Section 11-109-101 - DefinitionsAs used in this article, unless the context otherwise requires:
(1) "Act as a fiduciary" or "acting as a fiduciary" means to:(a) Accept or execute trusts, including to:(I) Act as trustee under a written agreement;(II) Receive money or other property in the capacity as trustee for investment in real or personal property;(III) Act as trustee and perform the fiduciary duties committed or transferred to the trustee by order of a court of competent jurisdiction;(IV) Act as personal representative or trustee of the estate of a deceased person; or(V) Act as trustee for a minor or incapacitated person;(b) Administer real or tangible personal property in any other fiduciary capacity; or(c) Act pursuant to an order of a court of competent jurisdiction as personal representative, executor, or administrator of the estate of a deceased person or as a guardian or conservator for a minor or incapacitated person.(2) "Banking board" shall have the same meaning as defined in section 11-101-401(7).(3) "Commissioner" means the state bank commissioner.(4) "Order" means all or any part of the final disposition, whether affirmative, negative, injunctive, or declaratory in form, by the banking board of any matter other than the making of rules of general application.(5) "Person" means an individual, corporation, partnership, joint venture, unincorporated association, or any other legal or commercial entity.(6) "Representative trust office" means an office at which a trust company has been authorized by the banking board to engage in a trust business other than acting as a fiduciary.(7) "Savings deposit" means a deposit or account with respect to which the depositor is not required by the deposit contract, but may at any time be required by the trust company, to give written notice of an intended withdrawal not less than seven days before withdrawal is made, and that is not payable on a specified date or at the expiration of a specified time after the date of deposit, and funds deposited to the credit of, or in which any beneficial interest is held by, a corporation, association, partnership, or other organization operated for profit do not exceed one hundred fifty thousand dollars per depositor at the trust company.(8) "Time deposit" means a deposit that the depositor does not have a right to withdraw for a period of seven days or more from the date of deposit. A "time deposit" may be represented by a transferable or nontransferable, or a negotiable or nonnegotiable, certificate, instrument, passbook, statement, or otherwise.(9) "Transaction account" means a deposit or account that the depositor or account holder may withdraw by check or by similar means for payment to third parties.(10) "Trust business" means the holding out by a person to the public by advertising, solicitation, or other means that the person is available to perform any service authorized pursuant to section 11-109-201, including acting as a fiduciary.(11) "Trust company" means a corporation organized pursuant to and subject to regulation by the provisions of this article.(12) "Trust institution" means a trust company, a federal or state chartered bank with trust powers, a state bank with trust powers chartered under the laws of another state, or a trust company chartered under the laws of another state.(13) "Trust office" means an office, other than the principal office, at which a trust company is authorized by the banking board to engage in the trust business and to act as a fiduciary.Amended by 2013 Ch. 282,§ 48, eff. 7/1/2013.L. 2003: Entire article added with relocations, p. 1175, § 3, effective July 1. L. 2013: (6) and (12) amended, (SB 13-154), ch. 282, p. 1482, § 48, effective July 1.This section is similar to former § 11-23-102 as it existed prior to 2003.