§ 2401

Definitions As used in this chapter:(1) 'Act as 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 a 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. (2) 'Company' means corporation or limited liability company.(3) 'Independent trust company' means a company formed in this or any other state, that is chartered to act as a fiduciary or engages in a trust business, but is neither a depository institution nor a foreign bank as defined in Section 1(b)(7) of the International Banking Act of 1978.

t is chartered to act as a fiduciary or engages in a trust business, but is neither a depository institution nor a foreign bank as defined in Section 1(b)(7) of the International Banking Act of 1978. (4) 'Trust business' means the holding out by a person to the public by advertising, solicitation or other means that the person is available to act as a fiduciary in this or another state for hire or compensation. (Added 1997, No. 98 (Adj. Sess.), § 8b.)