N.Y. Estates, Powers & Trusts Law § 13-4.1: Definitions

§ 13-4.1 Definitions

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 section

nine-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 section

nine-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.