Terms Used In Virginia Code > Title 6.2 > Subtitle II > Chapter 10 > Article 5 - Private Trust Companies.

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the Commonwealth Transportation Board. See Virginia Code 33.2-100
• City: has the meaning assigned to it in § 1-208. See Virginia Code 33.2-100
• Commission: means the governing body of a local transportation district created pursuant to this chapter. See Virginia Code 33.2-2000
• Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
• Component governments: means the counties and cities composing a transportation district and the various departments, bureaus, and divisions of such counties and cities. See Virginia Code 33.2-1901
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Cost: means all or any part of the cost of the following:

  1. See Virginia Code 33.2-2000

• Department: means the Department of Transportation. See Virginia Code 33.2-100
• Designated relative: means the individual to or through whom the family members are related. See Virginia Code 6.2-1074
• District: means a transportation district authorized to be created by this chapter. See Virginia Code 33.2-1901
• District: means any district created pursuant to this chapter. See Virginia Code 33.2-2000
• district commission: means the governing body of a district. See Virginia Code 33.2-1901
• Donor: The person who makes a gift.
• Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Virginia Code 59.1-480
• Electronic record: means a record created, generated, sent, communicated, received, or stored by electronic means. See Virginia Code 59.1-480
• Electronic signature: means an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record. See Virginia Code 59.1-480
• Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• facilities: means all those matters and things utilized in rendering transportation service by means of rail, bus, water, or air and any other mode of travel, including tracks, rights-of-way, bridges, tunnels, subways, and rolling stock for rail, motor vehicle, marine, and air transportation; stations, terminals, and ports; areas for parking; buildings; structures; and all equipment, fixtures, and business activities reasonably required for the performance of transportation service, but does not include any such facilities owned by any person, company, association, or corporation the major part of whose transportation service extends beyond a transportation district created in this chapter. See Virginia Code 33.2-1901
• Family: means a designated relative and family members of that designated relative. See Virginia Code 6.2-1074
• Family member: means the designated relative and:

  1. See Virginia Code 6.2-1074

• Fiduciary: means executor, administrator, conservator, guardian, committee, or trustee. See Virginia Code 6.2-1074
• Fiduciary: A trustee, executor, or administrator.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing bodies: means the boards of supervisors of counties and councils of cities composing a transportation district. See Virginia Code 33.2-1901
• 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.
• Highway: means the entire width between the boundary lines of every way or place open to the use of the public for purposes of vehicular travel in the Commonwealth. See Virginia Code 33.2-100
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Information: means data, text, images, sounds, codes, computer programs, software, databases, or the like. See Virginia Code 59.1-480
• inhabitants: means with reference to any county, city, town, political subdivision of the Commonwealth or any combination thereof, the natural persons in such county, city, town, political subdivision or combination as shown by the unadjusted United States decennial census last preceding the time at which any provision dependent upon population is being applied or the time as of which it is being construed. See Virginia Code 1-235
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Locality: means any county or city. See Virginia Code 33.2-2000
• Maintenance: means (i) ordinary maintenance; (ii) maintenance replacement; (iii) operations that include traffic signal synchronization, incident management, and other intelligent transportation system functions; and (iv) any other categories of maintenance that may be designated by the Commissioner of Highways. See Virginia Code 33.2-100
• mass transit: means passenger transportation by rubber-tired, rail, or other surface conveyance that provides shared ride services open to the general public on a regular and continuing basis. See Virginia Code 33.2-100
• 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 (i) to ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct and (ii) to assure compliance with applicable laws and regulations. See Virginia Code 6.2-1074
• 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.
• Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Person: means an individual, partnership, association, or corporation or any governmental agency or authority. See Virginia Code 33.2-1901
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public body, public corporation, or any other legal or commercial entity. See Virginia Code 59.1-480
• Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
• Personal property: All property that is not real property.
• Private trust business: means acting as or performing the duties of a fiduciary in the regular course of its business for family members. See Virginia Code 6.2-1074
• Private trust company: means a corporation or limited liability company that is organized to engage in private trust business under this article with one or more family members and that does not transact business with the general public. See Virginia Code 6.2-1074
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Revenue: means any or all fees, tolls, rents, receipts, assessments, taxes, money, and income derived by the district, including any cash contribution or payments made to the district by the Commonwealth, any political subdivision thereof, or any other source. See Virginia Code 33.2-2000
• Secretary: means the Secretary of Transportation. See Virginia Code 33.2-100
• Seller: means any person on whose behalf or for whose benefit a telephone solicitation call offering or advertising the person's property, goods, or services is made or initiated. See Virginia Code 59.1-510
• State: when applied to a part of the United States, includes any of the 50 states and the District of Columbia. See Virginia Code 33.2-1901
• 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
• such agency: means an agency authorized by, or arising from action of, the General Assembly to plan for or provide transportation facilities and service for a metropolitan area located wholly or in part in the Commonwealth. See Virginia Code 33.2-1901
• Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
• Tax: includes , but is not limited to, federal, state or local income, gift, estate, generation-skipping transfer, or inheritance tax. See Virginia Code 6.2-1074
• Telephone solicitation call: means (i) any telephone call made or initiated to any natural person's residence in the Commonwealth, to any landline or wireless telephone with a Virginia area code, or to a landline or wireless telephone registered to any natural person who is a resident of the Commonwealth or (ii) any text message sent to any wireless telephone with a Virginia area code or to a wireless telephone registered to any natural person who is a resident of the Commonwealth, for the purpose of offering or advertising any property, goods, or services for sale, lease, license, or investment, including offering or advertising an extension of credit or for the purpose of fraudulent activity, including engaging in any conduct that results in the display of false or misleading caller identification information on the called person's telephone. See Virginia Code 59.1-510
• Telephone solicitor: means any person who makes or initiates, or causes another person to make or initiate, a telephone solicitation call on its own behalf or for its own benefit or on behalf of or for the benefit of a seller. See Virginia Code 59.1-510
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transportation improvements: means any real or personal property acquired, constructed, improved, or used in constructing or improving any (i) public mass transit system or (ii) highway, or portion or interchange thereof, including parking facilities located within a district created pursuant to this chapter. See Virginia Code 33.2-2000
• Trust business: means the holding out by a person or legal entity to the public at large by advertising, solicitation or other means that the person or legal entity is available to act as a fiduciary in the Commonwealth or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business. See Virginia Code 6.2-1000
• Trust company: means a corporation, including an affiliated trust company, that is authorized to engage in the trust business under Article 2 (§ Virginia Code 6.2-1000
• Trust institution: means any (i) bank authorized to engage in the trust business, (ii) trust company, or (iii) trust subsidiary. See Virginia Code 6.2-1000
• Trustee: A person or institution holding and administering property in trust.
• United States: includes 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 1-255
• Venue: The geographical location in which a case is tried.