New Jersey Statutes 46:2B-10. Definitions
Terms Used In New Jersey Statutes 46:2B-10
- Fiduciary: A trustee, executor, or administrator.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- territory: extends to and includes any territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Account” means an agreement between a banking institution and its customer pursuant to which the banking institution accepts funds or property of the customer and agrees to repay or return the funds or property upon the terms and conditions specified in the agreement. The term “account” includes, but is not limited to, checking accounts, savings accounts, certificates of deposit and other types of time and demand accounts as banking institutions are authorized to enter into pursuant to applicable federal or State law. The term “account” does not include an agreement pursuant to which a banking institution agrees to act as a fiduciary within the meaning of the “Uniform Fiduciaries Law,” N.J.S. 3B:14-52 et seq.
“Agent” means the person authorized to act for another person pursuant to a power of attorney. An agent may be referred to as an “attorney,” “attorney-in-fact” or “deputy” in the power of attorney.
“Banking institution” includes banks, savings banks, savings and loan associations and credit unions, whether chartered by the United States, this State or any other state or territory of the United States or a foreign country.
A thing is done “in good faith” when it is in fact done honestly, regardless of whether it is done negligently.
“Power of attorney” means a duly signed and acknowledged written document in which a principal authorizes an agent to act on his behalf.
“Principal” means a person executing a power of attorney.
“Safe deposit company” means a company operating pursuant to P.L.1983, c.566 (C. 17:14A-1 et seq.).
L.1991,c.95,s.1; amended 1994,c.142,s.1.