(a) In this chapter unless the context or subject-matter otherwise requires:

1. (1) "Bank" includes any person or association of persons, whether incorporated or not, carrying on the business of banking.
2. (2) "Fiduciary" includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, 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.
3. (3) "Person" includes a corporation, limited liability company, partnership, or other association, or two (2) or more persons having a joint or common interest.
4. (4) "Principal" includes any person to whom a fiduciary as such owes an obligation.

(b) A thing is done "in good faith" within the meaning of this chapter, when it is in fact done honestly, whether it be done negligently or not.

Formerly: Acts 1927, c.17, s.1. As amended by Acts 1982, P.L.171, SEC.92; P.L.8-1993, SEC.463.