§ 13-5-301 — Definitions

Wyoming § 13-5-301

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 5: TRUST COMPANIES
• Art. 3: GENERAL PROVISIONS

Text

(a) As used in this chapter:
(i) "Charter" means the commissioner's grant of
authority to any supervised trust company to act and operate in
that capacity;
(ii) "Chartered family trust company" means a family
trust company that has been granted a charter by the
commissioner to act and operate pursuant to this chapter;
(iii) "Collateral kinship" means a relationship that
is not lineal, but stems from a common ancestor;
(iv) "Commissioner" means the state banking
commissioner;
(v) "Designated relative" means:
(A) With respect to a chartered family trust
company, the individual, whether living or deceased, who is
listed as the designated relative in a charter application for a
charter under this chapter. A chartered family trust company may
have no more than two (2) designated relatives;
(B) With respect to a private family trust
company, the person, whether living or deceased, who is listed
as the designated relative in a written document by the private
family trust company that is maintained with the private family
trust company records. A private family trust company may have
no more than one (1) designated relative.
(vi) "Family affiliate" means a corporation,
partnership, limited liability company or other entity with
respect to which one (1) or more family members own, directly or
indirectly, more than fifty percent (50%) of the entity or
possess, directly or indirectly, the power to direct or cause
the direction of the entity's management and policies, whether
through the ownership of voting securities, by contract, power
of direction or otherwise;
(vii) "Family member" means:
(A) Each designated relative;
(B) Any person within the tenth degree of lineal
kinship of a designated relative;
(C) Any person within the ninth degree of
collateral kinship of a designated relative;
(D) The spouse and any former spouse of the
designated relative or of any person qualifying as a family
member pursuant to subparagraph (B) or (C) of this paragraph;
(E) Any person within the fifth degree of lineal
kinship of a spouse or former spouse specified in subparagraph
(D) of this paragraph;
(F) A family affiliate and the officers,
managers and directors of a family affiliate;
(G) A key employee of a family affiliate or
former key employee of a family affiliate;
(H) A trust established or funded by any one (1)
or more family members or any trustee, advisor or other person
assisting with the administration of the trust;
(J) A trust established or funded by a person
who is not a family member if the noncharitable beneficiaries
consist entirely of one (1) or more family members;
(K) A charitable trust, entity or other
organization of which one (1) or more family members is a
settlor, incorporator, organizer, member of the board of
directors, trustee or a donor of a substantial portion of its
assets;
(M) For purposes of this definition:
(I) A legally adopted person shall be
treated as a natural child of the adoptive parents;
(II) A stepchild shall be treated as a
natural child of the family member who is or was the stepparent
of that child;
(III) A foster child or an individual who
was a minor when a family member became his or her legal
guardian shall be treated as a natural child of the family
member appointed as foster parent or guardian;
(IV) Children of a spouse of a family
member shall be treated as a natural child of that family
member;
(V) Each key employee, spouse of a key
employee, former key employee and spouse of a former key
employee shall be treated as a natural child of the ninth degree
of lineal kinship of the designated relative; and
(VI) Degrees are calculated by adding the
number of steps from the designated relative through each person
to the family member either directly, in case of lineal kinship,
or through the common ancestor, in the case of collateral
kinship.
(viii) "Family trust company" means a chartered
family trust company or a private family trust company that
engages in trust company business exclusively for one (1) or
more family members and does not engage in trust company
business with the general public;
(ix) "Fiduciary" means acting as executor,
administrator, guardian or conservator of an estate or as an
assignee, receiver or trustee or acting in any other fiduciary
or representative capacity;
(x) "Key employee" means a natural person, including
any spouse of an officer, manager or director who holds a joint,
community property or other similar shared ownership interest
with that officer, manager or director, who is an executive
officer, director, manager, trustee, general partner or person
serving in a similar capacity for a family affiliate who, in
connection with his regular functions or duties, participates in
the investment activities of a family affiliate, provided that
the person has been performing functions and duties for or on
behalf of a family trust company for at least twelve (12)
months. For purposes of this definition, a family trust company
may designate as a key employee an individual who is a former
employee of the family trust company; provided, however, that
the number of persons designated as key employees shall not
exceed twenty (20) within the trust;
(xi) "Lineal kinship" means a family member who is in
the direct line of ascent or descent from a designated relative;
(xii) "Organizational instrument" means the articles
of incorporation for a corporation or the articles of
organization for a limited liability company;
(xiii) "Private family trust company" means a family
trust company that is not a chartered family trust company and
is not subject to regulation by the Wyoming division of banking;
(xiv) "Public trust company" means a trust company
that has been granted a charter by the commissioner to engage in
trust company business with the general public;
(xv) "Supervised trust company" means any public
trust company or chartered family trust company but does not
include a private family trust company;
(xvi) "Trust company" means a corporation or limited
liability company that is incorporated or organized in this
state or a foreign corporation or limited liability company that
is qualified to do business in this state and that is engaged in
trust company business;
(xvii) "Trust company branch" means a place of
business within this state that engages in trust company
business;
(xviii) "Trust company business" means the holding
out by a person, by advertising, solicitation or other means,
that such person is available to act as a fiduciary in this
state and accepting and undertaking to act as a fiduciary in the
regular course of its business. For purposes of this chapter, a
person or entity does not engage in trust company business
solely by:
(A) Rendering services as an attorney-at-law in
the performance of his duties;
(B) Acting as trustee under a deed of trust made
only as security for the payment of money or for the performance
of another act;
(C) Acting as a trustee in bankruptcy or as a
receiver;
(D) Holding trusts of real estate for the
primary purpose of subdivision, development or sale or to
facilitate any business transaction with respect to such real
estate, provided the person is not regularly engaged in the
business of acting as a trustee for such trusts;
(E) Holding assets as trustee of trusts created
for charitable purposes;
(F) Receiving rents and proceeds of sale as a
licensed real estate broker on behalf of a principal;
(G) Engaging in securities transactions as a
dealer or salesman registered under W.S. 17-4-101 through 17-4-
701;
(H) Acting as guardian, conservator, special
conservator, trustee or personal representative pursuant to a
court order or other statutory authority;
(J) Acting as trustee of a statutory trust
created under the Wyoming Statutory Trust Act;
(K) Acting as a custodian, unless the activities
involve a substantial exercise of discretion as determined by
the commissioner; or
(M) Acting as a trust advisor or trust
protector, as defined in W.S. 4-10-103(a).
(xix) "Trust service office" means any other office
or other place of business where the supervised trust company
exercises its administrative duties but does not conduct trust
company business.