§ 11-101-401 — Definitions
As used in this code, unless the context otherwise requires:
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As used in this code, unless the context otherwise
requires:
(1) Account holder means a person having an established demand, savings,
or loan account at a Colorado bank.
(2) Account overline means a banking transaction pursuant to which an
account holder debits the account holder's existing demand or savings account
even though such debit may create or extend a negative balance to be covered by
an extension of credit or would create a negative balance but for an extension of
credit to such account by the Colorado bank.
(3) Action, in the sense of a judicial proceeding, means a recoupment,
counterclaim, third-party claim, cross-claim, setoff, suit in equity, arbitration, and
any other proceeding in which rights are determined.
(3.5) Affiliate means any company that directly or indirectly controls, is
controlled by, or is under common control with another company.
(4) Affiliate financial institution means any bank or savings and loan
association that has its principal place of business in Colorado and that is
controlled by a financial institution.
(5) Bank or banking institution means a state bank or bank with trust
powers chartered by this state or another state, a national bank, or a national bank
with trust powers, but does not include a credit card national bank; except that, for
the purpose of part 2 of article 104 of this title, bank means any bank organized or
chartered under articles 101 to 107 of this title, any bank organized or chartered as a
bank under the laws of any other jurisdiction, or any bank organized or chartered
under chapter 2 of title 12 of the United States Code.
(6) Bank holding company means any company that has direct or indirect
control over any banking institution.
(7) Banking board means the banking board within the division established
pursuant to section 11-102-103.
(8) Repealed.
(9) Banking transactions means cash withdrawals, deposits, account
transfers, payments from bank accounts, disbursements under a preauthorized
credit agreement, and loan payments initiated by an account holder at a
communications facility and accessing his or her account at a Colorado bank.
(10) Branch means any branch bank, branch office, branch agency,
additional office, or branch place of business situated in Colorado or another state
of a financial institution located in this or another state at which deposits are
received, checks are paid, and money is lent and trust powers may be exercised, if
approved by its chartering authority.
(11) Capital and surplus or capital stock and unimpaired surplus fund
means paid-in capital stock plus surplus, undivided profits, subordinated notes and
debentures, reserves for contingencies and other capital reserves, and the reserve
for possible loan losses.
(12) Colorado affiliate, with respect to a Colorado bank or Colorado trust
company, means:
(a) Any company that is controlled by a bank holding company that controls
a Colorado bank or Colorado trust company; or
(b) Any company that is controlled by or that controls a Colorado bank or
Colorado trust company.
(13) Colorado bank means a bank having its principal place of business in
Colorado.
(14) Colorado bank holding company means a registered bank holding
company the operations of which are principally conducted in Colorado. Colorado
bank holding company does not include an out-of-state bank holding company
that acquires control of one or more Colorado bank holding companies or Colorado
banks, whether or not its operations are principally conducted in Colorado after
such acquisition, or any Colorado bank holding company the control of which or as
to which a majority nonvoting equity interest is first acquired by an out-of-state
bank holding company on or after July 1, 1988.
(15) Colorado financial institution means a financial institution having its
principal place of business in Colorado.
(16) Colorado trust company means:
(a) A national banking association that has its principal office in Colorado
and to which the comptroller of the currency has issued a certificate authorizing
the commencement of business and that is required by said comptroller to limit its
operations to those of a trust company and any activities related thereto; or
(b) A trust company organized under article 109 of this title, which trust
company has its principal office in Colorado.
(16.5) Commercial activities means activities in which a bank holding
company, a financial holding company, a national bank, or a national bank financial
subsidiary may not engage under federal law.
(17) Commissioner means the state bank commissioner appointed and
serving pursuant to section 11-102-101 (2), who shall be the commissioner of banking
referred to in articles 101 to 109 of this title.
(18) Communications facility means an attended or unattended electronic
information processing device, other than an ordinary telephone instrument,
located in this state separate and apart from a Colorado bank and through which
account holders and Colorado banks may engage in banking transactions by means
of either the instant transmission (online) of electronic impulses to and from the
Colorado bank or its data processing agent or the recording of electronic impulses
or other indicia of a banking transaction for delayed transmission (off-line) to a
Colorado bank or its data processing agent. Such a device located on the premises
of a Colorado bank shall be a communications facility if such device is utilized by
the account holders of other Colorado banks.
(19) Community means a city, town, or incorporated village of this state, or
a trade area in this state in unincorporated territory.
(20) Company means any corporation, partnership, business trust,
association, or similar organization; except that, for the purpose of article 106 of
this title, company means a bank or trust company that is authorized by the
division of banking or the comptroller of the currency to conduct fiduciary business
in Colorado.
(21) Constituent bank means a party to a merger.
(22) Continuing bank means a merging bank the charter of which becomes
the charter of the resulting bank.
(23) (a) Except as otherwise provided in paragraphs (b) and (c) of this
subsection (23), a company with control means:
(I) A company that, either directly, indirectly, or acting through one or more
persons, owns, controls, or has the power to vote twenty-five percent or more of the
voting securities of another company; or
(II) A company that controls in any manner the election of a majority of the
directors, managers, or trustees of another company.
(b) For the purpose of part 2 of article 104 of this title, control means that:
(I) A company, either directly, indirectly, or acting through one or more
persons, owns, controls, or has power to vote twenty-five percent or more of the
voting securities of a bank holding company or of a bank; or
(II) A company controls in any manner the election of a majority of the
directors, managers, or trustees of a bank holding company or of a bank.
(c) For the purpose of section 11-104-101, control means that:
(I) Any company directly or indirectly or acting through one or more persons
owns, controls, or has power to vote twenty-five percent or more of the voting
securities of the banking institution; or
(II) The company controls in any manner the election of a majority of the
directors, managers, or trustees of the banking institution.
(24) Converted bank means the same bank after the conversion.
(25) Converting bank means a bank converting from a state to a national
bank, or the reverse.
(26) Court means a court of competent jurisdiction.
(27) Credit card national bank means an institution that is organized or
chartered as a national bank under chapter 2 of title 12 of the United States Code,
that engages only in credit card operations, and that qualifies for exception from
the definition of a bank under section 2 (c)(2)(F) of the federal Bank Holding
Company Act of 1956, Public Law 84-511, 12 U.S.C. sec. 1841 (c)(2)(F).
(27.5) De novo bank means a newly incorporated and chartered federally
insured bank.
(28) De novo branch means a branch of a financial institution that:
(a) Is originally established by the financial institution as a branch; and
(b) Does not become a branch of such financial institution as a result of:
(I) The acquisition by the financial institution of a depository institution or a
branch of a depository institution; or
(II) The conversion, merger, or consolidation of any such institution or branch.
(29) Deposit production office means an office or branch used primarily for
the purpose of deposit production.
(30) Depositor means:
(a) A person or company that places money in a bank account; and
(b) A person delivering property or documents to a lessor for safekeeping.
(31) Division means the division of banking of this state created by this
code.
(32) Executive officer, when referring to a bank, means a person who
participates or has authority to participate, other than in the capacity of a director,
in major policy-making functions of the bank, whether or not the officer has an
official title, the title designates the officer as an assistant, or the officer is serving
without salary or other compensation. Executive officer includes the chairman of
the board of directors and the president, every vice-president, and the cashier of a
bank, unless any such officer is excluded by resolution of the board of directors or
by the bylaws of the bank from participation, other than in the capacity of a
director, in major policy-making functions of the bank and such officer does not
actually participate therein.
(33) Federal bank holding company act means the federal Bank Holding
Company Act of 1956, Pub.L. 84-511, 12 U.S.C. sec. 1841 et seq., as amended.
(34) Fiduciary means original or successor trustee of an expressed or
implied trust, including but not limited to a resulting or constructive trust, special
administrator, executor, administrator, administrator c.t.a., guardian, guardian-trustee or conservator for a minor or other incompetent person, receiver, trustee in
bankruptcy, assignee for creditors, or any holder of a similar position of trust acting
alone or with others.
(35) Fiduciary business means estate and trust administration,
conservatorship, agency, escrow, and custodian business and any other fiduciary
business.
(36) Financial institution means any bank, bank holding company, savings
and loan association, federal savings bank, or thrift holding company.
(37) (a) Foreign bank means any bank, including any commercial bank,
merchant bank, or other institution that engages in banking activities that are usual
in connection with the business of banking in the nations where such institution is
organized or operating, other than a bank that is organized under the laws of a state
of the United States or a national bank that maintains its head office in a state of
the United States.
(b) As used in this subsection (37), foreign nation means any nation other
than the United States, including any subdivision, territory, trust territory,
dependency, or possession of any such nation. Foreign nation includes Puerto
Rico, Guam, American Samoa, the Virgin Islands, and any territory, trust territory,
dependency, or insular possession of the United States.
(38) Good faith means honesty in fact in the transaction and some
reasonable ground for belief that the transaction is rightful or authorized.
(39) Home state means:
(a) In the case of a national bank, the state in which the main office of the
bank is located; and
(b) In the case of a state bank, the state in which the bank is chartered.
(40) Interested party means, with respect to the fiduciary business of a
transferor for which a successor is substituted:
(a) Each person who is readily identifiable as a beneficiary or devisee
because of such person's receipt of statements of account;
(b) A parent, custodian, conservator, or guardian who receives statements of
account on behalf of a minor beneficiary or devisee;
(c) Each cofiduciary;
(d) Each surviving settlor of a trust;
(e) Each issuer of a security for which the transferor acts as a fiduciary;
(f) The plan sponsor for every employee benefit plan;
(g) The principal of every agency account; and
(h) The guardian or conservator of the person under guardianship.
(40.5) Investment discretionary authority means, with respect to an
account, the sole or shared authority, whether or not that authority is exercised, to
determine which securities or other assets to purchase or sell on behalf of the
account. An institution that delegates its authority over investments and an
institution that receives delegated authority over investments both have investment
discretion.
(41) Item means any instrument for the payment of money even though not
negotiable, but does not include money.
(42) Lessee means a person contracting with a lessor for the use of a safe
deposit box.
(43) Lessor means a bank or subsidiary thereof that rents or maintains safe
deposit facilities. Lessor does not include a financial institution regulated by
article 30, 46, or 109 of this title or a credit union chartered under the laws of the
United States.
(44) Merger includes consolidation.
(45) Merging bank means a party to a merger.
(46) National bank means a national banking association.
(47) Officer, when referring to a bank, means any person designated as
such in the bylaws and includes, whether or not so designated, any executive
officer, the chairman of the board of directors, the chairman of the executive
committee, and any trust officer, assistant trust officer, assistant vice-president,
assistant treasurer, assistant cashier, assistant comptroller, assistant secretary,
auditor, or any person who performs the duties appropriate to those offices.
(48) The state where operations are principally conducted means that
state where the largest percentage of the aggregate deposits of all bank
subsidiaries of the bank holding company is held.
(49) Order means all or any part of the final disposition, whether
affirmative, negative, injunctive, or declaratory in form, by the commissioner or the
banking board of any matter other than the making of rules of general application.
(50) Out-of-state bank means a bank the home state of which is another
state. The term out-of-state bank includes a foreign bank.
(51) Out-of-state bank holding company means a registered bank holding
company the operations of which are principally conducted outside of Colorado.
(52) Person means an individual, corporation, partnership, joint venture,
trust estate, unincorporated association, or any other legal or commercial entity.
(53) Registered bank holding company means a bank holding company
registered with the federal reserve board pursuant to the federal Bank Holding
Company Act.
(54) Resulting bank means the combined banks and trust companies
carrying on business upon completion of a merger.
(55) Retailer means a person primarily engaged in the business of selling
or leasing goods or services to consumers.
(56) Retail location means a location where the primary business is selling
or leasing goods or services to consumers. The term includes only that portion of
the building or structure in which such goods or services are offered for sale or
lease, but it does not include a wholesale or manufacturing business.
(57) Safe deposit box means a safe deposit box, vault, or other safe
deposit receptacle maintained by a lessor.
(58) State bank means a bank or bank with trust powers chartered by this
state.
(59) Successor means a company that replaces the transferor as fiduciary
for all or part of the fiduciary business of the transferor.
(60) Transferor means a company that is replaced as fiduciary by a
successor for all or part of its fiduciary business.
Colorado § 11-101-401 (Definitions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.