North Dakota Code 6-01-02 – Definitions
As used in this title, unless the context or subject matter otherwise requires:
Terms Used In North Dakota Code 6-01-02
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02
- Bank holding company: means bank holding company as defined in 12 U. See North Dakota Code 6-01-02
- Banking: means the business of receiving deposits, making loans, discounting commercial paper, issuing drafts, traveler's checks, and similar instruments, handling and making collections, cashing checks and drafts, and buying and selling exchange. See North Dakota Code 6-01-02
- Branch: means a place of business where deposits are received, checks paid, or money lent as a result of a bank that was merged into another bank pursuant to an interstate merger. See North Dakota Code 6-01-02
- capital: as used in this title embraces the amount of outstanding capital notes and debentures legally issued by any banking institution. See North Dakota Code 6-03-42
- Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
- Corporate central credit union: means a credit union operated for the primary purpose of serving corporate accounts. See North Dakota Code 6-01-02
- 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.
- Credit union: means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition. See North Dakota Code 6-01-02
- Derivative transaction: means derivative transaction as defined in 12 U. See North Dakota Code 6-01-02
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See North Dakota Code 6-01-02
- Fiduciary: A trustee, executor, or administrator.
- Financial corporation: means all entities regulated by the department of financial institutions, excluding financial institutions and credit unions. See North Dakota Code 6-01-02
- Financial institution: means any bank, industrial loan company, or savings and loan association organized under the laws of this state or of the United States. See North Dakota Code 6-01-02
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- national banking association: means an institution chartered by the comptroller of the currency under the National Bank Act [12 U. See North Dakota Code 6-01-02
- paper: means any flexible material upon which it is usual to write. See North Dakota Code 1-01-27
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Process: means a writ or summons issued in the course of judicial proceedings. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See North Dakota Code 6-01-02
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- state banking association: means any corporation organized under the laws of this state covering state banking associations, and all corporations, limited liability companies, partnerships, firms, or associations whose business in whole or in part consists of the taking of money on deposit, except national banks, trust companies, and the Bank of North Dakota. See North Dakota Code 6-01-02
- Trust company: means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company. See North Dakota Code 6-01-02
- United States: includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Association”, “banking association”, or “state banking association” means any corporation organized under the laws of this state covering state banking associations, and all corporations, limited liability companies, partnerships, firms, or associations whose business in whole or in part consists of the taking of money on deposit, except national banks, trust companies, and the Bank of North Dakota.
2. “Bank” means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking.
3. “Bank holding company” means bank holding company as defined in 12 U.S.C.
1841(a)(1).
4. “Banking” means the business of receiving deposits, making loans, discounting commercial paper, issuing drafts, traveler’s checks, and similar instruments, handling and making collections, cashing checks and drafts, and buying and selling exchange.
5. “Banking department” means the state department of financial institutions.
6. “Banking institution” means any bank, trust company, or bank and trust company organized under the laws of this state.
7. “Branch” means a place of business where deposits are received, checks paid, or money lent as a result of a bank that was merged into another bank pursuant to an interstate merger.
8. “Commissioner” means the commissioner of financial institutions.
9. “Corporate central credit union” means a credit union operated for the primary purpose of serving corporate accounts. A credit union is deemed to be a corporate central credit union when its total dollar amount of outstanding corporate loans plus corporate share and deposit holdings is equal to or greater than seventy-five percent of its outstanding loans plus share and deposit holdings.
10. “Credit union” means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition.
11. “Derivative transaction” means derivative transaction as defined in 12 U.S.C. § 84(b)(3).
12. “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
13. “Electronic communication” means any form of communication, not directly involving the physical transmission of paper that creates a record that may be retained, retrieved, and reviewed by a recipient of the communication and may be directly reproduced in paper form by the recipient through an automated process.
14. “Electronic record” means a record created, generated, sent, communicated, received, or stored by electronic means.
15. “Electronic signature” means an electronic sound, symbol, or process attached to or logically associated with a record and signed or adopted by a person with the intent to sign the record.
16. “Financial corporation” means all entities regulated by the department of financial institutions, excluding financial institutions and credit unions.
17. “Financial institution” means any bank, industrial loan company, or savings and loan association organized under the laws of this state or of the United States.
18. “Market value” means the highest price for which property can be sold in the open market by a willing seller to a willing purchaser, neither acting upon compulsion and both exercising reasonable judgment.
19. “Merger” or “merge” means the merging or consolidation of two or more banks including the purchase of all or substantially all of the assets and assumption of liabilities of a bank, facility, or branch.
20. “Mutual investment corporation” or “mutual savings corporation” means a corporation organized to engage in the investment or savings business, but having no capital stock or a nominal capital stock.
21. “National bank” or “national banking association” means an institution chartered by the comptroller of the currency under the National Bank Act [12 U.S.C. § 24].
22. “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
23. “Technology service provider” includes any person that provides services to a financial institution, financial corporation, or credit union, including: core processing; information and transaction processing and settlement activities that support banking functions such as lending, deposit-taking, funds transfer, fiduciary, or trading activities; internet-related services; security monitoring; and system development and maintenance.
24. “Tier 1, tier 2, and tier 3 capital” means those terms as set under title 12, Code of Federal Regulations, part 325, in effect on August 1, 2011.
25. “Trust company” means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company.