2Interpretation(1)

In this Act, unless the subject or context otherwise requires—

“appointed day” means such day as may, under section 3 (Appointed day) of this Act, be appointed for the purposes of this Act;

“the Bank” means Ulster Bank Limited;

“customer” includes any person having a bank account or other dealing, transaction or arrangement with the Trust Company or, as the case may be, the Bank;

“existing” means existing, outstanding or in force immediately before the appointed day;

“liabilities” includes duties and obligations of every description (whether present or future, actual or contingent);

“property” means property and assets of every description (whether present or future, actual or contingent), and includes property and assets held on trust or in a fiduciary capacity and securities, rights, benefits and powers of every description;

“security” includes a mortgage or charge (whether legal or equitable), debenture, bill of exchange, promissory note, guarantee, lien, pledge (whether actual or constructive), hypothecation, assignment by way of security, indemnity, right of set off, undertaking or other means of securing payment or discharge of a debt or liability (whether present or future, actual or contingent);

“the Trust Company” means Ulster Bank Executor and Trustee Services Company;

“undertaking” means the business and all existing property and liabilities of the Trust Company, of whatever nature, but does not include documents required to be kept by the Trust Company pursuant to the provisions of the Companies (Northern Ireland) Order 1986; and

“will” includes a codicil and any other testamentary writing.

(2)

Any reference in this Act to property or liabilities of the Trust Company is a reference to property or liabilities to which the Trust Company is for the time being entitled or subject (whether beneficially or in any fiduciary capacity), wherever such property or liabilities are situated or arise and whether or not capable of being transferred or assigned by the Trust Company and whether the Trust Company is entitled or subject to the property or liabilities under the law of any part of the United Kingdom or under the law of any country or territory outside the United Kingdom.