N.Y. Estates, Powers & Trusts Law § 11-a-1.2: Definitions

§ 11-A-1.2 Definitions

In this article:

(1) "Accounting period" means a calendar year unless another twelve-

month period is selected by a fiduciary. The term includes a portion of

a calendar year or other twelve-month period that begins when an income

interest begins or ends when an income interest ends.

(2) "Beneficiary" includes, in the case of a decedent's estate, a

distributee and testamentary beneficiary and, in the case of a trust, an

income beneficiary and a remainder beneficiary.

(3) "Fiduciary" means a personal representative or trustee. The term

includes an executor, administrator, successor personal representative,

and a person performing substantially the same function.

(4) "Income" means money or property that a fiduciary receives as

current return from a principal asset. The term includes a portion of

receipts from a sale, exchange, or liquidation of a principal asset, to

the extent provided in part 4.

(5) "Income beneficiary" means a person to whom net income of a trust

is or may be payable.

(6) "Income interest" means the right of an income beneficiary to

receive all or part of net income, whether the terms of the trust

require it to be distributed or authorize it to be distributed in the

trustee's discretion.

(7) "Mandatory income interest" means the right of an income

beneficiary to receive net income that the terms of the trust require

the fiduciary to distribute.

(8) "Net income" means the total receipts allocated to income during

an accounting period minus the disbursements made from income during the

period, plus or minus transfers under this article or under subparagraph

11-2.3(b)(5) to or from income during the period.

(9) "Person" means an individual, corporation, business trust, estate,

trust, partnership, limited liability company, association, joint

venture, government; governmental subdivision, agency, or

instrumentality; public corporation, or any other legal or commercial

entity.

(10) "Principal" means property held in trust for distribution to a

remainder beneficiary when the trust terminates.

(11) "Remainder beneficiary" means a person entitled to receive

principal when an income interest ends.

(12) "Terms of a trust" means the manifestation of the intent of a

settlor or decedent with respect to the trust, expressed in a manner

that admits of its proof in a judicial proceeding, whether by written or

spoken words or by conduct.

(13) "Trustee" includes an original, additional, or successor trustee,

whether or not appointed or confirmed by a court.