This text of California § 1561. (1561. (Added by Stats. 2011, Ch. 243, Sec. 3.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
For purposes of Section 1562, the following terms have the following meanings:
(a)“Bank” means any of the following:
(1)A commercial bank, industrial bank, or trust company incorporated under the laws of this state.
(2)A foreign (other state) bank that may establish a branch office in this
state in accordance with Article 2 (commencing with Section 1680) of Chapter 19.
(b)“Fiduciary Regulations” means the regulations regarding fiduciary activities of national banks promulgated by the Office of the Comptroller of the Currency (Part 9 (commencing with Section 9.1) of Title 12 of the Code of Federal Regulations), as amended from time to time.
(c)“Affiliate” has the meaning set forth in Section 150 of the Corporations Code.
(d)“Applicable law” means the law of the state, another state,
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For purposes of Section 1562, the following terms have the following meanings:
(a)
“Bank” means any of the following:
(1)
A commercial bank, industrial bank, or trust company incorporated under the laws of this state.
(2)
A foreign (other state) bank that may establish a branch office in this
state in accordance with Article 2 (commencing with Section 1680) of Chapter 19.
(b)
“Fiduciary Regulations” means the regulations regarding fiduciary activities of national banks promulgated by the Office of the Comptroller of the Currency (Part 9 (commencing with Section 9.1) of Title 12 of the Code of Federal Regulations), as amended from time to time.
(c)
“Affiliate” has the meaning set forth in Section 150 of the Corporations Code.
(d)
“Applicable law” means the law of the state, another state, or other jurisdiction governing a bank’s fiduciary relationships, any applicable federal laws governing those relationships, or any court order pertaining to those relationships.
(e)
“Custodian under a uniform gifts to minors act” means a fiduciary
relationship established pursuant to the California Uniform Transfers to Minors Act (Part 9 (commencing with 3900) of Division 4 of the Probate Code).
(f)
“Fiduciary account” means an account administered by a bank acting in a fiduciary capacity.
(g)
“Fiduciary capacity” means trustee, executor, administrator, registrar of stocks and bonds, transfer agent, guardian, assignee, receiver, or custodian under a uniform gifts to minors act; investment adviser, if the bank receives a fee for its investment advice; any capacity in which the bank possesses investment discretion on behalf of another; or any other similar capacity.
(h)
“Fiduciary powers” means the powers granted a bank by virtue of its receipt of the authority to engage in trust business from the commissioner.
(i)
“Guardian” means the guardian or conservator, by whatever name used by law, of the estate of a minor, an incompetent person, an absent person, or a person over whose estate a court has taken jurisdiction, other than under bankruptcy or insolvency laws.
(j)
“Investment discretion” means, with respect to an account, the sole or shared authority, whether or not that authority is exercised, to determine what securities or other assets to purchase or sell on behalf of that account. A bank that delegates its authority over investments and a bank that receives delegated authority over investments shall both be deemed to have investment discretion.
(k)
“Trust office” means an office of a bank, other than a main office, at which the bank engages in the trust business. A trust office that engages in core banking business, as defined in subdivision (b) of Section 1670, is
considered a branch office of the bank.
(l)
“Trust representative office” means a facility as defined in subdivision (c) of Section 1670.