Idaho § 26-1401 - Definitions

§ 26-1401. Definitions

In this chapter:

(1) "Affiliated bank," with respect to a trust company or another bank, means any bank:

(a) That owns, directly or indirectly, eighty percent (80%) or more of the voting stock of such trust company or other bank; or

(b) Eighty percent (80%) or more of the voting stock of which is owned, directly or indirectly, by the same bank holding company that owns, directly or indirectly, eighty percent (80%) or more of the voting stock of such trust company or other bank.

(2) "Affiliated trust company" means a trust company with a principal place of business located within the state of Idaho, and eighty percent (80%) or more of the voting stock of which is owned, directly or indirectly, by the same bank or bank holding company that owns, directly or indirectly, eighty percent (80%) or more of the voting stock of a trust company or a bank with respect to which the affiliated trust company is participating in a transfer of fiduciary capacities as provided in this chapter.

(3) "Bank" means any state bank or national bank whose operations are principally conducted in this state and which is authorized to engage in trust business.

(4) "Bank holding company" means a bank holding company as defined in the United States bank holding company act of 1956, as amended.

(5) "Director" means the director of the department of finance.

(6) "Fiduciary account," with respect to an affiliated bank, affiliated trust company, or trust company, means an estate, trust, or other fiduciary relationship, and includes all rights, privileges, duties, obligations, and undertakings thereof, that have been established or provided for by a written instrument or in any other lawful manner with such affiliated bank, affiliated trust company or trust company.

(7) "Fiduciary capacity" means a capacity resulting from the undertaking to act alone or jointly with others as a personal representative of a decedent’s estate, a guardian or conservator of an estate, a receiver, a trustee under appointment of any court or under authority of any law, or a trustee for any other purpose permitted by law.

(8) "Principal place of business," with respect to any affiliated bank, affiliated trust company, or trust company means such entity’s principal place of business within the state of Idaho.

(9) "Trust company" means a corporation holding a charter to engage in the trust business in this state, issued pursuant to chapters 32 through 36, title 26 , Idaho Code, with a principal place of business located within the state of Idaho.

[26-1401, added 1991, ch. 215, sec. 2, p. 515; am. 1992, ch. 87, sec. 1, p. 271; am. 2000, ch. 288, sec. 6, p. 974.]