California Probate Code 16015 – The provision of services for compensation by a regulated financial …
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The provision of services for compensation by a regulated financial institution or its affiliates in the ordinary course of business either to a trust of which it also acts as trustee or to a person dealing with the trust is not a violation of the duty provided in Section 16002 or 16004. For the purposes of this section, “affiliate” means a corporation that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with another domestic or foreign corporation.
(Enacted by Stats. 1990, Ch. 79.)
Terms Used In California Probate Code 16015
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Financial institution: means a state or national bank, state or federal savings and loan association or credit union, or like organization. See California Probate Code 40
- Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
- Trust: includes the following:
California Probate Code 82