Sec. 36a-365. (Formerly Sec. 36-83). Common trust funds: Definitions. - Connecticut Statutes

      Sec. 36a-365. (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.

      (1949 Rev., S. 5805; 1951, S. 2662d; 1961, P.A. 166, S. 1; 1963, P.A. 398; February, 1965, P.A. 392, S. 1; 1969, P.A. 504, S. 10, 11; P.A. 74-146, S. 1, 2; P.A. 75-127; P.A. 78-32, S. 1, 2; 78-303, S. 85, 136; P.A. 80-482, S. 246, 345, 348; P.A. 86-288; P.A. 87-35; P.A. 90-62, S. 1, 2; P.A. 92-12, S. 29; P.A. 94-122, S. 166, 340.)

      History: 1961 act amended Subsec. (3)(a) by adding authority to invest in FHA insured mortgages; 1963 act inserted new Subsec. (1) re definitions, renumbering accordingly, substituted "fiduciary" for references to banks and/or trust companies throughout section, replaced provisions which had allowed issuance of certificate of interest for investment or interest in common trust fund if certificate does not purport to be negotiable or assignable with provision prohibiting issuance of certificate or document evidencing direct or indirect interest in such fund in Subsec. (2)(c), replaced former Subsec. (2)(e) which had prohibited payment of fee for managing trust fund from said fund, added Subsec. (2)(f), required investments to be those allowed under Sec. 45-88 rather than detailing allowed investments in Subsec. (4)(a), deleted former Subsec. (4)(c) to (e) re investments in corporation shares and stocks and limits on investments, inserted new provisions re mortgages as Subsec. (5) and renumbered former Subsec. (4) as Subsec. (6); 1965 act added Subsec. (7); 1969 act included custodians under Uniform Gifts to Minors Act in definition of "fiduciary" and added proviso in Subsec. (4)(a); P.A. 74-146 defined "collective managing agency account" in Subsec. (1) and amended Subsec. (3) to make previous provisions applicable to common trust funds other than collective managing agency accounts and to add Subdiv. (B) re such accounts; P.A. 75-127 inserted new Subsec. (3)(A)(c) re transfer of interest in common trust fund, relettering accordingly; P.A. 78-32 added Subsec. (2)(c) and (d) re subsidiaries of bank holding companies; P.A. 78-303 allowed substitution of division of banking within the department of business regulation for banking department in Subsec. (2)(d) for conformity with changes enacted in P.A. 77-614; P.A. 80-482 restored banking division as independent department and abolished the department of business regulation; P.A. 86-288 amended Subsec. (2)(c) and (d) to expand the type of financial institution which may establish or participate in a common trust fund, to include savings banks and savings and loan associations of other New England states and amended Subsec. (2)(d) to authorize investment in a common trust fund which is subject to regulations of another state which are substantially similar to Sec. 36-83, replacing prior provisions; P.A. 87-35 amended Subsec. (2)(c) and (d) by removing certain restrictions on the establishment of common trust funds thereby authorizing the investment in such funds established by any banking institution chartered in Connecticut or any other New England state; P.A. 90-62 amended Subsec. (2)(c) by deleting references to Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, inserting reference to any other state and inserting reference to conservator or other court appointed fiduciary, and added provisions in Subsec. (2)(d) re fund subject to statutes, rules or regulations applicable to a national banking association; P.A. 92-12 redesignated Subsecs. and Subdivs. and made technical changes; P.A. 94-122 deleted Subsecs. (b) through (h), redefined "fiduciary" as any bank that undertakes to act or acts in the capacity of fiduciary and made technical changes, effective January 1, 1995; Sec. 36-83 transferred to Sec. 36a-365 in 1995.

      See Sec. 36a-366 re establishment of common trust funds.

      See Sec. 36a-367 re management of common trust funds.

      See Sec. 36a-368 re maintenance in accord with written plan.

      See Sec. 36a-369 re investment of common trust fund assets.

      See Sec. 36a-370 re mortgages held in common trust fund.

      See Sec. 36a-371 re taxation.

      See Sec. 36a-372 re national banking associations and foreign corporations.