04 NCAC 16K .0101. DEFINITIONS

For purposes of this Section:

(1)           "Account" means the trust, estate or other fiduciary relationship that has been established with a savings institution.

(2)           "Custodian Under the Uniform Transfers to Minors Act" means an account established pursuant to the North Carolina Uniform Transfers to Minors Act contained in Chapter 33A of the North Carolina General Statutes.

(3)           "Fiduciary" means a savings institution undertaking to act alone or jointly with others for the benefit of another in all matters connected with its undertaking and includes trustee; executor; administrator; guardian; receiver; managing agent; registrar of stocks and bonds; escrow; transfer; or paying agent; trustee of employee pension; welfare and profit sharing trusts; and any other similar capacity.

(4)           "Fiduciary Records" means all matters that are written, transcribed, recorded, received or otherwise coming into the possession of a savings institution and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of the savings institution.

(5)           "Guardian" means the guardian, conservator, or committee of the estate of an infant, an incompetent individual, or a competent individual over whose estate a court has taken jurisdiction, other than under bankruptcy or insolvency laws.

(6)           "Investment Authority" means the responsibility conferred by action of law or a provision of an appropriate governing instrument to make, select or change investments, review investment decisions made by others, or to provide investment advice or counsel to others.

(7)           "Managing Agent" means the fiduciary relationship assumed by a savings institution upon the creation of an account which names the savings institution as agent and confers investment discretion upon the savings institution.

(8)           "Trust Department" means that group or groups of officers and employees of a savings institution to whom are assigned the performance of fiduciary services by the savings institution.

(9)           "Trust Powers" means the power to act in any fiduciary capacity authorized under this Section.

 

History Note:        Filed as a Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on

March 31, 1992;

Statutory Authority G.S. 54B‑55; 54B‑77; 54C‑53; 54C‑146;

Eff. November 1, 1982;

Amended Eff. February 15, 1992.