Virginia Code 6.2-1081: Definitions
As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 6.2-1081
- Affiliate: means , with respect to an association, a bank holding company, as defined in 12 U. See Virginia Code 6.2-1081
- Association: has the meaning assigned to it in § 6. See Virginia Code 6.2-1081
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
- Common trust funds: means common trust funds that are described under § 584 of the Internal Revenue Code of 1954, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto. See Virginia Code 6.2-1081
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: means the status resulting from an association's undertaking to act alone, through an affiliate, or jointly with others, primarily for the benefit of another, and includes an association's acting as trustee, executor, administrator, committee, guardian, conservator, receiver, managing agent, registrar of stocks and bonds, escrow, transfer, or paying agent, trustee of employee pension, welfare and profit sharing trusts, and in any other similar capacity. See Virginia Code 6.2-1081
- Fiduciary: A trustee, executor, or administrator.
- Governing instrument: means the written document or documents pursuant to which an association undertakes to act in a fiduciary capacity, and includes a will, codicil, deed of trust, trust deed, and other similar instruments. See Virginia Code 6.2-1081
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Investment authority: means the responsibility conferred by action of law or a provision of a governing instrument to make, select, or change investments, review investment decisions made by others, or to provide investment advice or counsel to others. See Virginia Code 6.2-1081
- Managing agent: means the fiduciary relationship assumed by an association upon the creation of an account that names the association as agent and confers investment authority upon the association. See Virginia Code 6.2-1081
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Trustee: A person or institution holding and administering property in trust.
“Affiliate” means, with respect to an association, a bank holding company, as defined in 12 U.S.C. § 1841, or savings and loan holding company of which the association is a subsidiary, a corporation that is also a subsidiary of a bank holding company or savings and loan holding company of which the association is a subsidiary, a corporation with respect to which the association owns 25 percent or more of the outstanding voting shares of such corporation, or any other corporation that the Commissioner determines is, in fact, controlled by the association.
“Association” has the meaning assigned to it in § 6.2-1100.
“Common trust funds” means common trust funds that are described under § 584 of the Internal Revenue Code of 1954, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto.
“Fiduciary” means the status resulting from an association’s undertaking to act alone, through an affiliate, or jointly with others, primarily for the benefit of another, and includes an association’s acting as trustee, executor, administrator, committee, guardian, conservator, receiver, managing agent, registrar of stocks and bonds, escrow, transfer, or paying agent, trustee of employee pension, welfare and profit sharing trusts, and in any other similar capacity.
“Fiduciary records” means all matters which are written, transcribed, recorded, received, or otherwise come into the possession of an association and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of an association.
“Governing instrument” means the written document or documents pursuant to which an association undertakes to act in a fiduciary capacity, and includes a will, codicil, deed of trust, trust deed, and other similar instruments.
“Investment authority” means the responsibility conferred by action of law or a provision of a governing instrument to make, select, or change investments, review investment decisions made by others, or to provide investment advice or counsel to others.
“Managing agent” means the fiduciary relationship assumed by an association upon the creation of an account that names the association as agent and confers investment authority upon the association.
“Savings institution holding company” has the meaning assigned to it in § 6.2-1100.
“Trust account” means the account established pursuant to a trust, estate, or other fiduciary relationship that has been established with an association.
“Trust department” means that group or groups of officers and employees of an association, or of an affiliate of an association, to whom are assigned the performance of fiduciary services by the association.
“Uniform Transfers to Minors Act” means Chapter 19 of Title 64.2 or any comparable act in effect in any other state.