Washington Code > Chapter 30B.04 – General provisions
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Terms Used In Washington Code > Chapter 30B.04 - General provisions
- Account: means the client relationship established with a trust company involving the transfer of funds or property to the trust company, including a relationship in which the trust company acts as trustee, executor, administrator, guardian, custodian, conservator, bailee, receiver, registrar, or agent, but excluding a relationship in which the trust company acts solely in an advisory capacity. See Washington Code 30B.04.005
- Affiliate: means a company that controls, is controlled by, or is under common control with a trust institution. See Washington Code 30B.04.005
- 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.
- Bank: has the meaning set forth in 12 U. See Washington Code 30B.04.005
- 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: has the meaning ascribed to that term by generally accepted accounting principles and applicable rules of the financial accounting standards board, and includes surplus and undivided profits. See Washington Code 30B.04.005
- 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
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Company: includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust. See Washington Code 30B.04.005
- Conservator: means the director or an agent of the director exercising the powers and duties provided in RCW 30B. See Washington Code 30B.04.005
- 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.
- Custodial account: means an account, established by a person with a bank as defined in 26 U. See Washington Code 30B.04.005
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Department: means the Washington state department of financial institutions. See Washington Code 30B.04.005
- Depository institution: means any company chartered to act as a fiduciary and included for any purpose within any of the definitions of "insured depository institution" as set forth in 12 U. See Washington Code 30B.04.005
- Director: means the director of the Washington state department of financial institutions. See Washington Code 30B.04.005
- 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
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Foreign bank: means a foreign bank, as defined in section 1(b)(7) of the international banking act of 1978, chartered to act as a fiduciary in a state other than Washington state. See Washington Code 30B.04.005
- 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.
- Home state: means :
Washington Code 30B.04.005Insolvent: means a circumstance or condition in which a state trust company:
Washington Code 30B.04.005Instrument: means a revocable or irrevocable trust document created inter vivos or testamentary or any custodial account agreement. See Washington Code 30B.04.005 Inter vivos: Transfer of property from one living person to another living person. Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor. 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. Law firm: means a professional service corporation, professional limited liability company, or limited liability partnership, that is duly organized under the laws of Washington state and whose shareholders, members, or partners, respectively, are exclusively attorneys. See Washington Code 30B.04.005 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Limited liability trust company: means an entity organized or reorganized under the provisions of RCW 30B. See Washington Code 30B.04.005 Loans and extensions of credit: means direct or indirect advances of funds by a state trust company to a person that are conditioned on the obligation of the person to repay the funds or that are repayable from specific property pledged by or on behalf of the person. See Washington Code 30B.04.005 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 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. Officer: means the presiding officer of the board, the principal executive officer, or another officer appointed by the board of a state trust company or other company, or a person or group of persons acting in a comparable capacity for the state trust company or other company. See Washington Code 30B.04.005 Out-of-state trust institution: means a trust institution that is not a state trust company under this title. See Washington Code 30B.04.005 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 Personal property: All property that is not real property. Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. 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 Share: means a unit into which a proprietary interest of a trust institution is divided or subdivided by means of class, series, relative rights, or preferences, and includes beneficial interests in a state trust company organized as a corporation or limited liability company. 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 State bank: means a bank authorized under Title 30A or 32 RCW to engage in trust business or an alien bank chartered or authorized under chapter 30A. See Washington Code 30B.04.005 State trust company: means a corporation or a limited liability company organized or reorganized under this title, including a trust company organized under the laws of Washington state before January 5, 2015. See Washington Code 30B.04.005 Statute: A law passed by a legislature. 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 Trust company: means a state trust company or any other company chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Washington Code 30B.04.005 Trust institution: means a depository institution or foreign bank engaged in trust business, or a trust company. See Washington Code 30B.04.005 Trustee: A person or institution holding and administering property in trust. Unauthorized trust activity: means to engage in trust business in Washington state without authority or exemption under this title. See Washington Code 30B.04.005