(a)Act means the Federal Deposit Insurance Act (12 U.S.C. 1811et seq.).
(b)Corporation means the Federal Deposit Insurance Corporation.
(c)Default has the same meaning as provided under section 3(x) of the Act (12 U.S.C. 1813(x)).
(d)Deposit has the same meaning as provided under section 3(l) of the Act (12 U.S.C. 1813(l)).
(e)Deposit account records means account ledgers, signature cards, certificates of deposit, passbooks, corporate resolutions authorizing accounts in the possession of the insured depository institution and other books and records of the insured depository institution, including records maintained by computer, which relate to the insured depository institution's deposit taking function, but does not mean account statements, deposit slips, items deposited or cancelled checks.
(f)FDIC means the Federal Deposit Insurance Corporation.
(g)Independent activity. A corporation, partnership or unincorporated association shall be deemed to be engaged in an “independent activity” if the entity is operated primarily for some purpose other than to increase deposit insurance.
(h)Insured branch means a branch of a foreign bank any deposits in which are insured in accordance with the provisions of the Act.
(i)Insured deposit has the same meaning as that provided under section 3(m)(1) of the Act (12 U.S.C. 1813(m)(1)).
(j)Insured depository institution is any depository institution whose deposits are insured pursuant to the Act, including a foreign bank having an insured branch.
(k)Interest, with respect to a deposit, means any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit. A bank's absorption of expenses incident to providing a normal banking function or its forbearance from charging a fee in connection with such a service is not considered a payment of interest.
(l)Natural person means a human being.
(m)Non-contingent trust interest means a trust interest capable of determination without evaluation of contingencies except for those covered by the present worth tables and rules of calculation for their use set forth in § 20.2031-7 of the Federal Estate Tax Regulations (26 CFR 20.2031-7) or any similar present worth or life expectancy tables which may be adopted by the Internal Revenue Service.
(n)Sole proprietorship means a form of business in which one person owns all the assets of the business, in contrast to a partnership or corporation.
(o)Standard maximum deposit insurance amount, referred to as the “SMDIA” hereafter, means $250,000 adjusted pursuant to subparagraph (F) of section 11(a)(1) of the FDI Act (12 U.S.C. 1821(a)(1)(F)).
(p)Trust estate means the determinable and beneficial interest of a beneficiary or principal in trust funds but does not include the beneficial interest of an heir or devisee in a decedent's estate.
(q)Trust funds means funds held by an insured depository institution as trustee pursuant to any irrevocable trust established pursuant to any statute or written trust agreement.
(r)Trust interest means the interest of a beneficiary in an irrevocable express trust (other than an employee benefit plan) created either by written trust instrument or by statute, but does not include any interest retained by the settlor.
(s)Noninterest-bearing transaction account means—
(1) A deposit or account maintained at an insured depository institution—
(i) With respect to which interest is neither accrued nor paid;
(ii) On which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawal, telephone or other electronic media transfers, or other similar items for the purpose of making payments or transfers to third parties or others; and
(iii) On which the insured depository institution does not reserve the right to require advance notice of an intended withdrawal; and
(2) A trust account established by an attorney or law firm on behalf of a client, commonly known as an Interest on Lawyers Trust Account, or a functionally equivalent account, as determined by the Corporation.