Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.01 - Definitions

Current through June 24, 2024
In this chapter:
(1)
				"Account" means the trust, estate or other fiduciary relationship which has
				been established with an association.
(2) "Custodian under a uniform gifts to
				minors act" means an account established under ss.
				54.854
				to
				54.894, Stats., or
				a substantially similar law of another state, and with respect to which the
				association operating the account has established to the satisfaction of the
				division that it has duties and responsibilities similar to the duties and
				responsibilities of a trustee or guardian.
(3) "Fiduciary" means an association
				undertaking to act alone, through an affiliate, or jointly with others
				primarily for the benefit of another in all matters connected with its
				undertaking and includes but is not limited to trustee, executor,
				administrator, personal representative, guardian, receiver, managing agent,
				registrar of stocks and bonds, escrow agent, transfer agent, paying agent,
				trustee of employee pension, welfare and profit-sharing trusts, or any other
				similar capacity.
(4) "Fiduciary
				records" means all matters which are written, transcribed, recorded, received
				or otherwise come into the possession of an association and are necessary to
				preserve information concerning the actions and events relevant to the
				fiduciary activities of an association.
(5) "Guardian" means the guardian,
				conservator, or committee by whatever name employed by local law of the estate
				of an infant, an incompetent individual, an absent individual, or a competent
				individual over whose estate a court has taken jurisdiction, other than under
				bankruptcy or insolvency laws. "Guardian" includes, but is not limited to, a
				guardian or conservator appointed by a court under ch. 54, Stats.
(6) "Investment authority" means the
				responsibility conferred by action of law or a provision of an appropriate
				governing instrument to make, select or change investments, to review
				investment decisions made by others, or to provide investment advice or counsel
				to others.
(7) "Local law" means
				the law of the state or other jurisdiction governing the fiduciary
				relationship.
(8) "Managing agent"
				means the fiduciary relationship assumed by an association upon the creation of
				an account which names the association as agent and confers investment
				discretion upon the association.
(9) "Plan" means a plan adopted under s.
				DFI-SL 17.14.
(10) "State chartered
				corporate fiduciary" means any state bank, trust company, or other corporation
				which comes into competition with associations and is permitted to act in a
				fiduciary capacity under the laws of this state.
(11) "Trust department" means that group of
				officers and employees of an association or of an affiliate of an association
				to whom are assigned the performance of fiduciary services by the
				association.
(12) "Trust powers"
				means the power to act in any fiduciary capacity.
This section parallels 12 CFR
					 550.1