{"data":{"id":"us-ny/n.y.-estates-powers-trusts-law-7-5.1","jurisdiction":"us-ny","citation":"N.Y. Estates, Powers \u0026 Trusts Law § 7-5.1","heading":"Definitions","body":"§ 7-5.1 Definitions\n  (a) A \"beneficiary\" is a person who is described by a depositor as a\nperson for whom a trust account is established or maintained.\n  (b) A \"depositor\" is a person in whose name a trust account subject to\nthis part is established or maintained.\n  (c) A \"financial institution\" is a bank, trust company, national\nbanking association, savings bank, industrial bank, private banker,\nforeign banking corporation, federal savings and loan association, a\nsavings institution chartered and supervised as a savings and loan or\nsimilar institution under federal law or the laws of a state, a federal\ncredit union, or a credit union chartered and supervised under the laws\nof a state.\n  (d) A \"trust account\" includes a savings, share, certificate or\ndeposit account in a financial institution established by a depositor\ndescribing himself as trustee for another, other than a depositor\ndescribing himself as acting under a will, trust instrument or other\ninstrument, court order or decree.","path":["Estates, Powers \u0026 Trusts Law","Article 7. Trusts","Part 5. Bank Accounts In Trust Form"],"source_url":"https://legislation.nysenate.gov/api/3/laws/EPT/7-5.1","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"b3eefd34003f17734bb9abf63dba20468adbd6eaefd3c0f07bcf753e66ff5c59","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-estates-powers-trusts-law-7-3.5","next":"us-ny/n.y.-estates-powers-trusts-law-7-5.2"},"notice":"GroundRules: Original legal text. Not legal advice."}