New Jersey Statutes 3B:31-3. Definitions
Terms Used In New Jersey Statutes 3B:31-3
- 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
- Distributee: means any person who has received property of a decedent from his personal representative other than as a creditor or purchaser. See New Jersey Statutes 3B:1-1
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- territory: extends to and includes any territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
As used in this act:
“Action,” with respect to an act of a trustee, includes a failure to act.
“Beneficiary,” as it relates to trust beneficiaries, includes a person:
(1) who has any present or future interest, vested or contingent;
(2) who, in a capacity other than that of trustee, holds a power of appointment over trust property;
(3) who is the owner of an interest by assignment or other transfer; and
(4) as it relates to a charitable trust, any person who is entitled to enforce the trust.
“Charitable trust” means a trust, or portion of a trust, created for a charitable purpose described in subsection a. of N.J.S. 3B:31-22
“Environmental law” means a federal, State, or local law, rule, regulation, or ordinance relating to protection of the environment.
“Interests of the beneficiaries” means the beneficial interests provided in the terms of the trust.
“Jurisdiction,” with respect to a geographic area, includes a state or country.
“Power of withdrawal” means a presently exercisable general power of appointment other than a power exercisable only upon consent of the trustee or a person holding an adverse interest.
“Property” means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein.
“Qualified beneficiary” means a beneficiary who, on the date the beneficiary’s qualification is determined:
(1) is a distributee or permissible distributee of trust income or principal;
(2) would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in paragraph (1) terminated on that date; or
(3) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.
“Revocable,” as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.
“Settlor” means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that portion.
“Spendthrift provision” means a term of a trust which restrains both voluntary and involuntary transfer of a beneficiary’s interest.
“State” means a State of the United States, the District of Columbia, Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band recognized by federal law or formally acknowledged by a state.
“Terms of a trust” means the manifestation of the settlor’s intent regarding a trust’s provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding.
“Trust instrument” means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto.
“Trustee,” in addition to the definition contained in N.J.S.3B:1-2, includes a corporate entity in its capacity as trustee and a co-trustee where two or more are appointed.
L.2015, c.276, s.1.