{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1702","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1702","heading":"Definitions","body":"As used in this act:\n\n1. \"Account\" means the client relationship established with a\n\ntrust company involving the transfer of funds or property to the\n\ntrust company, including a relationship in which the trust company\n\nacts as trustee, executor, administrator, guardian, custodian,\n\nconservator, bailee, receiver, registrar, or agent, but excluding a\n\nrelationship in which the trust company acts solely in an advisory\n\ncapacity;\n\n2. \"Act as a fiduciary\" or \"acting as a fiduciary\" means to:\n\na. accept or execute trusts, including to:\n\n(1) act as trustee under a written agreement,\n\n(2) receive money or other property in its capacity\n\nas trustee for investment in real or personal\n\nproperty,\n\n(3) act as trustee and perform the fiduciary duties\n\ncommitted or transferred to it by order of a\n\ncourt of competent jurisdiction,\n\n(4) act as trustee of the estate of a deceased\n\nperson, or\n\n(5) act as trustee for a minor or incapacitated\n\nperson,\n\nb. administer in any other fiduciary capacity real or\n\ntangible personal property, or\n\nc. act pursuant to order of a court of competent\n\njurisdiction as executor or administrator of the\n\nestate of a deceased person or as a guardian or\n\nconservator for a minor or incapacitated person;\n\n3. \"Administer\" with respect to real or tangible personal\n\nproperty means, as an agent or in another representative capacity,\n\nto possess, purchase, sell, lease or insure, safekeep or otherwise\n\nmanage the property;\n\n4. \"Affiliate\" means a company that directly or indirectly\n\ncontrols, is controlled by, or is under common control with a trust\n\ninstitution or other company;\n\n5. \"Bank\" has the meaning set forth in 12 U.S.C., Section\n\n1813(h). \"Bank\" shall not include any \"foreign bank\" as defined in\n\n12 U.S.C., Section 3101(7), except for any such foreign bank\n\norganized under the laws of a territory of the United States, Puerto\n\nRico, Guam, American Samoa or the Virgin Islands, the deposits of\n\nwhich are insured by the Federal Deposit Insurance Corporation;\n\n6. \"Bank supervisory agency\" means:\n\na. any agency of another state with primary\n\nresponsibility for chartering and supervising a trust\n\ninstitution, and\n\nb. the Office of the Comptroller of the Currency, the\n\nFederal Deposit Insurance Corporation, the Board of\n\nGovernors of the Federal Reserve System, the office of\n\nThrift Supervision and any successor to these\n\nagencies;\n\n7. \"Branch\" with respect to a depository institution has the\n\nmeaning set forth in paragraph 7 of Section 102 of Title 6 of the\n\nOklahoma Statutes;\n\n8. \"Charter\" means a charter, license or other authority issued\n\nby the Commissioner or a bank supervisory agency authorizing a trust\n\ninstitution to act as a fiduciary in its home state;\n\n9. \"Client\" means a person to whom a trust institution owes a\n\nduty or obligation under a trust or other account administered by\n\nthe trust institution or as an advisor or agent, regardless of\n\nwhether the trust institution owes a fiduciary duty to the person.\n\nThe term includes the noncontingent beneficiaries of an account;\n\n10. \"Commissioner\" means the State Banking Commissioner;\n\n11. \"Company\" includes a bank, trust company, corporation,\n\nlimited liability company, partnership, association, business trust,\n\nor another trust;\n\n12. \"Department\" means the Oklahoma Department of Banking;\n\n13. \"Depository institution\" means any company chartered to act\n\nas a fiduciary and included for any purpose within any of the\n\ndefinitions of \"insured depository institution\" as set forth in 12\n\nU.S.C., Sections 1813(c)(2) and (3);\n\n14. \"Fiduciary record\" means a matter written, transcribed,\n\nrecorded, received or otherwise in the possession or control of a\n\ntrust company, whether in physical or electromagnetic form, that is\n\nnecessary to preserve information concerning an act or event\n\nrelevant to an account or a client of a trust company;\nured depository institution\" as set forth in 12\n\nU.S.C., Sections 1813(c)(2) and (3);\n\n14. \"Fiduciary record\" means a matter written, transcribed,\n\nrecorded, received or otherwise in the possession or control of a\n\ntrust company, whether in physical or electromagnetic form, that is\n\nnecessary to preserve information concerning an act or event\n\nrelevant to an account or a client of a trust company;\n\n15. \"Foreign bank\" means a foreign bank, as defined in Section\n\n1(b)(7) of the International Banking Act of 1978, chartered to act\n\nas a fiduciary in a state other than this state;\n\n16. \"Home state\" means:\n\na. with respect to a federally chartered trust\n\ninstitution and a foreign bank, the state in which\n\nsuch institution maintains its principal office, and\n\nb. with respect to any other trust institution, the state\n\nwhich chartered such institution;\n\n17. \"Home state regulator\" means the bank supervisory agency\n\nwith primary responsibility for chartering and supervising an out-\n\nof-state trust institution;\n\n18. \"Host state\" means a state other than the home state of a\n\ntrust institution, or a foreign country in which the trust\n\ninstitution maintains or seeks to acquire or establish an office;\n\n19. \"License\" means the authority granted by the Commissioner\n\npursuant to this act to establish, acquire or maintain a trust\n\noffice;\n\n20. \"New trust office\" means a trust office located in a host\n\nstate which:\n\na. is originally established by the trust institution as\n\na trust office, and\n\nb. does not become a trust office of the trust\n\ninstitution as a result of:\n\n(1) the acquisition of another trust institution or\n\ntrust office of another trust institution, or\n\n(2) a merger, consolidation, or conversion involving\n\nany such trust institution or trust office;\n\n21. \"Office\", with respect to a trust institution, means the\n\nprincipal office, a trust office or a representative trust office,\n\nbut not a branch;\n\n22. \"Out-of-state bank\" means a bank chartered to act as a\n\nfiduciary in any state or states other than this state;\n\n23. \"Out-of-state trust company\" means either a trust company\n\nthat is not a state trust company or a savings association whose\n\nprincipal office is not located in this state;\n\n24. \"Out-of-state trust institution\" means a trust institution\n\nthat is not a state trust institution;\n\n25. \"Person\" means an individual, a company or any other legal\n\nentity;\n\n26. \"Principal office\", with respect to:\n\na. a state trust company, means a location registered\n\nwith the Commissioner as the state trust company's\n\nhome office at which:\n\n(1) the state trust company does business,\n\n(2) the state trust company keeps its corporate books\n\nand a set of its material records, including\n\nmaterial fiduciary records, and\nindividual, a company or any other legal\n\nentity;\n\n26. \"Principal office\", with respect to:\n\na. a state trust company, means a location registered\n\nwith the Commissioner as the state trust company's\n\nhome office at which:\n\n(1) the state trust company does business,\n\n(2) the state trust company keeps its corporate books\n\nand a set of its material records, including\n\nmaterial fiduciary records, and\n\n(3) at least one executive officer of the state trust\n\ncompany maintains an office, or\n\nb. a trust institution other than a state trust company,\n\nmeans its principal place of business in the United\n\nStates;\n\n27. \"Registration\" means the process by which a trust\n\ninstitution has been authorized by the Commissioner to acquire,\n\nestablish or maintain a representative trust office in this state;\n\n28. \"Representative trust office\" means an office at which a\n\ntrust institution has been authorized by the Commissioner to engage\n\nin a trust business other than acting as a fiduciary;\n\n29. \"Savings association\" means a depository institution that\n\nis neither a bank nor a foreign bank;\n\n30. \"State\" means any state of the United States, the District\n\nof Columbia, any territory of the United States, Puerto Rico, Guam,\n\nAmerican Samoa, the Trust Territory of the Pacific Islands, the\n\nVirgin Islands, and the Northern Mariana Islands;\n\n31. \"State bank\" means:\n\na. a bank chartered to act as a fiduciary by this state,\n\nor\n\nb. a foreign bank, as defined in Section 1(b)(7) of the\n\nInternational Banking Act of 1978, chartered to act as\n\na fiduciary in this state;\n\n32. \"State trust company\" means a corporation or a limited\n\nliability trust company organized or reorganized under this act,\n\nincluding a trust company organized under the laws of this state\n\nbefore the effective date of this act;\n\n33. \"State trust institution\" means a trust institution having\n\nits principal office in this state;\n\n34. \"Trust business\" means the holding out by a person to the\n\npublic by advertising, solicitation or other means that the person\n\nis available to perform any service of a fiduciary in this or\n\nanother state, including but not limited to:\n\na. acting as a fiduciary, or\n\nb. to the extent not acting as a fiduciary, any of the\n\nfollowing:\n\n(1) receiving for safekeeping personal property of\n\nevery description,\n\n(2) acting as assignee, bailee, conservator,\n\ncustodian, escrow agent, registrar, receiver or\n\ntransfer agent, or\n\n(3) acting as financial advisor, investment advisor\n\nor manager, agent or attorney-in-fact in any\n\nagreed upon capacity;\n\n35. \"Trust company\" means a state trust company or any other\n\ncompany chartered to act as a fiduciary that is neither a depository\n\ninstitution nor a foreign bank;\n\n36. \"Trust institution\" means a depository institution, foreign\n\nbank, state bank or trust company;\n\n37. \"Trust office\" means an office, other than the principal\n\noffice, at which a trust institution is licensed by the Commissioner\n\nto act as a fiduciary; and\n\n38. \"Unauthorized trust activity\" means:\n\na. a company, other than one identified in subsection A\n\nof Section 5 of this act, acting as a fiduciary within\n\nthis state,\n\nb. a company engaging in a trust business in this state\n\nat any office of such company that is not its\n\nprincipal office, if it is a state trust institution,\n\nor that is not a trust office or a representative\n\ntrust office of such company, or\n\nc. an out-of-state trust institution engaging in a trust\n\nbusiness in this state at any time an order issued by\n\nthe Commissioner pursuant to paragraph 2 of Section 24\n\nof this act is in effect.\n\nThese definitions shall be liberally construed to accomplish the\n\npurposes of the Multistate Trust Institutions Act. The Department\n\nby rule may adopt other definitions to accomplish the purposes of\n\nthis act.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b8ebf940fb49bbf676d91c660ed1dc2a7879b81cf416c36c6c814766b5ec3caa","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1701","next":"us-ok/okla.-stat.-tit.-6-6-1703"},"notice":"GroundRules: Original legal text. Not legal advice."}