorney" means a power of attorney that is durable, meeting the requirements of Sec. 49A-104 of this title. (5901)

(4) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. (5902)

(5) "Good faith" means honesty in fact. (5903)

(6) "Incapacity" means inability of an individual to manage his or her property or business affairs. (5904)

(7) "Internal Revenue Code" refers to the Internal Revenue Code of 1986, as amended, or any corresponding federal tax statute enacted after October 1, 2010. (5905)

(8) "Person" means an individual, corporation, statutory trust, estate, trust, partnership (general or limited), limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity or association. (5906)

(9) "Personal power of attorney" means any durable power of attorney executed in this State or, if executed other than in this State, specifying that the laws of this State shall govern such power of attorney, other than those powers of attorney to which this chapter is not applicable as set forth in Sec. 49A-103(a) of this title. (5907)

(10) "Power of attorney" means a grant of authority to an agent to act in the place of the principal, whether or not the term power of attorney is used, authorizing the agent to convey rights in property of the principal to the agent or any other person. (5908)

(11) "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, only by will, or only by an instrument determining the disposition of property upon the death of the principal. (5909)

(12) "Principal" means an individual who grants authority to an agent in a power of attorney acting for himself or herself and not as a fiduciary, officer, employee, representative, agent or official of any legal, governmental, or commercial entity or association,. (5910)

(13) "Property" means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right therein. (5911)

(14) "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. (5912)

(15) "Sign" means, with present intent to authenticate or adopt a record: (5913)

a. To execute or adopt a tangible symbol; or (5914)

b. To attach to or logically associate with the record an electronic sound, symbol, or process. (5915)

(16) "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. (5916)

(17) "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. (5917)

(77 Del. Laws, c. 467, Sec. 4; 70 Del. Laws, c. 186, Sec. 1.) (5918)

Sec. 49A-103. Applicability. (5919)(Text)

(a) This chapter shall not apply to any of the following powers of attorney which, if durable, shall be governed by Chapter 49 of this title, to the extent applicable, or by another applicable chapter or by the common law of this State: (5920)

(1) A power of attorney given primarily for a business or commercial purpose; (5921)

(2) A power of attorney to the extent it is coupled with an interest in the subject of the power; (5922)

(3) A power of attorney given to or for the benefit of a creditor in connection with a loan or other credit transaction or a secured party in connection with a secured transaction; (5923)

(4) A power of attorney to make health-care decisions; (5924)

(5) A proxy or other delegation to exercise voting rights or management rights with respect to a corporation, partnership (general or limited), limited liability company, condominium or other legal or commercial entity or association; (5925)

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