2012 Idaho Statutes
Title 26 - BANKS AND BANKING
Chapter 32 - TRUST INSTITUTIONS -- GENERAL PROVISIONS
Section 26-3203 - DEFINITIONS.
(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:
(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:
(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:
(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:
(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:
(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:
(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:
(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:
History:
[26-3203, added 2000, ch. 288, sec. 8, p. 975.]
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