Subdivision 1. Terms. For purposes of this section and section 48A.10, the terms defined in this section have the meanings given them.
Subd. 2. Affiliated bank. "Affiliated bank," with respect to another bank or a trust company, means a bank that is owned or controlled by the corporation that owns or controls that other bank or trust company, including a wholly owned subsidiary of the other bank or trust company.
Subd. 3. Bank. "Bank" means a state bank permitted to exercise trust powers under sections 48.37 to 48.47, and a national bank authorized to exercise fiduciary powers under the laws of the United States, including a national bank whose operations are limited to those of a trust company and related activities.
Subd. 4. Fiduciary capacity. "Fiduciary capacity" means a capacity resulting from a bank undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with its undertaking. The term includes, but is not limited to, the capacities of trustee, including trustee of a common trust fund; executor; administrator; personal representative; registrar or transfer agent with respect to stocks, bonds, or other evidences of indebtedness of a corporation, association, municipality, state or public authority; guardian of estates; conservator; receiver; escrow agent; agent for the investment of money; attorney-in-fact; or any other similar capacity.
Subd. 5. Trust company. "Trust company" means a trust company incorporated under the laws of this state that is duly authorized to exercise fiduciary powers.
1998 c 331 s 22
Structure Minnesota Statutes
Section 48A.01 — Organization Of A State Trust Company.
Section 48A.02 — Application For State Trust Company Charter.
Section 48A.03 — Capital And Surplus Requirements Of Trust Companies.
Section 48A.04 — Certain Trust Companies May Assume Powers Of State Banks.
Section 48A.05 — National Associations; Powers.
Section 48A.06 — Prohibited Dealings And Indebtedness.
Section 48A.07 — Trust Company Or Bank; Special Powers And Duties As Fiduciary.
Section 48A.08 — Incidental Investments, Powers, And Limitations.
Section 48A.10 — Substitution; Procedure.
Section 48A.11 — National Banks As Fiduciaries.
Section 48A.13 — State Trust Company Principal Office.
Section 48A.14 — State Trust Institutions; Representative Trust Offices.
Section 48A.15 — State Banks And Trust Companies; Trust Service Offices.
Section 48A.16 — Detached Facilities.
Section 48A.17 — Authority For Out-of-state Trust Offices; Prior Written Notice.
Section 48A.18 — Out-of-state Trust Institution Trust Offices.
Section 48A.19 — Out-of-state Trust Institution Representative Trust Offices.
Section 48A.20 — Supervision Of Out-of-state Trust Institutions.