Vermont Statutes Title 14 Sec. 3501
Terms Used In Vermont Statutes Title 14 Sec. 3501
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- 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
§ 3501. Definitions
As used in this subchapter:
(1) “Accounting” means a written statement itemizing transactions taken by an agent pursuant to authority granted by a principal under a power of attorney.
(2) “Agent” means a person named by a principal in a written power of attorney to act on the principal’s behalf, and is synonymous with the term “attorney-in-fact”.
(3) “Commercial transaction” means any transaction entered into on behalf of the principal for commercial or business purposes and not primarily for personal, family, or household purposes.
(4) “Compensation” means payment to the agent from assets of the principal for services rendered by the agent.
(5) “Disability or incapacity of the principal” means a physical or mental condition which prevents the principal from directing the actions of the agent and would, under common law principles of agency, cause a power of attorney previously executed by the principal to terminate.
(6) “Durable power of attorney” means a written power of attorney in which the authority of the agent does not terminate in the event of the disability or incapacity of the principal.
(7) “Gift” means any transfer of anything of value for which consideration of less than fair market value is received.
(8) “Power of attorney” means a written document by which a principal designates an agent to act in his or her behalf.
(9) “Principal” means a person who executes a power of attorney designating one or more agents to act on his or her behalf.
(10) “Revocation” means the cancellation by a principal of the authority previously given by the principal to an agent.
(11) “Self-dealing” means any transaction, including transfer of property of a principal to an agent, that directly or indirectly benefits the agent or the immediate family of the agent, regardless of whether the agent has provided consideration for the transaction.
(12) “Termination” means any occurrence or event, including revocation, which, under this subchapter, causes the authority previously given by a principal to an agent to cease.
(13) “Terms of the power of attorney” means the specific language contained in a power of attorney.
(14) “Third party” means any person that acts on a request from, contracts with, or otherwise deals with an agent pursuant to authority granted by a principal in a power of attorney. (Added 2001, No. 135 (Adj. Sess.), § 2, eff. June 13, 2002.)
§ 3501. Definitions [Repealed]
(Added 2001, No. 135 (Adj. Sess.), § 2, eff. June 13, 2002; repealed by 2023, No. 60, § 2, eff. July 1, 2023.)