§ 6.2-1074. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Degrees of kinship" means, with respect to two persons, (i) degrees oflineal kinship computed by counting one degree for each person in the line ofascent or descent, exclusive of the person from whom the computing begins and(ii) degrees of collateral kinship computed by commencing with one of thepersons and ascending from that person to a common ancestor, descending fromthat ancestor to the other person, and counting one degree for each person inthe line of ascent and in the line of descent, exclusive of the person fromwhom the computation begins, the total to represent the degree of suchkinship.
"Designated relative" means the individual to or through whom the familymembers are related.
"Family" means a designated relative and family members of that designatedrelative.
"Family member" means the designated relative and:
1. Any individual within (i) the fifth degree of lineal kinship to thedesignated relative or (ii) the ninth degree of collateral kinship to thedesignated relative, for which purposes only a legally adopted individualshall be treated as a natural child of the adoptive parents;
2. The present or past spouse of the designated relative and of anyindividual qualifying as a family member under subdivision 1;
3. A trust established (i) by a family member or (ii) exclusively for thebenefit of one or more family members;
4. A stock corporation, limited partnership or limited liability company, allof the capital stock, partnership interests, membership interests, or otherequity interests of which are owned by one or more family members, theirspouses qualifying under subdivision 2, their trusts qualifying undersubdivision 3, or their estates qualifying under subdivision 5;
5. The estate of a family member; or
6. A charitable foundation or other charitable entity created by a familymember.
"Fiduciary" means executor, administrator, conservator, guardian,committee, or trustee.
"Operating plan" means a plan that establishes the policies and proceduresa private trust company will have in effect when the institution opens forbusiness and thereafter (i) to ensure that trust accounts are handled inaccordance with recognized standards of fiduciary conduct and (ii) to assurecompliance with applicable laws and regulations.
"Private trust business" means acting as or performing the duties of afiduciary in the regular course of its business for family members.
"Private trust company" means a corporation or limited liability companythat is organized to engage in private trust business under this article withone or more family members and that does not transact business with thegeneral public.
"Tax" includes, but is not limited to, federal, state or local income,gift, estate, generation-skipping transfer, or inheritance tax.
(2003, c. 910, §§ 6.1-32.30:1; 6.1-32.30:7; 2010, c. 794.)
§ 6.2-1074. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Degrees of kinship" means, with respect to two persons, (i) degrees oflineal kinship computed by counting one degree for each person in the line ofascent or descent, exclusive of the person from whom the computing begins and(ii) degrees of collateral kinship computed by commencing with one of thepersons and ascending from that person to a common ancestor, descending fromthat ancestor to the other person, and counting one degree for each person inthe line of ascent and in the line of descent, exclusive of the person fromwhom the computation begins, the total to represent the degree of suchkinship.
"Designated relative" means the individual to or through whom the familymembers are related.
"Family" means a designated relative and family members of that designatedrelative.
"Family member" means the designated relative and:
1. Any individual within (i) the fifth degree of lineal kinship to thedesignated relative or (ii) the ninth degree of collateral kinship to thedesignated relative, for which purposes only a legally adopted individualshall be treated as a natural child of the adoptive parents;
2. The present or past spouse of the designated relative and of anyindividual qualifying as a family member under subdivision 1;
3. A trust established (i) by a family member or (ii) exclusively for thebenefit of one or more family members;
4. A stock corporation, limited partnership or limited liability company, allof the capital stock, partnership interests, membership interests, or otherequity interests of which are owned by one or more family members, theirspouses qualifying under subdivision 2, their trusts qualifying undersubdivision 3, or their estates qualifying under subdivision 5;
5. The estate of a family member; or
6. A charitable foundation or other charitable entity created by a familymember.
"Fiduciary" means executor, administrator, conservator, guardian,committee, or trustee.
"Operating plan" means a plan that establishes the policies and proceduresa private trust company will have in effect when the institution opens forbusiness and thereafter (i) to ensure that trust accounts are handled inaccordance with recognized standards of fiduciary conduct and (ii) to assurecompliance with applicable laws and regulations.
"Private trust business" means acting as or performing the duties of afiduciary in the regular course of its business for family members.
"Private trust company" means a corporation or limited liability companythat is organized to engage in private trust business under this article withone or more family members and that does not transact business with thegeneral public.
"Tax" includes, but is not limited to, federal, state or local income,gift, estate, generation-skipping transfer, or inheritance tax.
(2003, c. 910, §§ 6.1-32.30:1; 6.1-32.30:7; 2010, c. 794.)
§ 6.2-1074. (Effective October 1, 2010) Definitions.
As used in this article, unless the context requires a different meaning:
"Degrees of kinship" means, with respect to two persons, (i) degrees oflineal kinship computed by counting one degree for each person in the line ofascent or descent, exclusive of the person from whom the computing begins and(ii) degrees of collateral kinship computed by commencing with one of thepersons and ascending from that person to a common ancestor, descending fromthat ancestor to the other person, and counting one degree for each person inthe line of ascent and in the line of descent, exclusive of the person fromwhom the computation begins, the total to represent the degree of suchkinship.
"Designated relative" means the individual to or through whom the familymembers are related.
"Family" means a designated relative and family members of that designatedrelative.
"Family member" means the designated relative and:
1. Any individual within (i) the fifth degree of lineal kinship to thedesignated relative or (ii) the ninth degree of collateral kinship to thedesignated relative, for which purposes only a legally adopted individualshall be treated as a natural child of the adoptive parents;
2. The present or past spouse of the designated relative and of anyindividual qualifying as a family member under subdivision 1;
3. A trust established (i) by a family member or (ii) exclusively for thebenefit of one or more family members;
4. A stock corporation, limited partnership or limited liability company, allof the capital stock, partnership interests, membership interests, or otherequity interests of which are owned by one or more family members, theirspouses qualifying under subdivision 2, their trusts qualifying undersubdivision 3, or their estates qualifying under subdivision 5;
5. The estate of a family member; or
6. A charitable foundation or other charitable entity created by a familymember.
"Fiduciary" means executor, administrator, conservator, guardian,committee, or trustee.
"Operating plan" means a plan that establishes the policies and proceduresa private trust company will have in effect when the institution opens forbusiness and thereafter (i) to ensure that trust accounts are handled inaccordance with recognized standards of fiduciary conduct and (ii) to assurecompliance with applicable laws and regulations.
"Private trust business" means acting as or performing the duties of afiduciary in the regular course of its business for family members.
"Private trust company" means a corporation or limited liability companythat is organized to engage in private trust business under this article withone or more family members and that does not transact business with thegeneral public.
"Tax" includes, but is not limited to, federal, state or local income,gift, estate, generation-skipping transfer, or inheritance tax.
(2003, c. 910, §§ 6.1-32.30:1; 6.1-32.30:7; 2010, c. 794.)
