Terms Used In West Virginia Code > Chapter 31I > Article 1 - Private Trust Companies and Private Trust Business

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Applicant: means the corporation or limited liability company on whose behalf an application for a license to operate as a licensed private trust company is submitted under §. See West Virginia Code 31I-1-3
• 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.
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Capital account: means the aggregate value of unimpaired capital stock based on the par value of the shares, plus any unimpaired surplus and undivided profits or retained earnings of a private trust company organized as a corporation. See West Virginia Code 31I-1-3
• Capital stock: means the shares of stock issued to create nonwithdrawable capital for a corporation, or membership interests issued to create nonwithdrawable capital for a limited liability company. See West Virginia Code 31I-1-3
• Collateral kinship: means a relationship that is not lineal but derives from a common ancestor. See West Virginia Code 31I-1-3
• 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.
• Designated relative: means a common ancestor of a family, who may be a living or deceased person, who is the individual to or through whom the family members are related, and who is so designated in the application for a license. See West Virginia Code 31I-1-3
• Donor: The person who makes a gift.
• 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
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Family: means a designated relative and family members of that designated relative. See West Virginia Code 31I-1-3
• Family affiliate: means a company or other entity in which one or more family members own, control, or have the power, directly or indirectly, to vote all of the capital stock, partnership interests, membership interests, or other equity interests of the entity. See West Virginia Code 31I-1-3
• Family member: means a designated relative and:

  (A) Any individual within: (i) the fifth degree of lineal kinship to a designated relative of a private trust company, or the sixth degree of lineal kinship to a designated relative of a licensed private trust company, or (ii) the seventh degree of collateral kinship to a designated relative of a private trust company, or the ninth degree of collateral kinship to a designated relative of a licensed private trust company. See West Virginia Code 31I-1-3

• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means executor, administrator, conservator, guardian, committee, or trustee. See West Virginia Code 31I-1-3
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• Licensed private trust company: means a private trust company that operates in accordance with this article and has been issued a license that has not been revoked or suspended by the State Auditor. See West Virginia Code 31I-1-3
• Lineal kinship: means a family member who is in the direct line of ascent or descent from a designated relative. See West Virginia Code 31I-1-3
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Operating plan: means a plan that establishes the policies and procedures a private trust company will have in effect when the institution opens for business and thereafter:

  (A) To ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct. See West Virginia Code 31I-1-3

• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Private trust business: means acting as or performing the duties of a fiduciary in the regular course of its business for family members. See West Virginia Code 31I-1-3
• Private trust company: means a corporation or limited liability company that:

  (A) Is exclusively owned by one or more family members. See West Virginia Code 31I-1-3

• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• State Auditor: means the West Virginia State Auditor. See West Virginia Code 31I-1-3
• Tax: includes , but is not limited to, federal, state, or local income, gift, estate, generation-skipping transfer, or inheritance tax. See West Virginia Code 31I-1-3
• Trust institution: means a bank or trust company chartered by a state bank supervisory agency or by the Office of the Comptroller of Currency. See West Virginia Code 31I-1-3
• Trustee: A person or institution holding and administering property in trust.