14-7501. Definitions
151 words·~1 min read·
/az/title-14/14-7501A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. In this article, unless the context otherwise requires:
1. "Bank" includes commercial banks, savings banks, trust companies, and any person or association of persons, whether incorporated or not, carrying on the business of banking.
2. "Fiduciary" includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate.
3. "Person" includes a corporation, partnership, or other association, or two or more persons having a joint or common interest.
4. "Principal" includes any person to whom a fiduciary as such owes an obligation.
B. A thing is done "in good faith" within the meaning of this article, when it is in fact done honestly, whether it be done negligently or not.