Financial Code - FIN - FIN § 1601

Summary

For the purposes of this chapter, all trusts and other business permitted to be accepted or executed by a trust company are hereby classified and defined as either court trusts or private trusts. A “court trust” is one in which a trust company acts under appointment, order, or de

Text

For the purposes of this chapter, all trusts and other business permitted to be accepted or executed by a trust company are hereby classified and defined as either court trusts or private trusts.
A “court trust” is one in which a trust company acts under appointment, order, or decree of any court, as executor, administrator, guardian, conservator, assignee, receiver, depositary, or trustee, or in which it receives on deposit money or property
from a public administrator, under any provision of this code, or from any executor, administrator, guardian, assignee, receiver, depositary, or trustee, under any order or decree of any court.
A “private trust” is every other trust, agency, fiduciary relationship, or representative capacity.

Retrieval chunks

• #1 | Financial Code - FIN - FIN § 1601

  For the purposes of this chapter, all trusts and other business permitted to be accepted or executed by a trust company are hereby classified and defined as either court trusts or private trusts. A “court trust” is one in which a trust company acts under appointment, order, or decree of any court, as executor, admini…