§ 11-109-101 — Definitions

Colorado § 11-109-101

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Trust Companies

Text

As used in this article, unless the context otherwise
requires:

(1) Act as a fiduciary or acting as a fiduciary means to:

(a) Accept or execute trusts, including to:

(I) Act as trustee under a written agreement;

(II) Receive money or other property in the capacity as trustee for investment
in real or personal property;

(III) Act as trustee and perform the fiduciary duties committed or transferred
to the trustee by order of a court of competent jurisdiction;

(IV) Act as personal representative or trustee of the estate of a deceased
person; or

(V) Act as trustee for a minor or incapacitated person;

(b) Administer real or tangible personal property in any other fiduciary
capacity; or

(c) Act pursuant to an order of a court of competent jurisdiction as personal
representative, executor, or administrator of the estate of a deceased person or as
a guardian or conservator for a minor or incapacitated person.

(2) Banking board shall have the same meaning as defined in section 11-101-401 (7).

(3) Commissioner means the state bank commissioner.

(4) Order means all or any part of the final disposition, whether affirmative,
negative, injunctive, or declaratory in form, by the banking board of any matter
other than the making of rules of general application.

(5) Person means an individual, corporation, partnership, joint venture,
unincorporated association, or any other legal or commercial entity.

(6) Representative trust office means an office at which a trust company
has been authorized by the banking board to engage in a trust business other than
acting as a fiduciary.

(7) Savings deposit means a deposit or account with respect to which the
depositor is not required by the deposit contract, but may at any time be required
by the trust company, to give written notice of an intended withdrawal not less than
seven days before withdrawal is made, and that is not payable on a specified date
or at the expiration of a specified time after the date of deposit, and funds
deposited to the credit of, or in which any beneficial interest is held by, a
corporation, association, partnership, or other organization operated for profit do
not exceed one hundred fifty thousand dollars per depositor at the trust company.

(8) Time deposit means a deposit that the depositor does not have a right
to withdraw for a period of seven days or more from the date of deposit. A time
deposit may be represented by a transferable or nontransferable, or a negotiable
or nonnegotiable, certificate, instrument, passbook, statement, or otherwise.

(9) Transaction account means a deposit or account that the depositor or
account holder may withdraw by check or by similar means for payment to third
parties.

(10) Trust business means the holding out by a person to the public by
advertising, solicitation, or other means that the person is available to perform any
service authorized pursuant to section 11-109-201, including acting as a fiduciary.

(11) Trust company means a corporation organized pursuant to and subject
to regulation by the provisions of this article.

(12) Trust institution means a trust company, a federal or state chartered
bank with trust powers, a state bank with trust powers chartered under the laws of
another state, or a trust company chartered under the laws of another state.

(13) Trust office means an office, other than the principal office, at which a
trust company is authorized by the banking board to engage in the trust business
and to act as a fiduciary.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1175, � 3, effective July 1. L. 2013: (6) and (12) amended, (SB 13-154), ch. 282, p. 1482, � 48, effective July 1.