N.Y. Estates, Powers and Trusts Law 7-6.1 – Definitions
§ 7-6.1 Definitions
Terms Used In N.Y. Estates, Powers and Trusts Law 7-6.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
In this part:
(a) "Adult" means an individual who has attained the age of twenty-one years.
(b) "Benefit plan" means an employer's plan for the benefit of an employee or partner or an individual retirement account.
(c) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others.
(d) "Court" means the supreme court or the surrogate's court having jurisdiction over the minor.
(e) "Custodial property" means (i) any interest in property transferred to a custodian under this part and (ii) the income from and proceeds of that interest in property.
(f) "Custodian" means a person so designated under 7-6.9 or a successor or substitute custodian designated under 7-6.18.
(g) "Financial institution" means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.
(h) "Guardian" means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.
(i) "Legal representative" means an individual's personal representative or guardian.
(j) "Member of the minor's family" means any of the minor's parents, stepparents, spouse, grandparents, brothers, sisters, uncles, and aunts, whether of the whole blood or half blood or by or through legal adoption.
(k) "Minor" means an individual who has not attained the age of twenty-one years.
(l) "Person" means an individual, corporation, organization, or other legal entity.
(m) "Personal representative" means a person who has received letters to administer the estate of a decedent or a person legally authorized to perform substantially the same functions.
(n) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
(o) "Transfer" means a transaction that creates custodial property under 7-6.9.
(p) "Transferor" means a person who makes a transfer under this part.
(q) "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers in this state.