N.Y. Estates, Powers & Trusts Law § 7-6.1: Definitions

§ 7-6.1 Definitions

In this part:

(a) "Adult" means an individual who has attained the age of twenty-one

years.

(b) "Benefit plan" means an employer's plan for the benefit of an

employee or partner or an individual retirement account.

(c) "Broker" means a person lawfully engaged in the business of

effecting transactions in securities or commodities for the person's own

account or for the account of others.

(d) "Court" means the supreme court or the surrogate's court having

jurisdiction over the minor.

(e) "Custodial property" means (i) any interest in property

transferred to a custodian under this part and (ii) the income from and

proceeds of that interest in property.

(f) "Custodian" means a person so designated under 7-6.9 or a

successor or substitute custodian designated under 7-6.18.

(g) "Financial institution" means a bank, trust company, savings

institution, or credit union, chartered and supervised under state or

federal law.

(h) "Guardian" means a person appointed or qualified by a court to act

as general, limited, or temporary guardian of a minor's property or a

person legally authorized to perform substantially the same functions.

(i) "Legal representative" means an individual's personal

representative or guardian.

(j) "Member of the minor's family" means any of the minor's parents,

stepparents, spouse, grandparents, brothers, sisters, uncles, and aunts,

whether of the whole blood or half blood or by or through legal

adoption.

(k) "Minor" means an individual who has not attained the age of

twenty-one years.

(l) "Person" means an individual, corporation, organization, or other

legal entity.

(m) "Personal representative" means a person who has received letters

to administer the estate of a decedent or a person legally authorized to

perform substantially the same functions.

(n) "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.

(o) "Transfer" means a transaction that creates custodial property

under 7-6.9.

(p) "Transferor" means a person who makes a transfer under this part.

(q) "Trust company" means a financial institution, corporation, or

other legal entity, authorized to exercise general trust powers in this

state.