(Formerly Sec. 36-83). Common trust funds: Definitions

As used in sections 36a-365 to 36a-372, inclusive, unless the context otherwise requires: (1) “Account” means the trust, estate or other fiduciary relationship which has been established with a fiduciary. (2) “Fiduciary” means any bank that undertakes to act or acts in the capacity of a fiduciary. (3) “Guardian” means the guardian, conservator or committee, by whatever name, employed under the laws of this state or any other state by the estate of an infant, an incapable or incompetent person or an absent person, or of a capable or competent person over whose estate a court has taken jurisdiction, other than under bankruptcy or insolvency laws. (4) “Managing agent” means a fiduciary acting in the fiduciary relationship assumed upon the creation of an account which confers investment discretion on the fiduciary and which imposes upon it the fiduciary responsibilities imposed upon executors, administrators, guardians or trustees under a will or deed, but as to which the technical legal relationship is that of agent and principal. (5) “Collective managing agency account” means an agency account maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as managing agent. A common trust fund includes a collective managing agency account.