7 Pa. Stat. § 6351

Current through P.A. Acts 2023-32

Section 6351 - Definition of terms

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

7 P.S. § 6351

1923, May 31, P.L. 468, § 1.