N.Y. Estates, Powers & Trusts Law Section 7-5.1
Definitions

§ 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.

Source: Section 7-5.1 — Definitions, https://www.­nysenate.­gov/legislation/laws/EPT/7-5.­1 (updated Sep. 22, 2014; accessed Dec. 6, 2025).

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Verified:
Dec. 6, 2025

Last modified:
Sep. 22, 2014

§ 7-5.1. Definitions's source at nysenate​.gov

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