New York General Business Law § 359-i. Definitions




1. In this article unless the context or subject matter otherwise requires:

Bank” includes any person or association of persons, whether incorporated or not, carrying on the business of banking.

Fiduciary” includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, committee, 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.

Person” includes a corporation, partnership, or other association, or two or more persons having a joint or common interest.

Principal” includes any person to whom a fiduciary as such owes an obligation.

2. An act is done “in good faith” when it is done in fact honestly, whether it be done negligently or not.


FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system. For more detailed codes research information, including annotations and citations, please visit Westlaw.

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.