New Jersey Statutes 3B:20-1. Definitions
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Terms Used In New Jersey Statutes 3B:20-1
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means an individual or corporation that is authorized to act as or acts as a trustee, personal representative, conservator, guardian, and every other individual or corporation charged with the duty of administering a trust estate. See New Jersey Statutes 3B:20-1
- Trustee: A person or institution holding and administering property in trust.
3B:20-1. Definitions. As used in this chapter:
a. “Trust instrument” means and includes a will, deed, agreement, court order or other instrument pursuant to which money or other property is entrusted to a fiduciary;
b. “Fiduciary” means an individual or corporation that is authorized to act as or acts as a trustee, personal representative, conservator, guardian, and every other individual or corporation charged with the duty of administering a trust estate;
c. “Trust estate” or “trust assets” means money or other property entrusted to a fiduciary;
d. (Deleted by amendment, P.L.1997, c.26.)
e. “Beneficiary” means an individual or corporation for whose benefit a fiduciary acts or is authorized to act.
Amended 1983, c.192, s.2; 1995, c.48, s.1; 1997, c.26, s.13.