N.Y. Gen. Bus. Law § 359-I

Current through 2024 NY Law Chapter 553

Section 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.

N.Y. Gen. Bus. Law § 359-I