Definitions
Sec. 1. The words and phrases used in this chapter shall be
construed as follows:
(a) "Fiduciary" shall mean a bank or trust company undertaking
to act alone or jointly with others primarily for the benefit of another
in all matters connected with its undertaking and includes trustee,
executor, administrator, personal representative, registrar of stocks
and bonds, guardian of estates, assignee, receiver, managing agent
and any other similar capacity.
(b) "Regulations" shall mean the regulations promulgated by the
board of governors of the federal reserve system and the comptroller
of currency in conformity with the federal Internal Revenue Code, as
such regulations now exist or as they may be hereafter amended.
(c) "Participating interest" shall mean a proportionate undivided
interest in all assets of the common trust fund for the time being,
acquired by a fiduciary for cash, or in exchange for other assets.
(d) Words imputing the masculine gender shall be applied to and
include all persons and corporations.
(Formerly: Acts 1949, c.70, s.1; Acts 1965, c.409, s.1.) As amended
by Acts 1982, P.L.171, SEC.90.
Last modified: May 27, 2006