3B:1-2 Definitions: I to Z

3B:1-2 Definitions: I to Z

"Issue" of a person includes all of his lineal descendants, natural or adopted, of all generations, with the relationship of parent and child at each generation being determined by by the definition of child and parent.

"Local administration" means administration by a personal representative appointed in this State.

"Local fiduciary" means any fiduciary who has received letters in this State and excludes foreign fiduciaries who acquire the power of local fidcuary persuant to this title.

"Mental incompetent" means a person who is impaired by reason of mental illness or mental deficiency to the extent that he lacks sufficient capacity to govern himself and manage his affairs.

The term "mental incompetent" is also used to dsignate a person who is impaired by reason of physical illness or disability, chronic use of drugs, chronic alcoholism, or other cause (except minority) to the extent that he lacks sufficient capacity to govern himself and manage his affairs.

The term "mental incompetency" and "mental imcompetent" refer to the state or condition of a "mental incompetent" as hereinbefore defined.

"Minor" means a person who is under 18 years of age.

"Nonresident decedent" means a decedent who was domiciled in another jurisdiction at the time of his death.

"Parent" means any person entitled to take or would be entitled to take if the child, natural or adopted, died without a will, by intestate succession from the child whose relationship is in question and excludes any person who is a stepparent foster parent of grandparent.

"Personal representative" includes executor, administrator, successor personal repreentative, special administrator, and persons who perform substantially the same function under the law governing their status. "General personal representative" excludes special administrator.

"Resident creditor" means a person domiciled in, or doing business in this State, who is, or could be, a caimant against an estate.

"Security" includes any note, stock, treasury stock, bond, mortgage, financing statement, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under the title of lease, collateral, trust certificate, transferable share, voting trust certificate or, in general, any interest or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing.

"Successor personal representative" means a personal representative, other than a special administrator, who is appinted to succeed a previously appointed personal representative.

"Successors" means those persons, other than creditors, who are entitiled to real and personal property of a decedent under his will or the laws governing intestate succession.

"Testamentary trustee" means a trustee designated by will or appointed to exercise a trust created by will.

"Trust" includes any express trust, private, or charitable , with additions thereto, wherever and however created. It also includes a trust created by judgement under which the trust is to be administered in the matter of an express trust. "Trust" excludes other constructive trusts, and it excludes resulting trusts, guardinships, personal representatives, trust accounts created under the "Multiple-party Deposit Account Act," P.L. 1979, c 491 (C. 17:161-1 et seq), gifts to minors under the "New Jersey Uniform Gifts to Minors Act," P.L.1963, c.177 (C.46:38-13 et seq.), business trusts providing for certificates to be issued to beneficiaries, common trusts, security arrangements, liquidation trusts, and trusts for the primary purpose of paying debts, dividents, interest, salaries, wages, profits, pensions, or employee benefits of any kidn, an dany arrangement under which a person is a nominee or escrowee for another.

"Ward" means a person for whom a guardian is appointed or a person under the protection of the court.

"Will" means the last will and testament of a testator or testatrix and includes any codicil.

L. 1981, c 405 3B: 1-2, eff. May 1, 1982.

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