N.Y. Estates, Powers and Trusts Law 13-4.1 – Definitions
§ 13-4.1 Definitions
Terms Used In N.Y. Estates, Powers and Trusts Law 13-4.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, a corporation, an organization or other legal entity. See N.Y. Estates, Powers and Trusts Law 13-4.1
- Personal property: All property that is not real property.
- Personal representative: includes executor, administrator, successor personal representative, preliminary executor, temporary administrator and persons who perform substantially the same function under the law governing their status. See N.Y. Estates, Powers and Trusts Law 13-4.1
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See N.Y. Estates, Powers and Trusts Law 13-4.1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Security: means a share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security and a security account. See N.Y. Estates, Powers and Trusts Law 13-4.1
- Security account: means (i) a reinvestment account associated with a security, a securities account with a broker or banking institution, as defined in paragraph (b) of subdivision three of § 9-f of the banking law, a cash balance in a brokerage account or securities account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account or a brokerage account, whether or not credited to the account before the owner's death, or
(ii) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death. See N.Y. Estates, Powers and Trusts Law 13-4.1 - State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See N.Y. Estates, Powers and Trusts Law 13-4.1
As used in this part unless the context otherwise requires:
(a) "Beneficiary form" means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.
(b) "Devisee" means any person to whom real property is transferred by will.
(c) "Distributee" means any person entitled to take or share in the property of a decedent under the statutes governing descent and distribution.
(d) "Legatee" means any person designated to receive a transfer by will of personal property.
(e) "Person" means an individual, a corporation, an organization or other legal entity.
(f) "Personal representative" includes executor, administrator, successor personal representative, preliminary executor, temporary administrator and persons who perform substantially the same function under the law governing their status.
(g) "Property" includes both real and personal property or any interest therein and means anything that may be the subject of ownership.
(h) "Register" including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.
(i) "Registering entity" means a person who originates or transfers a security title by registration, and includes a broker or banking institution, as defined in paragraph (b) of subdivision three of § 9-f of the banking law maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.
(j) "Security" means a share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security and a security account.
(k) "Security account" means (i) a reinvestment account associated with a security, a securities account with a broker or banking institution, as defined in paragraph (b) of subdivision three of § 9-f of the banking law, a cash balance in a brokerage account or securities account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account or a brokerage account, whether or not credited to the account before the owner's death, or
(ii) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.
(l) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.