Sec. 1. (a) In this chapter unless the context or subject-matter
otherwise requires:
(1) "Bank" includes any person or association of persons,
whether incorporated or not, carrying on the business of
banking.
(2) "Fiduciary" includes a trustee under any trust, expressed,
implied, resulting or constructive, executor, administrator,
guardian, conservator, curator, receiver, trustee in bankruptcy,
assignee for the benefit of creditors, partner, agent, officer of a
corporation, public or private, public officer, or any other
person acting in a fiduciary capacity for any person, trust or
estate.
(3) "Person" includes a corporation, limited liability company,
partnership, or other association, or two (2) or more persons
having a joint or common interest.
(4) "Principal" includes any person to whom a fiduciary as such
owes an obligation.
(b) A thing is done "in good faith" within the meaning of this
chapter, when it is in fact done honestly, whether it be done
negligently or not.
(Formerly: Acts 1927, c.17, s.1.) As amended by Acts 1982, P.L.171,
SEC.92; P.L.8-1993, SEC.463.

Last modified: May 27, 2006