Washington Code 30B.64.005 – Definitions
Current as of: 2023 | Check for updates
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Unless the context clearly requires otherwise, the definitions in this section apply to the provisions of this chapter.
Terms Used In Washington Code 30B.64.005
- Client: means a person to whom a trust institution owes a duty or obligation under a trust or other account administered by the trust institution or as an advisor or agent, regardless of whether the trust institution owes a fiduciary duty to the person. See Washington Code 30B.04.005
- Company: includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust. See Washington Code 30B.04.005
- 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.
- Lineal descendant: Direct descendant of the same ancestors.
- 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 an individual, a company, or any other legal entity. See Washington Code 30B.04.005
- Private trust: has the meaning set forth in RCW 30B. See Washington Code 30B.04.005
- Private trust company: has the meaning set forth in RCW 30B. See Washington Code 30B.04.005
- State: means a state of the United States, the District of Columbia, a territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Washington Code 30B.04.005
- Trust business: means the performance of, or holding out by, a person to the public by advertisement, solicitation, or other means that the person is available to perform one or more of the essential functions of trust business set forth in RCW 30B. See Washington Code 30B.04.005
- Trustee: A person or institution holding and administering property in trust.
(1) “Change of control” means to transfer or sell control of a private trust or private trust company to a person or persons other than family members.
(2) “Common ancestor” has the same meaning as an individual referred to as a common ancestor in the internal revenue code, 26 U.S.C. § 1361(c)(1)(B)(ii), and excludes an individual who, on an applicable date, is more than six generations removed from the youngest generation of shareholders or holders of beneficial interests in a private trust company.
(3) “Family member” means an individual who is a common ancestor, a lineal descendant of such common ancestor, or a spouse or former spouse of such common ancestor or such lineal descendant.
(4) “Private trust” means a trust created and maintained pursuant to the Washington trust act, chapter 11.98 RCW, or the laws of another state or foreign jurisdiction, in which:
(a) The trustee is a person who does not hold itself out to the general public as being engaged in trust business; and
(b) Neither the trust nor the trustee, in the capacity of trustee for the private trust, transacts business with the general public.
(5) “Private trust company” means a company acting as a private trust.
(6) “Transact business with the general public” means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether or not for a fee, commission, or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust, or other company that is not one hundred percent owned or controlled by one or more family members.
[ 2014 c 37 § 397.]