N.Y. General Business Law Section 359-I


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.


An act is done “in good faith” when it is done in fact honestly, whether it be done negligently or not.

Source: Section 359-I — Definitions, https://www.­nysenate.­gov/legislation/laws/GBS/359-I (updated Sep. 22, 2014; accessed Dec. 2, 2023).

Dec. 2, 2023

Last modified:
Sep. 22, 2014

§ 359-I’s source at nysenate​.gov

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