Virginia Code 6.2-1074: Definitions.
As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 6.2-1074
- 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.
- Designated relative: means the individual to or through whom the family members are related. See Virginia Code 6.2-1074
- 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
- Executor: A male person named in a will to carry out the decedent
- 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: A trustee, executor, or administrator.
- Fiduciary: means executor, administrator, conservator, guardian, committee, or trustee. See Virginia Code 6.2-1074
- 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.
- Includes: means includes, but not limited to. See Virginia Code 1-218
- 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
- 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
- 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
- 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
- Trustee: A person or institution holding and administering property in trust.
“Degrees of kinship” means, with respect to two persons, (i) degrees of lineal kinship computed by counting one degree for each person in the line of ascent or descent, exclusive of the person from whom the computing begins and (ii) degrees of collateral kinship computed by commencing with one of the persons and ascending from that person to a common ancestor, descending from that ancestor to the other person, and counting one degree for each person in the line of ascent and in the line of descent, exclusive of the person from whom the computation begins, the total to represent the degree of such kinship.
“Designated relative” means the individual to or through whom the family members are related.
“Family” means a designated relative and family members of that designated relative.
“Family member” means the designated relative and:
1. Any individual within (i) the fifth degree of lineal kinship to the designated relative or (ii) the ninth degree of collateral kinship to the designated relative, for which purposes only a legally adopted individual shall be treated as a natural child of the adoptive parents;
2. The present or past spouse of the designated relative and of any individual qualifying as a family member under subdivision 1;
3. A trust established (i) by a family member or (ii) exclusively for the benefit of one or more family members;
4. A stock corporation, limited partnership or limited liability company, all of the capital stock, partnership interests, membership interests, or other equity interests of which are owned by one or more family members, their spouses qualifying under subdivision 2, their trusts qualifying under subdivision 3, or their estates qualifying under subdivision 5;
5. The estate of a family member; or
6. A charitable foundation or other charitable entity created by a family member.
“Fiduciary” means executor, administrator, conservator, guardian, committee, or trustee.
“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.
“Private trust business” means acting as or performing the duties of a fiduciary in the regular course of its business for family members.
“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.
“Tax” includes, but is not limited to, federal, state or local income, gift, estate, generation-skipping transfer, or inheritance tax.