48.845 Substitution in fiduciary capacities for 
  affiliated or other banks; definitions. 

    Subdivision 1.  For purposes of this section and section 
 48.846, the terms defined in this section have the meanings 
 given them.  

    Subd. 2.  "Bank" means any state bank permitted to exercise 
 trust powers under the provisions of sections 48.37 to 48.47, 
 and any 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. 3.  "Trust company" means any trust company 
 incorporated under the laws of this state which is duly 
 authorized to exercise fiduciary powers.  

    Subd. 4.  "Affiliated bank" with respect to another bank or 
 a trust company means any bank which is owned or controlled by 
 the corporation which owns or controls that other bank or trust 
 company, including a wholly owned subsidiary of the other bank 
 or trust company.  

    Subd. 5.  "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 and 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 any 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.  

    HIST: 1980 c 383 s 1; 1996 c 414 art 1 s 18