For the purposes of this part:

1. (1) "Account" means the trust, estate, or other fiduciary relationship that has been established with a bank;
2. (2) "Custodian under a Uniform Gifts to Minors Act" means an account established pursuant to a state law that is substantially similar to the Uniform Gifts to Minors Act as published by the American Law Institute and with respect to which the bank operating such account has established to the satisfaction of the United States Secretary of the Treasury that it has duties and responsibilities similar to duties and responsibilities of a trustee or guardian;

3. (3) "Fiduciary" means a bank undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with its undertaking and includes:

   1. (A) Trustee;
   2. (B) Executor;
   3. (C) Administrator;
   4. (D) Registrar of stocks and bonds;
   5. (E) Guardian of estates;
   6. (F) Assignee;
   7. (G) Receiver;
   8. (H) Committee of estates of incompetents;
   9. (I) Managing agent; and
   10. (J) Any other similar capacity;
4. (4) "Fiduciary powers" means the power to act in any fiduciary capacity as authorized by Arkansas state law or any applicable federal law;
5. (5) "Fiduciary records" means all matters that are written, transcribed, recorded, received, or otherwise come into possession of a bank and are necessary to preserve information concerning the acts and events relevant to the fiduciary activities of a bank;
6. (6) "Guardian" means the guardian or committee by whatever name employed by local law of the estate of an infant, an incompetent individual, an absent individual, or a competent individual over whose estate a court has taken jurisdiction, other than under bankruptcy or insolvency laws;

7. (7) "Investment authority" means the responsibility conferred by action of law or a provision of an appropriate governing instrument to:

   1. (A) Make, select, or change investments;
   2. (B) Review investment decisions made by others; or
   3. (C) Provide investment advice or counsel to others;
8. (8) "Local law" means the law of the state or other jurisdiction governing the fiduciary relationship;
9. (9) "Managing agent" means the fiduciary relationship assumed by a bank upon the creation of an account that names the bank as agent and confers investment discretion upon the bank;

10. (10) "State bank" means any bank, trust company, savings bank, or other banking institution that is not a national bank and the principal office of which is located in:

    1. (A) The District of Columbia; or
    2. (B) Any state, commonwealth, or territorial possession of the United States; and
11. (11) "Trust department" means that group or groups of officers and employees of a bank organized under the supervision of officers or employees to whom are designated by the board of directors the performance of the fiduciary responsibilities of the bank, whether or not the group or groups are so named.