§ 550.1 - Definitions.

(a) Account means the trust, estate or other fiduciary relationship which has been established with a Federal savings association;

(b) Custodian under a uniform gifts to minors act means an account established pursuant to a state law which is substantially similar to the Uniform Gifts to Minors Act as published by the American Law Institute and with respect to which the Federal savings association operating such account has established to the satisfaction of the Secretary of the Treasury that it has duties and responsibilities similar to the duties and responsibilities of a trustee or guardian.

(c) Fiduciary means a Federal savings 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 trustee, executor, administrator, guardian, receiver, managing agent, registrar of stocks and bonds, escrow, transfer, or paying agent, trustee of employee pension, welfare and profit sharing trusts, and any other similar capacity;

(d) Fiduciary records means all matters which are written, transcribed, recorded, received or otherwise come into the possession of a Federal savings association and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of a Federal savings association;

(e) 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:

(f) Investment authority means the responsibility conferred by action of law or a provision of an appropriate governing instrument to make, select or change investments, review investment decisions made by others, or to provide investment advice or counsel to others;

(g) Local law means the law of the state or other jurisdiction governing the fiduciary relationship;

(h) Managing agent means the fiduciary relationship assumed by a Federal savings association upon the creation of an account which names the Federal savings association as agent and confers investment discretion upon the Federal savings association;

(i) State-chartered corporate fiduciary means any state bank, trust company, or other corporation which comes into competition with Federal savings associations and is permitted to act in a fiduciary capacity under the laws of the state in which the Federal savings association is located;

(j) Trust department means that group or groups of officers and employees of a Federal savings association or of an affiliate of a Federal savings association to whom are assigned the performance of fiduciary services by the Federal savings association;

(k) Trust powers means the power to act in any fiduciary capacity authorized by section 403 of the Depository Institutions Deregulation and Monetary Control Act of 1980, Pub. L. 96-221, 94 Stat. 132, 12 U.S.C. 1464(n). Under the Act, a Federal savings association may be authorized to act, when not in contravention of local law, as trustee, executor, administrator, guardian, receiver, managing agent, registrar of stocks and bonds, escrow, transfer, and paying agent, trustee of employee pension, welfare, and profit-sharing trusts, or in any other fiduciary capacity which state-chartered corporate fiduciaries exercise under local law: Provided, That the granting to, and exercise of, such powers shall not be deemed to be in contravention of state or local law whenever the laws of such state authorize or permit the exercise of any or all of the foregoing powers by state banks, trust companies, or other corporations which compete with Federal savings associations.