13-5-301. Definitions.

(a) As used in this chapter:

(i) "Charter" means the commissioner's grant of authority to any supervised trust company to act and operate in that capacity;

(ii) "Chartered family trust company" means a family trust company that has been granted a charter by the commissioner to act and operate pursuant to this chapter;

(iii) "Collateral kinship" means a relationship that is not lineal, but stems from a common ancestor;

(iv) "Commissioner" means the state banking commissioner;

(v) "Designated relative" means:

(A) With respect to a chartered family trust company, the individual, whether living or deceased, who is listed as the designated relative in a charter application for a charter under this chapter. A chartered family trust company may have no more than two (2) designated relatives;

(B) With respect to a private family trust company, the person, whether living or deceased, who is listed as the designated relative in a written document by the private family trust company that is maintained with the private family trust company records. A private family trust company may have no more than one (1) designated relative.

(vi) "Family affiliate" means a corporation, partnership, limited liability company or other entity with respect to which one (1) or more family members own, directly or indirectly, more than fifty percent (50%) of the entity or possess, directly or indirectly, the power to direct or cause the direction of the entity's management and policies, whether through the ownership of voting securities, by contract, power of direction or otherwise;

(vii) "Family member" means:

(A) Each designated relative;

(B) Any person within the tenth degree of lineal kinship of a designated relative;

(C) Any person within the ninth degree of collateral kinship of a designated relative;

(D) The spouse and any former spouse of the designated relative or of any person qualifying as a family member pursuant to subparagraph (B) or (C) of this paragraph;

(E) Any person within the fifth degree of lineal kinship of a spouse or former spouse specified in subparagraph (D) of this paragraph;

(F) A family affiliate and the officers, managers and directors of a family affiliate;

(G) A key employee of a family affiliate or former key employee of a family affiliate;

(H) A trust established or funded by any one (1) or more family members or any trustee, advisor or other person assisting with the administration of the trust;

(J) A trust established or funded by a person who is not a family member if the noncharitable beneficiaries consist entirely of one (1) or more family members;

(K) A charitable trust, entity or other organization of which one (1) or more family members is a settlor, incorporator, organizer, member of the board of directors, trustee or a donor of a substantial portion of its assets;

(M) For purposes of this definition:

(I) A legally adopted person shall be treated as a natural child of the adoptive parents;

(II) A stepchild shall be treated as a natural child of the family member who is or was the stepparent of that child;

(III) A foster child or an individual who was a minor when a family member became his or her legal guardian shall be treated as a natural child of the family member appointed as foster parent or guardian;

(IV) Children of a spouse of a family member shall be treated as a natural child of that family member;

(V) Each key employee, spouse of a key employee, former key employee and spouse of a former key employee shall be treated as a natural child of the ninth degree of lineal kinship of the designated relative; and

(VI) Degrees are calculated by adding the number of steps from the designated relative through each person to the family member either directly, in case of lineal kinship, or through the common ancestor, in the case of collateral kinship.

(viii) "Family trust company" means a chartered family trust company or a private family trust company that engages in trust company business exclusively for one (1) or more family members and does not engage in trust company business with the general public;

(ix) "Fiduciary" means acting as executor, administrator, guardian or conservator of an estate or as an assignee, receiver, depositary, trustee, custodian or in any other fiduciary or representative capacity;

(x) "Key employee" means a natural person, including any spouse of an officer, manager or director who holds a joint, community property or other similar shared ownership interest with that officer, manager or director, who is an executive officer, director, manager, trustee, general partner or person serving in a similar capacity for a family affiliate who, in connection with his regular functions or duties, participates in the investment activities of a family affiliate, provided that the person has been performing functions and duties for or on behalf of a family trust company for at least twelve (12) months. For purposes of this definition, a family trust company may designate as a key employee an individual who is a former employee of the family trust company; provided, however, that the number of persons designated as key employees shall not exceed twenty (20) within the trust;

(xi) "Lineal kinship" means a family member who is in the direct line of ascent or descent from a designated relative;

(xii) "Organizational instrument" means the articles of incorporation for a corporation or the articles of organization for a limited liability company;

(xiii) "Private family trust company" means a family trust company that is not a chartered family trust company and is not subject to regulation by the Wyoming division of banking;

(xiv) "Public trust company" means a trust company that has been granted a charter by the commissioner to engage in trust company business with the general public;

(xv) "Supervised trust company" means any public trust company or chartered family trust company but does not include a private family trust company;

(xvi) "Trust company" means a corporation or limited liability company that is organized or qualified to do business in this state as a trust company and that is engaged in trust company business;

(xvii) "Trust company branch" means a place of business within this state that engages in trust company business;

(xviii) "Trust company business" means the holding out by a person, by advertising, solicitation or other means, that such person is available to act as a fiduciary in this state and accepting and undertaking to act as a fiduciary in the regular course of its business. For purposes of this chapter, a person or entity does not engage in trust company business solely by:

(A) Rendering services as an attorney-at-law in the performance of his duties;

(B) Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;

(C) Acting as a trustee in bankruptcy or as a receiver;

(D) Holding trusts of real estate for the primary purpose of subdivision, development or sale or to facilitate any business transaction with respect to such real estate, provided the person is not regularly engaged in the business of acting as a trustee for such trusts;

(E) Holding assets as trustee of trusts created for charitable purposes;

(F) Receiving rents and proceeds of sale as a licensed real estate broker on behalf of a principal;

(G) Engaging in securities transactions as a dealer or salesman registered under W.S. 17-4-101 through 17-4-701;

(H) Acting as guardian, conservator, special conservator, trustee or personal representative pursuant to a court order or other statutory authority; or

(J) Acting as trustee of a statutory trust created under the Wyoming Statutory Trust Act.

(xix) "Trust service office" means any other office or other place of business where the supervised trust company exercises its administrative duties but does not conduct trust company business.