New Jersey Statutes > Title 3B > Chapter 31 – Uniform Trust Code

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Terms Used In New Jersey Statutes > Title 3B > Chapter 31 - Uniform Trust Code

• Amendment : A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appellate : About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appropriation : The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets : (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment : A procedure by which a person's property is seized to pay judgments levied by the court.
• Beneficiary : A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
• Child : means any individual, including a natural or adopted child, entitled to take by intestate succession from the parent whose relationship is involved and excludes any individual who is only a stepchild, a resource family child, a grandchild or any more remote descendant. See New Jersey Statutes 3B:1-1
• Codicil : An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Common law : The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Continuance : Putting off of a hearing ot trial until a later time.
• Contract : A legal written agreement that becomes binding when signed.
• Corporation : A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages : Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent : A deceased person.
• Devise : To gift property by will.
• Distributee : means any person who has received property of a decedent from his personal representative other than as a creditor or purchaser. See New Jersey Statutes 3B:1-1
• Equitable : Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
• Estate : means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
• Evidence : Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary : A trustee, executor, or administrator.
• Fiduciary : includes executors, general administrators of an intestate estate, administrators with the will annexed, substituted administrators, substituted administrators with the will annexed, guardians, substituted guardians, trustees, substituted trustees and, unless restricted by the subject or context, temporary administrators, administrators pendente lite, administrators ad prosequendum, administrators ad litem and other limited fiduciaries. See New Jersey Statutes 3B:1-1
• Fiscal year : The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud : Intentional deception resulting in injury to another.
• Governing instrument : means a deed, will, trust, insurance or annuity policy, account with the designation "pay on death" (POD) or "transfer on death" (TOD), security registered in beneficiary form with the designation "pay on death" (POD) or "transfer on death" (TOD), pension, profit-sharing, retirement or similar benefit plan, instrument creating or exercising a power of appointment or a power of attorney, or a dispositive, appointive, or nominative instrument of any similar type. See New Jersey Statutes 3B:1-1
• Grantor : The person who establishes a trust and places property into it.
• Guardian : means a person who has qualified as a guardian of the person or estate of a minor or incapacitated individual pursuant to testamentary or court appointment, but excludes one who is merely a guardian ad litem. See New Jersey Statutes 3B:1-1
• Guardian : A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Irrevocable trust : A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Joint resolution : A legislative measure which requires the approval of both chambers.
• Jurisdiction : (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities : The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien : A claim against real or personal property in satisfaction of a debt.
• month : means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
• Obligation : An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership : A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person : includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
• Power of attorney : A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
• Probate : Proving a will
• Prosecute : To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Revocable trust : A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Settlement : Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State : extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
• Statute : A law passed by a legislature.
• Subpoena : A command to a witness to appear and give testimony.
• sworn : includes "affirmed. See New Jersey Statutes 1:1-2
• territory : extends to and includes any territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
• Testator : A male person who leaves a will at death.
• Tort : A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee : A person or institution holding and administering property in trust.