EPTL 7-5.1 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search up PART 5 Bank Accounts In Trust Form next SECTION 7-5.2 Terms of a trust account Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7-5.1 Definitions Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 5 § 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.