§ 117 Trust Company Definition

• •A “trust company” can be a corporation, an industrial bank, or a commercial bank.
• •It must be authorized (given permission) to do trust business.
• •The definition was added to the law on Jan 1 2012.

A big commercial bank offers to manage a family’s money in a trust.

Because the bank is a corporation that is allowed to do trust work, the law says it counts as a “trust company.”