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Current as of January 01, 2024 | Updated by FindLaw Staff
The term “lifetime trust” shall mean an express trust and all amendments thereto created other than by will and shall not include; a trust for the benefit of creditors, a resulting or constructive trust, a business trust where certificates of beneficial interest are issued to the beneficiary, an investment trust, voting trust, a security instrument such as a deed of trust and a mortgage, a trust created by the judgment or decree of a court, a liquidation or reorganization trust, a trust for the sole purpose of paying dividends, interest, interest coupons, salaries, wages, pensions or profits, instruments wherein persons are mere nominees for others, or a trust created in deposits in any banking institution or savings and loan institution.
Cite this article: FindLaw.com - New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 1-2.20 Lifetime trust - last updated January 01, 2024 | https://codes.findlaw.com/ny/estates-powers-and-trusts-law/ept-sect-1-2-20/
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