Statute · New York Estates, Powers & Trusts Law
N.Y. Est. Powers & Trusts Law § 7-5.1 — Definitions
N.Y. Est. Powers & Trusts Law § 7-5.1
- Type
- Statute
- Source
- New York Estates, Powers & Trusts Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 7-5.1 Definitions
Citator
N.Y. Est. Powers & Trusts Law § 7-5.1 — Definitions is in force in the current edition of the Code, and nothing recorded condemns it.
§ 7-5.1 Definitions
(a) A "beneficiary" is a person who is described by a depositor as a person for whom a trust account is established or maintained.
(b) A "depositor" is a person in whose name a trust account subject to this part is established or maintained.
(c) A "financial institution" is a bank, trust company, national banking association, savings bank, industrial bank, private banker, foreign banking corporation, federal savings and loan association, a savings institution chartered and supervised as a savings and loan or similar institution under federal law or the laws of a state, a federal credit union, or a credit union chartered and supervised under the laws of a state.
(d) A "trust account" includes a savings, share, certificate or deposit account in a financial institution established by a depositor describing himself as trustee for another, other than a depositor describing himself as acting under a will, trust instrument or other instrument, court order or decree.