N.Y. Estates, Powers and Trusts Law 13-3.1 – Rights of payees in non-transferable United States savings
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§ 13-3.1 Rights of payees in non-transferable United States savings
Terms Used In N.Y. Estates, Powers and Trusts Law 13-3.1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Statute: A law passed by a legislature.
bonds
Where any United States savings bond is payable to a designated person, whether as owner, co-owner or beneficiary, and such bond is not transferable, the right of such person to receive payment of the bond according to its terms, and the ownership of the money so received, shall not be impaired or defeated by any statute or rule of law governing the transfer of property by will, gift or intestacy, except as provided in section 5-1.1-A; provided further that nothing herein shall limit article 10 of the debtor and creditor law or 2-1.8.