Final answer:
The statement that 12 CFR 9.2(b) includes a revocable trust document drafted by the grantor under 'applicable law' for national bank fiduciary activities is FALSE. The regulation refers to federal and state law governing trust administration, not individual trust documents themselves.
Step-by-step explanation:
The question you've posted regarding 12 CFR 9.2(b) includes relates to what is considered applicable law when dealing with national bank fiduciary activities, with a specific focus on what constitutes as such in relation to a trust document drafted by the grantor. According to the mentioned regulation, applicable law includes any federal law or rule, and the law of the state in which the national bank is operating. However, when addressing the inclusion of a revocable trust document specifically, the regulation does not suggest that individual trust documents themselves define applicable law. Instead, the state law and federal law that govern the administration of trusts would be the applicable law. Therefore, the accurate answer to the question would be FALSE, as a revocable trust document drafted by the grantor itself is not part of 'applicable law' as defined in 12 CFR 9.2(b).