New Jersey Statutes 3B:9-1. Definitions
Terms Used In New Jersey Statutes 3B:9-1
- Contract: A legal written agreement that becomes binding when signed.
- Dependent: A person dependent for support upon another.
- Devise: To gift property by will.
- Devise: when used as a noun, means a testamentary disposition of real or personal property and when used as a verb, means to dispose of real or personal property by will. See New Jersey Statutes 3B:1-1
- 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
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
- Trustee: A person or institution holding and administering property in trust.
a. A “present interest” is one to take effect in immediate possession, use or enjoyment without the intervention of a preceding estate or interest or without being dependent upon the happening of any event or thing;
b. A “future interest” is one to take effect in possession, use or enjoyment dependent upon the termination of an intervening estate or interest or the happening of any event or thing;
c. A “devisee” means any person designated in a will to receive a devise, but does not mean a trustee or trust designated in a will to receive a devise;
d. The “effective date” is the date on which a property right vests, or a contract right arises, even though the right is subject to divestment;
e. “Joint property” is property that is owned by two or more persons with rights of survivorship and includes a tenancy by the entirety, a joint tenancy, a joint tenancy with rights of survivorship and a joint life estate with contingent remainder in fee. For purposes of this chapter, joint property is deemed to consist of a present interest and a future interest. The future interest is the right of survivorship;
f. “Joint tenant” is the co-owner of joint property.
Amended 2004, c.132, s.63.