As used in this chapter, unless the context otherwise requires, the term:
1. "Account" means any account with a state bank and includes a demand, time or savings deposit account or any account for the payment of money to a state bank.
2. "Administrator" means the person designated in section 537.6103.
3. "Agreement for the payment of money" means a monetary obligation, other than an obligation in the form of an evidence of indebtedness or an investment security; including, but not limited to, amounts payable on open book accounts receivable and executory contracts and rentals payable under leases of personal property.
4. "Agricultural credit corporation" means as defined in section 535.12, subsection 4.
5. "Articles of incorporation" means the original or restated articles of incorporation and all amendments thereto and includes articles of merger.
6. "Assets" means all the property and rights of every kind of a state bank.
7. "Bank" means a corporation engaged in the business of banking, authorized by law to receive deposits and whose deposits are insured by the bank insurance fund of the federal deposit insurance corporation.
8. "Bankers' bank" means a bank which is organized under the laws of any state or under federal law, and whose shares are owned exclusively by other banks or by a bank holding company whose shares are owned exclusively by other banks, except for directors' qualifying shares when required by law, and which engages exclusively in providing services for depository institutions and officers, directors and employees of those depository institutions.
9. "Business of banking" means the business generally done by banks.
10. "Capital" means the sum of the par value of the preferred and common shares of a state bank issued and outstanding.
11. "Capital structure" means the capital, surplus, and undivided profits of a state bank and shall include an amount equal to the sum of any capital notes and debentures issued and outstanding pursuant to section 524.404.
12. "Customer" means any person having an account with a state bank. For the purpose of this chapter, a government or governmental body or entity may be a customer.
13. "Evidence of indebtedness" means a note, draft or similar negotiable or nonnegotiable instrument.
14. "Fiduciary" means an executor, administrator, guardian, conservator, receiver, trustee or one acting in a similar capacity.
15. "Insolvent" means the inability of a state bank to pay its debts and obligations as they become due in the ordinary course of its business.
16. "Insured bank" means a state bank the deposits of which are insured in accordance with the provisions of the federal deposit insurance act.
17. "Municipal corporation" means an incorporated city.
18. "Person" means an individual, a corporation (domestic or foreign), a partnership, an association, a trust or a fiduciary.
19. "Private bank" means an individual, partnership or other unincorporated association engaged in the business of banking to the extent provided for and limited by sections 524.1701 and 524.1702 and which was lawfully engaged in the business of banking in this state prior to April 19, 1919.
20. "Shareholder" means one who is a holder of record of shares in a state bank.
21. "Shares" means the units into which the proprietary interests in a state bank are divided.
22. "State bank" means any bank incorporated pursuant to the provisions of this chapter after January 1, 1970, and any "state bank" or "savings bank" incorporated pursuant to the laws of this state and doing business as such upon January 1, 1970.
23. "Superintendent" means the superintendent of banking of this state.
24. "Supervised financial organization" as defined and used in the Iowa consumer credit code includes a person organized pursuant to this chapter.
25. "Surplus" means the aggregate of the amount originally paid in as required by section 524.402, subsection 1, any amounts transferred to surplus pursuant to section 524.402, subsection 2, and any amounts subsequently designated as such by action of the board of directors of the state bank.
26. "Trust company" means a business organization which is authorized to engage in trust business pursuant to section 524.1005. A bank lawfully granted trust powers under the laws of this state or of the United States is not a trust company by reason of having authority to engage in trust business in addition to its general business.
27. "Undivided profits" means the accumulated undistributed net profits of a state bank, including any residue from the fund established pursuant to section 524.403, after:
a. Payment or provision for payment of taxes and expenses of operations.
b. Transfers to reserves allocated to a particular asset or class of assets.
c. Losses estimated or sustained on a particular asset or class of assets in excess of the amount of reserves allocated therefor.
d. Transfers to surplus and capital.
e. Amounts declared as dividends to shareholders.
28. "Unincorporated area" means a village within which a state bank or national bank has its principal place of business.
[C71, 73, 75, 77, 79, 81, § 524.103]
85 Acts, ch 252, §32; 89 Acts, ch 257, §2, 3; 90 Acts, ch 1228, § 1
Referred to in § 12.61, 15B.1, 252I.1, 422.61, 453A.8, 521C.4, 524.109, 633.89
Iowa General Assembly
Search: Iowa Code 1995
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Thu Feb 8 18:14:51 CST 1996
URL: /IACODE/1995/524/103.html
jhf