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This entry was published on 2014-09-22
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Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 5
§ 7-5.1 Definitions

(a) A "beneficiary" is a person who is described by a depositor as a
person for whom a trust account is established or maintained.

(b) A "depositor" is a person in whose name a trust account subject to
this part is established or maintained.

(c) A "financial institution" is a bank, trust company, national
banking association, savings bank, industrial bank, private banker,
foreign banking corporation, federal savings and loan association, a
savings institution chartered and supervised as a savings and loan or
similar institution under federal law or the laws of a state, a federal
credit union, or a credit union chartered and supervised under the laws
of a state.

(d) A "trust account" includes a savings, share, certificate or
deposit account in a financial institution established by a depositor
describing himself as trustee for another, other than a depositor
describing himself as acting under a will, trust instrument or other
instrument, court order or decree.