9-701.Definitions.
Unless otherwise clearly indicated by the context, the following
words
when used in this act, for the purposes of this act, shall have the
meanings respectively ascribed to them in this section:
(a) "Bank" means a state bank incorporated under the laws of
Kansas.
(b) "Trust company" means a trust company incorporated under
the laws of Kansas and which does not accept deposits.
(c) "Board" means the Kansas state banking board.
(d) "Commissioner" means the Kansas state bank commissioner.
(e) "Executive officer" means the chairperson of the board, the president,
each vice president, the cashier, the secretary and the treasurer of a bank,
unless such officer is excluded by resolution of the board of directors or by
the bylaws of the bank or bank holding company from participation, other than
in the capacity of a director, in major policymaking functions of the bank or
bank holding company, and the officer does not actually participate in major
policymaking functions of the bank or bank holding company.
(f) "Insured bank" means a state bank whose
deposits are insured through the federal deposit insurance corporation
or other governmental agency or by an insurer approved by the state
commissioner of insurance for such purpose.
(g) "Item" means any check, note, order, or other instrument or
memorandum providing for the payment of money, or upon which money may
be collected.
(h) "Demand deposits" includes every deposit which is not a
"time deposit," "savings deposit" or "negotiable order of
withdrawal deposit" as defined in this section.
(i) "Time deposits" means "time certificates of deposit" and
"time
deposits, open account" as defined in this section.
(j) "Time certificate of deposit" means a deposit evidenced by
a negotiable or nonnegotiable instrument which provides on its face
that the amount of such deposit is payable, upon presentation and surrender
of the instrument, to bearer or to any specified person or to such person's
order:
(1) On a certain date, specified in the instrument, not less than
seven days after the date of the deposit; or
(2) at the expiration of a certain specified time not less than seven days
after the date of the instrument; or
(3) upon notice in writing which is actually required to be given not
less than seven days before the date of repayment.
(k) "Time deposit, open account" means a deposit, other than a
"time certificate of deposit," with respect to which there is in force a
written contract with the depositor that neither the whole nor any part
of such deposit may be withdrawn, by check or otherwise, prior to the
date of maturity, which shall be not less than seven days after the
date of the deposit, or prior to the expiration of the period of notice
which must be given by the depositor in writing not less than seven days in
advance of withdrawal.
(l) "Savings deposit" means a deposit: (1) Which consists of
funds
deposited to the credit of or in which the entire beneficial interest
is held by one or more individuals, or of a corporation, association or
other organization operated primarily for religious, philanthropic, charitable,
educational, fraternal or other similar purposes and not operated for profit;
or that
consists of funds deposited to the credit of or in which the entire
beneficial interest is held by the United States, any state of the United
States or any county, municipality or political subdivision thereof, or
that consists of funds deposited to the credit of, or in which any
beneficial interest is held by a corporation, partnership, association or
other organization not qualifying above; and (2) with respect to which the
depositor is not required by the deposit contract but may at any time be
required by the bank to give notice in writing of an intended withdrawal
not less than seven days before such withdrawal is made and which
is not payable on a specified date or at the expiration of a specified
time after the date of deposit.
(m) "Public moneys" means all moneys coming into the custody of
the
United States government or any board, commission or agency thereof,
and also shall mean all moneys coming into the custody of any officer of
any municipal or quasi-municipal or public corporation, the state or any
political subdivision thereof, pursuant to any provision of law
authorizing any such official to collect or receive the same.
(n) "Municipal corporation" means any city incorporated under
the laws of Kansas.
(o) "Quasi-municipal corporation" means any county, township,
school
district, drainage district, or any other governmental subdivision in the
state of Kansas having authority to receive or hold
moneys or funds.
(p) "Certificate of authority" means a statement signed and
sealed by
the commissioner evidencing the authority of a bank or trust
company to transact a general business as such.
(q) "Transaction account" means a deposit or account on which
the
depositor or account holder is permitted to make withdrawals by negotiable
or transferable instrument, payment orders of withdrawal, telephone transfers,
or other similar device for the purpose of making payments or transfers
to third persons or others.
(r) "Nonpersonal time deposit" means a time deposit, including a
savings
deposit that is not a transaction account, representing funds in
which any beneficial interest is held by a depositor which is not a natural
person.
(s) "Negotiable order of withdrawal deposit"
means a deposit on which
interest is paid and which is subject to withdrawal by the owner by negotiable
or transferable instruments for the purpose of making transfers to third
parties, and which consists solely of funds in which the entire beneficial
interest is held by one or more individuals, an organization
which is operated primarily for religious, philanthropic, charitable,
educational, fraternal or other similar purposes and which
is not operated for profit, and with respect to deposits of public funds
by an officer, employee or agent of the United States, any state, county,
municipality or political subdivision thereof, the District of Columbia,
the commonwealth of Puerto Rico, American Samoa, Guam, any territory or
possession of the United States or any political subdivision thereof.
(t) "Trust business" means engaging in, or holding out
to the
public as willing to engage in, the business of acting as a fiduciary for
hire, except that no accountant, attorney, credit union, insurance broker,
insurance company, investment adviser, real estate broker or sales agent,
savings and loan association, savings bank, securities broker or dealer,
real estate title insurance company or real estate escrow company shall be
deemed to be engaged in a trust company business with respect to fiduciary
services customarily performed by them for compensation as a traditional
incident to their regular business activities.
(u) "Community development corporation" (CDC) means a corporate entity
established by one or more financial institutions or by financial institutions
and other investors or members, and operating for the primary purpose of
housing development, economic growth and revitalization, small and minority
business creation, and other community development initiatives.
(v) "Community development project" (CD project) means a specific project in
a particular location, such as a neighborhood, city, county or state, the
primary purpose of which is the economic improvement of that area or the
provision of housing for low-income and moderate-income persons in that
area and any state tax credit equity fund established pursuant to K.S.A.
74-8904, and amendments thereto.
(w) "Depository institution" means any state bank, national banking
association, state savings and loan or federal savings association, without
regard to the state where the institution is chartered or the state in which
the institution's main office is located.
(x) "Student bank" means any nonprofit program offered by a high school
accredited by the state board of education, where deposits are received, checks
are paid or money is lent for limited in-school purposes.
History: L. 1947, ch. 102, § 1; L. 1970, ch. 61, § 1; L.
1975, ch. 45, § 1; L. 1976, ch. 54, § 1; L. 1981, ch. 49, § 1;
L. 1983, ch. 46, § 1; L. 1987, ch. 54, § 1; L. 1989, ch. 48, § 11;
L. 1993, ch. 31, § 1;
L. 1994, ch. 202, § 2;
L. 1995, ch. 79, § 13;
L. 1995, ch. 250, § 1; July 1.
9-701.Definitions.
Unless otherwise clearly indicated by the context, the following
words
when used in this act, for the purposes of this act, shall have the
meanings respectively ascribed to them in this section:
(a) "Bank" means a state bank incorporated under the laws of
Kansas.
(b) "Trust company" means a trust company incorporated under
the laws of Kansas and which does not accept deposits.
(c) "Board" means the Kansas state banking board.
(d) "Commissioner" means the Kansas state bank commissioner.
(e) "Executive officer" means the chairperson of the board, the president,
each vice president, the cashier, the secretary and the treasurer of a bank,
unless such officer is excluded by resolution of the board of directors or by
the bylaws of the bank or bank holding company from participation, other than
in the capacity of a director, in major policymaking functions of the bank or
bank holding company, and the officer does not actually participate in major
policymaking functions of the bank or bank holding company.
(f) "Insured bank" means a state bank whose
deposits are insured through the federal deposit insurance corporation
or other governmental agency or by an insurer approved by the state
commissioner of insurance for such purpose.
(g) "Item" means any check, note, order, or other instrument or
memorandum providing for the payment of money, or upon which money may
be collected.
(h) "Demand deposits" includes every deposit which is not a
"time deposit," "savings deposit" or "negotiable order of
withdrawal deposit" as defined in this section.
(i) "Time deposits" means "time certificates of deposit" and
"time
deposits, open account" as defined in this section.
(j) "Time certificate of deposit" means a deposit evidenced by
a negotiable or nonnegotiable instrument which provides on its face
that the amount of such deposit is payable, upon presentation and surrender
of the instrument, to bearer or to any specified person or to such person's
order:
(1) On a certain date, specified in the instrument, not less than
seven days after the date of the deposit; or
(2) at the expiration of a certain specified time not less than seven days
after the date of the instrument; or
(3) upon notice in writing which is actually required to be given not
less than seven days before the date of repayment.
(k) "Time deposit, open account" means a deposit, other than a
"time certificate of deposit," with respect to which there is in force a
written contract with the depositor that neither the whole nor any part
of such deposit may be withdrawn, by check or otherwise, prior to the
date of maturity, which shall be not less than seven days after the
date of the deposit, or prior to the expiration of the period of notice
which must be given by the depositor in writing not less than seven days in
advance of withdrawal.
(l) "Savings deposit" means a deposit: (1) Which consists of
funds
deposited to the credit of or in which the entire beneficial interest
is held by one or more individuals, or of a corporation, association or
other organization operated primarily for religious, philanthropic, charitable,
educational, fraternal or other similar purposes and not operated for profit;
or that
consists of funds deposited to the credit of or in which the entire
beneficial interest is held by the United States, any state of the United
States or any county, municipality or political subdivision thereof, or
that consists of funds deposited to the credit of, or in which any
beneficial interest is held by a corporation, partnership, association or
other organization not qualifying above; and (2) with respect to which the
depositor is not required by the deposit contract but may at any time be
required by the bank to give notice in writing of an intended withdrawal
not less than seven days before such withdrawal is made and which
is not payable on a specified date or at the expiration of a specified
time after the date of deposit.
(m) "Public moneys" means all moneys coming into the custody of
the
United States government or any board, commission or agency thereof,
and also shall mean all moneys coming into the custody of any officer of
any municipal or quasi-municipal or public corporation, the state or any
political subdivision thereof, pursuant to any provision of law
authorizing any such official to collect or receive the same.
(n) "Municipal corporation" means any city incorporated under
the laws of Kansas.
(o) "Quasi-municipal corporation" means any county, township,
school
district, drainage district, or any other governmental subdivision in the
state of Kansas having authority to receive or hold
moneys or funds.
(p) "Certificate of authority" means a statement signed and
sealed by
the commissioner evidencing the authority of a bank or trust
company to transact a general business as such.
(q) "Transaction account" means a deposit or account on which
the
depositor or account holder is permitted to make withdrawals by negotiable
or transferable instrument, payment orders of withdrawal, telephone transfers,
or other similar device for the purpose of making payments or transfers
to third persons or others.
(r) "Nonpersonal time deposit" means a time deposit, including a
savings
deposit that is not a transaction account, representing funds in
which any beneficial interest is held by a depositor which is not a natural
person.
(s) "Negotiable order of withdrawal deposit"
means a deposit on which
interest is paid and which is subject to withdrawal by the owner by negotiable
or transferable instruments for the purpose of making transfers to third
parties, and which consists solely of funds in which the entire beneficial
interest is held by one or more individuals, an organization
which is operated primarily for religious, philanthropic, charitable,
educational, fraternal or other similar purposes and which
is not operated for profit, and with respect to deposits of public funds
by an officer, employee or agent of the United States, any state, county,
municipality or political subdivision thereof, the District of Columbia,
the commonwealth of Puerto Rico, American Samoa, Guam, any territory or
possession of the United States or any political subdivision thereof.
(t) "Trust business" means engaging in, or holding out
to the
public as willing to engage in, the business of acting as a fiduciary for
hire, except that no accountant, attorney, credit union, insurance broker,
insurance company, investment adviser, real estate broker or sales agent,
savings and loan association, savings bank, securities broker or dealer,
real estate title insurance company or real estate escrow company shall be
deemed to be engaged in a trust company business with respect to fiduciary
services customarily performed by them for compensation as a traditional
incident to their regular business activities.
(u) "Community development corporation" (CDC) means a corporate entity
established by one or more financial institutions or by financial institutions
and other investors or members, and operating for the primary purpose of
housing development, economic growth and revitalization, small and minority
business creation, and other community development initiatives.
(v) "Community development project" (CD project) means a specific project in
a particular location, such as a neighborhood, city, county or state, the
primary purpose of which is the economic improvement of that area or the
provision of housing for low-income and moderate-income persons in that
area and any state tax credit equity fund established pursuant to K.S.A.
74-8904, and amendments thereto.
(w) "Depository institution" means any state bank, national banking
association, state savings and loan or federal savings association, without
regard to the state where the institution is chartered or the state in which
the institution's main office is located.
(x) "Student bank" means any nonprofit program offered by a high school
accredited by the state board of education, where deposits are received, checks
are paid or money is lent for limited in-school purposes.
History: L. 1947, ch. 102, § 1; L. 1970, ch. 61, § 1; L.
1975, ch. 45, § 1; L. 1976, ch. 54, § 1; L. 1981, ch. 49, § 1;
L. 1983, ch. 46, § 1; L. 1987, ch. 54, § 1; L. 1989, ch. 48, § 11;
L. 1993, ch. 31, § 1;
L. 1994, ch. 202, § 2;
L. 1995, ch. 79, § 13;
L. 1995, ch. 250, § 1; July 1.
9-701.Definitions.
Unless otherwise clearly indicated by the context, the following
words
when used in this act, for the purposes of this act, shall have the
meanings respectively ascribed to them in this section:
(a) "Bank" means a state bank incorporated under the laws of
Kansas.
(b) "Trust company" means a trust company incorporated under
the laws of Kansas and which does not accept deposits.
(c) "Board" means the Kansas state banking board.
(d) "Commissioner" means the Kansas state bank commissioner.
(e) "Executive officer" means the chairperson of the board, the president,
each vice president, the cashier, the secretary and the treasurer of a bank,
unless such officer is excluded by resolution of the board of directors or by
the bylaws of the bank or bank holding company from participation, other than
in the capacity of a director, in major policymaking functions of the bank or
bank holding company, and the officer does not actually participate in major
policymaking functions of the bank or bank holding company.
(f) "Insured bank" means a state bank whose
deposits are insured through the federal deposit insurance corporation
or other governmental agency or by an insurer approved by the state
commissioner of insurance for such purpose.
(g) "Item" means any check, note, order, or other instrument or
memorandum providing for the payment of money, or upon which money may
be collected.
(h) "Demand deposits" includes every deposit which is not a
"time deposit," "savings deposit" or "negotiable order of
withdrawal deposit" as defined in this section.
(i) "Time deposits" means "time certificates of deposit" and
"time
deposits, open account" as defined in this section.
(j) "Time certificate of deposit" means a deposit evidenced by
a negotiable or nonnegotiable instrument which provides on its face
that the amount of such deposit is payable, upon presentation and surrender
of the instrument, to bearer or to any specified person or to such person's
order:
(1) On a certain date, specified in the instrument, not less than
seven days after the date of the deposit; or
(2) at the expiration of a certain specified time not less than seven days
after the date of the instrument; or
(3) upon notice in writing which is actually required to be given not
less than seven days before the date of repayment.
(k) "Time deposit, open account" means a deposit, other than a
"time certificate of deposit," with respect to which there is in force a
written contract with the depositor that neither the whole nor any part
of such deposit may be withdrawn, by check or otherwise, prior to the
date of maturity, which shall be not less than seven days after the
date of the deposit, or prior to the expiration of the period of notice
which must be given by the depositor in writing not less than seven days in
advance of withdrawal.
(l) "Savings deposit" means a deposit: (1) Which consists of
funds
deposited to the credit of or in which the entire beneficial interest
is held by one or more individuals, or of a corporation, association or
other organization operated primarily for religious, philanthropic, charitable,
educational, fraternal or other similar purposes and not operated for profit;
or that
consists of funds deposited to the credit of or in which the entire
beneficial interest is held by the United States, any state of the United
States or any county, municipality or political subdivision thereof, or
that consists of funds deposited to the credit of, or in which any
beneficial interest is held by a corporation, partnership, association or
other organization not qualifying above; and (2) with respect to which the
depositor is not required by the deposit contract but may at any time be
required by the bank to give notice in writing of an intended withdrawal
not less than seven days before such withdrawal is made and which
is not payable on a specified date or at the expiration of a specified
time after the date of deposit.
(m) "Public moneys" means all moneys coming into the custody of
the
United States government or any board, commission or agency thereof,
and also shall mean all moneys coming into the custody of any officer of
any municipal or quasi-municipal or public corporation, the state or any
political subdivision thereof, pursuant to any provision of law
authorizing any such official to collect or receive the same.
(n) "Municipal corporation" means any city incorporated under
the laws of Kansas.
(o) "Quasi-municipal corporation" means any county, township,
school
district, drainage district, or any other governmental subdivision in the
state of Kansas having authority to receive or hold
moneys or funds.
(p) "Certificate of authority" means a statement signed and
sealed by
the commissioner evidencing the authority of a bank or trust
company to transact a general business as such.
(q) "Transaction account" means a deposit or account on which
the
depositor or account holder is permitted to make withdrawals by negotiable
or transferable instrument, payment orders of withdrawal, telephone transfers,
or other similar device for the purpose of making payments or transfers
to third persons or others.
(r) "Nonpersonal time deposit" means a time deposit, including a
savings
deposit that is not a transaction account, representing funds in
which any beneficial interest is held by a depositor which is not a natural
person.
(s) "Negotiable order of withdrawal deposit"
means a deposit on which
interest is paid and which is subject to withdrawal by the owner by negotiable
or transferable instruments for the purpose of making transfers to third
parties, and which consists solely of funds in which the entire beneficial
interest is held by one or more individuals, an organization
which is operated primarily for religious, philanthropic, charitable,
educational, fraternal or other similar purposes and which
is not operated for profit, and with respect to deposits of public funds
by an officer, employee or agent of the United States, any state, county,
municipality or political subdivision thereof, the District of Columbia,
the commonwealth of Puerto Rico, American Samoa, Guam, any territory or
possession of the United States or any political subdivision thereof.
(t) "Trust business" means engaging in, or holding out
to the
public as willing to engage in, the business of acting as a fiduciary for
hire, except that no accountant, attorney, credit union, insurance broker,
insurance company, investment adviser, real estate broker or sales agent,
savings and loan association, savings bank, securities broker or dealer,
real estate title insurance company or real estate escrow company shall be
deemed to be engaged in a trust company business with respect to fiduciary
services customarily performed by them for compensation as a traditional
incident to their regular business activities.
(u) "Community development corporation" (CDC) means a corporate entity
established by one or more financial institutions or by financial institutions
and other investors or members, and operating for the primary purpose of
housing development, economic growth and revitalization, small and minority
business creation, and other community development initiatives.
(v) "Community development project" (CD project) means a specific project in
a particular location, such as a neighborhood, city, county or state, the
primary purpose of which is the economic improvement of that area or the
provision of housing for low-income and moderate-income persons in that
area and any state tax credit equity fund established pursuant to K.S.A.
74-8904, and amendments thereto.
(w) "Depository institution" means any state bank, national banking
association, state savings and loan or federal savings association, without
regard to the state where the institution is chartered or the state in which
the institution's main office is located.
(x) "Student bank" means any nonprofit program offered by a high school
accredited by the state board of education, where deposits are received, checks
are paid or money is lent for limited in-school purposes.
History: L. 1947, ch. 102, § 1; L. 1970, ch. 61, § 1; L.
1975, ch. 45, § 1; L. 1976, ch. 54, § 1; L. 1981, ch. 49, § 1;
L. 1983, ch. 46, § 1; L. 1987, ch. 54, § 1; L. 1989, ch. 48, § 11;
L. 1993, ch. 31, § 1;
L. 1994, ch. 202, § 2;
L. 1995, ch. 79, § 13;
L. 1995, ch. 250, § 1; July 1.