2006 New York Code - 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.