N.Y. EPT Law § 11-A-1.2

§ 11-A-1.2 Definitions\n In this article:\n (1) "Accounting period" means a calendar year unless another twelve-\nmonth period is selected by a fiduciary. The term includes a portion of\na calendar year or other twelve-month period that begins when an income\ninterest begins or ends when an income interest ends.\n (2) "Beneficiary" includes, in the case of a decedent's estate, a\ndistributee and testamentary beneficiary and, in the case of a trust, an\nincome beneficiary and a remainder beneficiary.\n (3) "Fiduciary" means a personal representative or trustee. The term\nincludes an executor, administrator, successor personal representative,\nand a person performing substantially the same function.\n (4) "Income" means money or property that a fiduciary receives as\ncurrent return from a principal asset. The term includes a portion of\nreceipts from a sale, exchange, or liquidation of a principal asset, to\nthe extent provided in part 4.\n (5) "Income beneficiary" means a person to whom net income of a trust\nis or may be payable.\n (6) "Income interest" means the right of an income beneficiary to\nreceive all or part of net income, whether the terms of the trust\nrequire it to be distributed or authorize it to be distributed in the\ntrustee's discretion.\n (7) "Mandatory income interest" means the right of an income\nbeneficiary to receive net income that the terms of the trust require\nthe fiduciary to distribute.\n (8) "Net income" means the total receipts allocated to income during\nan accounting period minus the disbursements made from income during the\nperiod, plus or minus transfers under this article or under subparagraph\n11-2.3(b)(5) to or from income during the period.\n (9) "Person" means an individual, corporation, business trust, estate,\ntrust, partnership, limited liability company, association, joint\nventure, government; governmental subdivision, agency, or\ninstrumentality; public corporation, or any other legal or commercial\nentity.\n (10) "Principal" means property held in trust for distribution to a\nremainder beneficiary when the trust terminates.\n (11) "Remainder beneficiary" means a person entitled to receive\nprincipal when an income interest ends.\n (12) "Terms of a trust" means the manifestation of the intent of a\nsettlor or decedent with respect to the trust, expressed in a manner\nthat admits of its proof in a judicial proceeding, whether by written or\nspoken words or by conduct.\n (13) "Trustee" includes an original, additional, or successor trustee,\nwhether or not appointed or confirmed by a court.\n