New York Laws > Estates, Powers and Trusts > Article 6 > Part 1 – Estates Classified As to Duration
Current as of: 2024 | Check for updates
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| § 6-1.1 | Estates classified |
| § 6-1.2 | Estates tail abolished; future estates limited thereon |
| § 6-1.3 | When estate for life of third person is real property; when |
Terms Used In New York Laws > Estates, Powers and Trusts > Article 6 > Part 1 - Estates Classified As to Duration
- 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.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Statute: A law passed by a legislature.