N.Y. Real Property Actions and Proceedings Law 1701 – Definitions
§ 1701. Definitions. As used in this article:
Terms Used In N.Y. Real Property Actions and Proceedings Law 1701
- conservatee: means a person who has suffered substantial impairment of his ability to care for his property or has become unable to provide for himself or others dependent upon him for support for whom a conservator of his property has been appointed, pursuant to § 77. See N.Y. Real Property Actions and Proceedings Law 1701
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dependent: A person dependent for support upon another.
- Dower: A widow
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- incompetent person: means a person incompetent to manage his affairs of whose property a committee has been appointed pursuant to § 78. See N.Y. Real Property Actions and Proceedings Law 1701
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- possibility of reverter: means the possibility that upon breach of a condition or termination of an estate by limitation the right of re-entry will vest in, or real property will revert to, an infant, incompetent person or conservatee or his heirs solely or in common with others. See N.Y. Real Property Actions and Proceedings Law 1701
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. The term "incompetent person" means a person incompetent to manage his affairs of whose property a committee has been appointed pursuant to § 78.07 of the mental hygiene law.
2. The term "conservatee" means a person who has suffered substantial impairment of his ability to care for his property or has become unable to provide for himself or others dependent upon him for support for whom a conservator of his property has been appointed, pursuant to § 77.01 of the mental hygiene law.
3. The term "interest in real property" includes any term, estate or other interest in real property, vested or contingent, of an infant in being, an incompetent person, or a conservatee including an inchoate right of dower and a possibility of reverter, and also the contingent interest of an infant not in being.
4. The term "possibility of reverter" means the possibility that upon breach of a condition or termination of an estate by limitation the right of re-entry will vest in, or real property will revert to, an infant, incompetent person or conservatee or his heirs solely or in common with others.
5. The term "dispose of" means to sell, convey, exchange, mortgage, release or lease.
6. The term "guardian, committee or conservator" refers to the general or testamentary guardian or guardian appointed by deed of the property of the infant, or the committee of the property of the incompetent person or patient appointed pursuant to the provisions of section 78.03 or 78.07 of the mental hygiene law, the conservator of the property of a conservatee appointed pursuant to the provisions of Article seventy-seven of the mental hygiene law, or to the guardian of the infant, incompetent person or conservatee appointed as prescribed by this article.