West Virginia Code 31I-1-5 – Operation and powers
Every private trust company and licensed private trust company shall conduct its business in accordance with an operating plan and in accordance with generally accepted fiduciary standards. A private trust company or licensed private trust company when engaging in a private trust business shall have the same rights, powers, and privileges as a banking or trust institution pursuant to § 31A-4-14 of this code, including the power to act as executor under the last will and testament or administrator of the estate of any deceased family member.
Terms Used In West Virginia Code 31I-1-5
- 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 West Virginia Code 31I-1-3
- Licensed private trust company: means a private trust company that operates in accordance with this article and has been issued a license that has not been revoked or suspended by the State Auditor. See West Virginia Code 31I-1-3
- 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:
(A) To ensure that trust accounts are handled in accordance with recognized standards of fiduciary conduct. See West Virginia Code 31I-1-3
- Private trust business: means acting as or performing the duties of a fiduciary in the regular course of its business for family members. See West Virginia Code 31I-1-3
- Private trust company: means a corporation or limited liability company that:
(A) Is exclusively owned by one or more family members. See West Virginia Code 31I-1-3
- Trust institution: means a bank or trust company chartered by a state bank supervisory agency or by the Office of the Comptroller of Currency. See West Virginia Code 31I-1-3