As used in this chapter:
(1)“Act as 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 its capacity as trustee for investment in real or personal property;
(iii)act as trustee and perform the fiduciary duties committed or transferred to it by order of a court of competent jurisdiction;
(iv)act as trustee of the estate of a deceased person; or
(v)act as trustee for a minor or incapacitated person;
(B)administer in any other fiduciary capacity real or tangible personal property; or
(C)act pursuant to order of a court of competent jurisdiction as executor or administrator of the estate of a deceased person or as a guardian or conservator for a minor or incapacit
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As used in this chapter:
(1) “Act as 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 its capacity as trustee for investment in real or personal property;
(iii) act as trustee and perform the fiduciary duties committed or transferred to it by order of a court of competent jurisdiction;
(iv) act as trustee of the estate of a deceased person; or
(v) act as trustee for a minor or incapacitated person;
(B) administer in any other fiduciary capacity real or tangible personal property; or
(C) act pursuant to order of a court of competent jurisdiction as executor or administrator of the estate of a deceased person or as a guardian or conservator for a minor or incapacitated person.
(2) “Company” means corporation or limited liability company.
(3) “Independent trust company” means a company formed in this or any other state, that is chartered to act as a fiduciary or engages in a trust business, but is neither a depository institution nor a foreign bank as defined in Section 1(b)(7) of the International Banking Act of 1978.
(4) “Trust business” means the holding out by a person to the public by advertising, solicitation, or other means that the person is available to act as a fiduciary in this or another state for hire or compensation. (Added 1997, No. 98 (Adj. Sess.), § 8b.)