§ 1601
114 words·~1 min read·
/ca/financial-code/1601A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purposes of this chapter, all trusts and other business permitted to be accepted or executed by a trust company are hereby classified and defined as either court trusts or private trusts.
A “court trust” is one in which a trust company acts under appointment, order, or decree of any court, as executor, administrator, guardian, conservator, assignee, receiver, depositary, or trustee, or in which it receives on deposit money or property from a public administrator, under any provision of this code, or from any executor, administrator, guardian, assignee, receiver, depositary, or trustee, under any order or decree of any court.
A “private trust” is every other trust, agency, fiduciary relationship, or representative capacity.