Common trust fund definition

Common trust fund means a trust in which the proceeds of more than one funeral contract may be held by the trustee.

Common trust fund means a fund maintained by a bank or trust company exclusively for the collective investment and reinvestment of moneys contributed thereto by that bank or trust company, or by another bank or trust company at least eighty percent of the voting stock of which is owned or controlled by a bank holding company which owns or controls at least eighty percent of the voting stock of the bank or trust company maintaining the common trust fund, in its capacity as a fiduciary or cofiduciary.

Common trust fund means a trust or fund maintained by a bank or trust company exclusively for the collective investment or reinvestment of money contributed to the trust or fund by the bank or trust company, or an affiliated bank or trust company, as a fiduciary, including a trustee of a trust or fund for the primary purpose of paying employee benefits of any kind.[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]

Examples of Common trust fund in a sentence

• Common trust fund or other collective investment fund agreements maintained by any national or state chartered bank, trust company, or savings and loan associationDiversificationIt is the policy of the district to diversify its investment portfolio.

• The bank or trust company shall send a copy of the latest report of such audit annually to each person to whom a regular periodic accounting of the trusts participating in the common trust fund ordinarily would be rendered, or shall send advice to each such person annually that the report is available and that a copy will be furnished without charge upon request.D. Common trust fund court proceedings.

• Common trust fund divi- dends or interest included in lines 1 or 2 must be entered here.

• Common trust fund - The common trust fund is a stable value fund valued at the NAV of units of a bank collective trust that is comprised primarily of fully benefit-responsive investment contracts.

• Common trust fund or other collective investment fund agreements maintained by any national or state-chartered bank, trust company or savings and loan association.

More Definitions of Common trust fund

Common trust fund means a fund maintained by a financial institution or 1 or more affiliated financial institutions exclusively for the collective investment and reinvestment of money contributed to the fund by the financial institution or the affiliated financial institutions in its capacity as a fiduciary or cofiduciary.

Common trust fund means a fund maintained by a trust corporation in which moneys belonging to various estates and trusts in its care are combined for the purpose of facilitating investments; (« caisse fiduciaire commune »)

Common trust fund currently means a fund maintained by a financial institution, exclusively for the collective investment and reinvestment of money contributed to the fund by the financial institution in its capacity as a fiduciary or cofiduciary and established, maintained, and administered pursuant to the Act. Two or more financial institutions must be treated as one with respect to a fund of which any one of the institutions is trustee or two or more of the institutions are cotrustees. Under the bill, “common trust fund” instead would mean a fund maintained by a financial institution or one or more affiliated financial institutions exclusively for the collective investment and reinvestment of money contributed to the fund by the financial institution or the affiliated financial institutions in its capacity as a fiduciary or cofiduciary.

Common trust fund means a common trust fund described under § 584 of the Internal Revenue Code of 1986, as amended, as well as any other type of collective investment fund that is exempt from federal income taxation under any other provision of the Internal Revenue Code or regulations issued pursuant thereto.

Common trust fund means a common trust fund or similar fund, as described in section 3(c)(3) of the Act;

Common trust fund means a fund main- tained by a bank or trust company exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank or trust company or any affiliate thereof, in the capacity of a fiduciary or co-fiduciary.

Common trust fund means a fund maintained by a bank or trust company exclusively for the collective investment and reinvestment of money contributed to the fund by the bank or trust company in its capacity as a trustee, executor, administrator, or guardian, or as a cotrustee, coexecutor, coadministrator, or coguardian.