N.Y. Estates, Powers and Trusts Law 3-4.5 – Insurance proceeds from specific disposition not subject to
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§ 3-4.5 Insurance proceeds from specific disposition not subject to
Terms Used In N.Y. Estates, Powers and Trusts Law 3-4.5
- 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
ademption
Where insurance proceeds from property which was the subject of a specific disposition are paid after the testator's death, such proceeds, to the extent received by the personal representative, are payable by him to the beneficiary of such disposition; and such proceeds retain the character of a specific disposition for all other purposes, including 12-1.2 and 13-1.3.