New Jersey Statutes 19:44B-1. Definitions
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Terms Used In New Jersey Statutes 19:44B-1
- Bequest: Property gifted by will.
- Dependent: A person dependent for support upon another.
- Devise: To gift property by will.
- Forbearance: A means of handling a delinquent loan. A
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Intestate: Dying without leaving a will.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
1. a. “Gift” means any money or thing of value received other than as income, and for which a consideration of equal or greater value is not received, but does not include any political contribution reported as otherwise required by law, any loan made in the ordinary course of business, or any devise, bequest, intestate estate distribution or principal distribution of a trust or gift received from a member of a person‘s household or from a relative within the third degree of consanguinity of the person or his spouse, or from the spouse of that relative;
b. “Income” means any money or thing of value received, or to be received, as a claim on future services, whether in the form of a fee, expense, allowance, forbearance, forgiveness, interest, dividend, royalty, rent, capital gain, or any other form of recompense, or any combination thereof;
c. “Member of household” means the spouse of a candidate for the office of Governor or Lieutenant Governor or of a candidate for the Senate or General Assembly residing in the same domicile and any dependent children.
L.1981, c.129, s.1; amended 2009, c.66, s.28.