New Jersey Statutes 3B:19B-13. Principal receipts
Terms Used In New Jersey Statutes 3B:19B-13
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Decedent: A deceased person.
- 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
- Trustee: A person or institution holding and administering property in trust.
a. To the extent not allocated to income under this act, assets received from a transferor during the transferor’s lifetime, a decedent‘s estate, a trust with a terminating income interest or a payer under a contract naming the trust or its trustee as beneficiary;
b. Money or other property received from the sale, exchange, liquidation or change in form of a principal asset, including realized profit, subject to sections 10 through 23 of this act;
c. Amounts recovered from third parties to reimburse the trust because of disbursements described in paragraph (9) of subsection a. of section 25 of this act or for other reasons to the extent not based on the loss of income;
d. Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;
e. Net income received in an accounting period during which there is no beneficiary to whom a trustee may or shall distribute income; and
f. Other receipts as provided in sections 17 through 23 of this act.
L.2001,c.212,s.13.