US Laws, Codes, Statutes & Cases

                                  TITLE  26
                              BANKS AND BANKING
                                  CHAPTER 32
                   TRUST INSTITUTIONS -- GENERAL PROVISIONS
    26-3203.  DEFINITIONS. The following definitions shall be liberally
construed to accomplish the purposes of this act. In this act, unless the
context otherwise requires:
    (1)  "Account" means the client relationship established with a trust
institution involving the transfer of funds or property to the trust
institution, including a relationship in which the trust company acts as
trustee, executor, administrator, guardian, custodian, conservator, bailee,
receiver, registrar, or agent, but excluding a relationship in which the trust
institution acts solely in an advisory capacity.
    (2)  "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 its capacity as trustee for
         investment in real or personal property;
         (iii) Act as trustee and perform the fiduciary duties committed or
         transferred to it by order of a court of competent jurisdiction;
         (iv)  Act as trustee of the estate of a deceased person; or
         (v)   Act as trustee for a minor or incapacitated person;
    (b)  Administer in any other fiduciary capacity real or tangible personal
    property; or
    (c)  Act pursuant to order of court of competent jurisdiction as executor
    or administrator of the estate of a deceased person or as a guardian or
    conservator for a minor or incapacitated person.
    (3)  "Authorized trust institution" means any state trust company, trust
office or representative trust office.
    (4)  "Bank" has the meaning set forth in 12 U.S.C. 1813(h); provided that
the term "bank" shall not include any "foreign bank" as defined in 12 U.S.C.
3101(7), except for any such foreign bank organized under the laws of a
territory of the United States, Puerto Rico, Guam, American Samoa or the
Virgin Islands, the deposits of which are insured by the federal deposit
insurance corporation.
    (5)  "Bank supervisory agency" means:
    (a)  Any agency of another state with primary responsibility for
    chartering and supervising a trust institution; and
    (b)  The office of the comptroller of the currency, the federal deposit
    insurance corporation, the board of governors of the federal reserve
    system, the office of thrift supervision and any successor to these
    agencies.
    (6)  "Branch" with respect to a depository institution has the meaning set
forth in section 26-106, Idaho Code.
    (7)  "Charter" means the authority issued by the director or a bank
supervisory agency authorizing a trust institution to act as a fiduciary in
its home state.
    (8)  "Client" means a person to whom a trust institution owes a duty or
obligation under a trust or other account administered by the trust
institution or as an advisor or agent, regardless of whether the trust
institution owes a fiduciary duty to the person. The term includes the
noncontingent beneficiaries of an account.
    (9)  "Company" includes a bank, trust company, corporation, limited
liability company, partnership, association, business trust or another trust.
    (10) "Department" means the Idaho department of finance.
    (11) "Depository institution" means any company chartered to act as a
fiduciary and included for any purpose within any of the definitions of
"insured depository institution" as set forth in 12 U.S.C. 1813(c)(2) and (3).
    (12) "Director" means the director of the department of finance.
    (13) "Foreign bank" means a foreign bank, as defined in section 1(b)(7) of
the international banking act of 1978, chartered to act as a fiduciary in a
state other than this state.
    (14) "Home state" means:
    (a)  With respect to a federally chartered trust institution and a foreign
    bank, the state in which such institution maintains its principal office;
    and
    (b)  With respect to any other trust institution, the state which
    chartered such institution.
    (15) "Home state regulator" means the bank supervisory agency with primary
responsibility for chartering and supervising an out-of-state trust
institution.
    (16) "Host state" means a state, other than the home state of a trust
institution, or a foreign country in which the trust institution maintains or
seeks to acquire or establish an office.
    (17) "New trust office" means a trust office located in a host state
which:
    (a)  Is originally established by the trust institution as a trust office;
    and
    (b)  Does not become a trust office of the trust institution as a result
    of:
         (i)   The acquisition of another trust institution or trust office of
         another trust institution; or
         (ii)  A merger, consolidation, or conversion involving any such trust
         institution or trust office.
    (18) "Office" with respect to a trust institution means the principal
office, a trust office or a representative trust office, but not a branch.
    (19) "Out-of-state bank" means a bank chartered to act as a fiduciary in
any state or states other than this state.
    (20) "Out-of-state trust company" means either a trust company that is not
a state trust company or a savings association whose principal office is not
located in this state.
    (21) "Out-of-state trust institution" means a trust institution that is
not a state trust institution.
    (22) "Person" means an individual, a company or any other legal entity.
    (23) "Principal office" with respect to:
    (a)  A state trust company, means a location registered with the director
    as the state trust company's home office at which:
         (i)   The state trust company does business;
         (ii)  The state trust company keeps its corporate books and a set of
         its material records, including material fiduciary records; and
         (iii) At least one (1) executive officer of the state trust company
         maintains an office.
    (b)  A trust institution other than a state trust company, means its
    principal place of business in the United States.
    (24) "Representative trust office" means an office at which a trust
institution has been authorized by the director to engage in a trust business
other than acting as a fiduciary.
    (25) "Savings association" means a depository institution that is neither
a bank nor a foreign bank.
    (26) "State" means any state of the United States, the District of
Columbia, any territory of the United States, Puerto Rico, Guam, American
Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands and the
Northern Mariana Islands.
    (27) "State bank" means:
    (a)  A bank which has received a charter from the director authorizing it
    to operate a trust department; or
    (b)  A foreign bank as defined in section 1(b)(7) of the international
    banking act of 1978 chartered to act as a fiduciary in this state.
    (28) "State trust company" means a corporation organized under this act
and chartered to act as a fiduciary by the state, including a trust company
organized under the laws of this state before the effective date of this act.
    (29) "State trust institution" means a trust institution having its
principal office in this state.
    (30) "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 of a fiduciary in this or another state including, but not
limited to:
    (a)  Acting as a fiduciary; or
    (b)  To the extent not acting as a fiduciary, any of the following:
         (i)   Receiving for safekeeping personal property of every
         description;
         (ii)  Acting as assignee, bailee, conservator, custodian, escrow
         agent, registrar, receiver or transfer agent; or
         (iii) Acting as financial advisor, investment advisor or manager,
         agent or attorney-in-fact in any agreed upon capacity.
    (31) "Trust company" means a state trust company or any other company
chartered to act as a fiduciary that is neither a depository institution nor a
foreign bank.
    (32) "Trust institution" means a depository institution, foreign bank,
state bank or trust company.
    (33) "Trust office" means an office, other than the principal office, at
which a trust institution is licensed by the director to act as a fiduciary.
    (34) "Unauthorized trust activity" means:
    (a)  A person, other than one identified in section 26-3204(1), Idaho
    Code, acting as a fiduciary within this state;
    (b)  A person engaging in a trust business in this state at any office of
    such person that is not its principal office, if it is a state trust
    institution, or that is not a trust office or a representative trust
    office of such person, unless the person has been authorized by the
    director, in his discretion, to engage in a trust business in this state
    in another manner and upon such conditions as he may require; or
    (c)  An out-of-state trust institution engaging in a trust business in
    this state at any time an order issued by the director pursuant to section
    26-3603(2), Idaho Code, is in effect.