Section R20-4-801. Definitions

In this Article, unless the context otherwise requires:

“Account” means the trust, estate, or other fiduciary relation- ship established with a trust department or trust company.

“Affiliate” has the meaning stated at A.R.S. § 6-801. “Certificate” has the meaning stated at A.R.S. § 6-851. “Fiduciary” has the meaning stated at A.R.S. § 6-851.

“Governing instrument” means a document, and all its opera- tive amendments, that:

Creates a trust and regulates the trustee’s conduct,

Creates an agency relationship between a trust depart- ment or trust company and a client, or

Otherwise evidences a fiduciary relationship between a trust department or trust company and a client.

“Investment responsibility” means full and unrestricted dis- cretion to invest trust funds without direction from anyone as to any matter, including the terms of the trade or the identity of the broker.

“Person” has the meaning stated at A.R.S. § 1-215. “Superintendent” has the meaning stated at A.R.S. § 6-851.

“Trust asset” means any property or property right held by a trust department or trust company for the benefit of another.

“Trust business” has the meaning stated at A.R.S. § 6-851. “Trust company” has the meaning stated at A.R.S. § 6-851.

“Trust department” means a permittee under both A.R.S. § 6- 201 et seq. and Article 2 of this Chapter that possesses a bank- ing permit authorizing it to engage in trust business.

Historical Note

Adopted effective June 30, 1977 (Supp. 77-3). R20-4- 801 recodified from R4-4-801 (Supp. 95-1). Amended by final rulemaking at 6 A.A.R. 2471, effective June 8, 2000 (Supp. 00-2). Amended by final rulemaking at 8 A.A.R.

2718, effective June 6, 2002 (Supp. 02-2).