North Dakota Code 6-08.5-01 – Definitions
As used in this chapter:
Terms Used In North Dakota Code 6-08.5-01
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Credit union: means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition. See North Dakota Code 6-01-02
- Financial institution: means any bank, industrial loan company, or savings and loan association organized under the laws of this state or of the United States. See North Dakota Code 6-01-02
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Individual: means a human being. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trust company: means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company. See North Dakota Code 6-01-02
1. “Account” means funds or assets held by a financial service provider, including a deposit account, savings account, share account, certificate of deposit, trust account, individual retirement account, guardianship or conservatorship account, investment or securities account, retirement account, loan, extension of credit, or safe deposit box.
2. “Eligible adult” means an individual who is at least sixty-five years of age or a vulnerable adult as defined in section 50-25.2-01.
3. “Financial exploitation” means the wrongful or unauthorized taking, withholding, appropriation, or use of an eligible adult’s money, assets, or property for one’s own benefit or the benefit of a third party. The term includes defrauding an eligible adult.
4. “Financial service provider” means a financial institution, credit union, savings and loan association, or trust company.
5. “Financial transaction” means any of the following as applicable to the business or services provided by a financial service provider:
a. A transfer or request to transfer or disburse funds or assets in an account; b. A request to initiate a wire transfer, initiate an automated clearing house transfer, or issue a money order, cashier’s check, or official check; c. A request to negotiate a check or other negotiable instrument; d. A request to change the ownership of an account; e. A request for a loan, extension of credit, or draw on a line of credit; or
f. A request to designate or change the designation of a beneficiary to receive any property, benefit, or contract right for an eligible adult.
6. “Law enforcement agency” means an agency authorized by law to enforce the law and to conduct or engage in investigations or prosecutions for violations of the law.