Illinois Compiled Statutes 755 ILCS 45/2-3 – Definitions
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As used in this Act:
(a) “Agency” means the written power of attorney or other instrument of agency governing the relationship between the principal and agent or the relationship, itself, as appropriate to the context, and includes agencies dealing with personal or health care as well as property. An agency is subject to this Act to the extent it may be controlled by the principal, excluding agencies and powers for the benefit of the agent.
(b) “Agent” means the attorney-in-fact or other person designated to act for the principal in the agency.
(c) “Person with a disability” has the same meaning as in the “Probate Act of 1975”, as now or hereafter amended. To be under a “disability” means to be a person with a disability.
(c-5) “Incapacitated”, when used to describe a principal, means that the principal is under a legal disability as defined in § 11a-2 of the Probate Act of 1975. A principal shall also be considered incapacitated if: (i) a physician licensed to practice medicine in all of its branches has examined the principal and has determined that the principal lacks decision making capacity; (ii) that physician has made a written record of this determination and has signed the written record within 90 days after the examination; and (iii) the written record has been delivered to the agent. The agent may rely conclusively on the written record.
(d) “Person” means an individual, corporation, trust, partnership or other entity, as appropriate to the agency.
(e) “Principal” means an individual (including, without limitation, an individual acting as trustee, representative or other fiduciary) who signs a power of attorney or other instrument of agency granting powers to an agent.
(a) “Agency” means the written power of attorney or other instrument of agency governing the relationship between the principal and agent or the relationship, itself, as appropriate to the context, and includes agencies dealing with personal or health care as well as property. An agency is subject to this Act to the extent it may be controlled by the principal, excluding agencies and powers for the benefit of the agent.
Terms Used In Illinois Compiled Statutes 755 ILCS 45/2-3
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.
(b) “Agent” means the attorney-in-fact or other person designated to act for the principal in the agency.
(c) “Person with a disability” has the same meaning as in the “Probate Act of 1975”, as now or hereafter amended. To be under a “disability” means to be a person with a disability.
(c-5) “Incapacitated”, when used to describe a principal, means that the principal is under a legal disability as defined in § 11a-2 of the Probate Act of 1975. A principal shall also be considered incapacitated if: (i) a physician licensed to practice medicine in all of its branches has examined the principal and has determined that the principal lacks decision making capacity; (ii) that physician has made a written record of this determination and has signed the written record within 90 days after the examination; and (iii) the written record has been delivered to the agent. The agent may rely conclusively on the written record.
(d) “Person” means an individual, corporation, trust, partnership or other entity, as appropriate to the agency.
(e) “Principal” means an individual (including, without limitation, an individual acting as trustee, representative or other fiduciary) who signs a power of attorney or other instrument of agency granting powers to an agent.