§ 21-1701. Definitions.

Current through October 23, 2012

(a) In this chapter unless the context otherwise requires:

"bank" includes a person or association of persons, whether incorporated or not, carrying on the business of banking;

"fiduciary" includes a trustee under a trust, express, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or other person acting in a fiduciary capacity for a person, trust, or estate;

"person" includes a corporation, partnership, or other association, or two or more persons having a joint or common interest;

"principal" includes a person to whom a fiduciary as such owes an obligation.

(b) A thing is done "in good faith" within the meaning of this chapter, when it is in fact done honestly, whether negligently or not.

                
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(Sept. 14, 1965, 79 Stat. 776, Pub. L. 89-183, § 1.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 21-1701.

1973 Ed., § 21-1701.

Uniform Law

This section is based upon § 1 of the Uniform Fiduciaries Act. See Volume 7A, Part I Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.