{"jurisdiction": "us-ny", "code": "eptl", "section": "7-5.1", "citation": "EPTL § 7-5.1", "heading": "Definitions", "text": ["§ 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."], "official_source": "https://www.nysenate.gov/legislation/laws/EPT/7-5.1", "from_official_api": true, "plain_english": "- **(a)–(d)** For this part, a beneficiary is the named person for whom a trust account is held; a depositor is the person in whose name it is opened; a financial institution includes the listed regulated banks, savings institutions, and credit unions; and a **trust account** is an account styled by the depositor as trustee for another outside a separate will, trust instrument, or court order. ★", "in_force_on": "2026-05-31", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/eptl/7-5.1", "publisher": "Elyphived LLC"}