§ 282 Creation of fund
§ 283 Management of fund
§ 284 Agreement; filing and provisions thereof
§ 285 Powers which may be granted to trustee
§ 286 Taxation and exemption of property held in fund; exemption of mortgages from mortgage recording tax
§ 287 Member savings banks
§ 288 Contributions as assets
§ 289 Confirmation of powers
§ 289-A Immunity of trustee and member savings banks
§ 289-B Construction

Terms Used In New York Laws > Banking > Article 6-B - Fund for Insuring Deposits in Savings Banks And/Or Otherwise Protecting Depositors

  • Account wagering: means a form of pari-mutuel wagering in which a person establishes an account with an account wagering licensee and subsequently communicates via telephone or other electronic media to the account wagering licensee wagering instructions concerning the funds in such person's account and wagers to be placed on the account owner's behalf. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Account wagering licensee: means racing associations, and corporations; franchised corporations, off-track betting corporations, and commission-approved multi-jurisdictional account wagering providers that have been authorized by the commission to offer account wagering. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Applicant: means any association , corporation or business entity applying for a simulcast license in accordance with the provisions of this article;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authorized player: shall mean an individual located in New York state, who is not a prohibited player, that participates in an interactive fantasy sports contest offered by a registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • balance sheet liability contribution: when used in relation to the New York city employees' retirement system, shall mean a payment of contribution which is required by the provisions of item (iv) of subparagraph (a) of paragraph one of subdivision b of section 13-127 of the administrative code of the city of New York to be made to such retirement system with respect to any fiscal year of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • board of trustees: means the board of trustees of the city university of New York. See N.Y. Education Law 6202
  • Branch office: means an establishment maintained and operated by an off-track betting corporation, where off-track pari-mutuel betting on horse races may be placed in accordance with the terms and conditions of this chapter and rules and regulations issued pursuant thereto;

    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • city university: shall mean the city university of New York, including each senior college and each community college. See N.Y. Education Law 6202
  • Collegiate sport or athletic event: shall mean a sport or athletic event offered or sponsored by or played in connection with a public or private institution that offers education services beyond the secondary level. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Commission: shall mean the New York state gaming commission. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • community college: shall mean an institution of higher education in the city of New York, which is governed and administered as such, by the board of trustees on July first, nineteen hundred seventy-nine, whose primary purpose is providing certificate and associate degree post secondary programs in general and technical educational subjects, and is receiving financial assistance from the state as a community college. See N.Y. Education Law 6202
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • contest: shall mean a game of skill wherein one or more contestants compete against each other by using their knowledge and understanding of athletic events and athletes to select and manage rosters of simulated players whose performance directly corresponds with the actual performance of human competitors on sports teams and in sports events. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Contract: A legal written agreement that becomes binding when signed.
  • contributions for twenty-year amortization of nineteen hundred ninety senior college consolidated UAL and senior college remainder of BSL: shall mean all of the installments of contribution and contributions referred to in subdivisions 8-i to 8-n, inclusive, of this section which are required to be paid by the city and the state during the applicable twenty-year amortization period pursuant to section sixty-two hundred thirty-one of this article and the applicable provisions of subdivision bb of section 13-638. See N.Y. Education Law 6202
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dependent: A person dependent for support upon another.
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Entry fee: shall mean cash or cash equivalent that is paid by an authorized player to an operator or registrant to participate in an interactive fantasy sports contest offered by such operator or registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • High school sport or athletic event: shall mean a sport or athletic event offered or sponsored by or played in connection with a public or private institution that offers education services at the secondary level. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Highly experienced player: shall mean an authorized player who has:
    (a) entered more than one thousand contests offered by a single operator or registrant; or
    (b) won more than three prizes valued at one thousand dollars each or more from a single operator or registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Horse racing event: shall mean any sport or athletic event conducted in New York state subject to the provisions of articles two, three, four, five, six, nine, ten and eleven of this chapter, or any sport or athletic event conducted outside of New York state, which if conducted in New York state would be subject to the provisions of this chapter. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Initial out-of-state thoroughbred track: means the track commencing full-card simulcasting to New York prior to any other out-ofstate thoroughbred track after 1:00 PM on any calendar day. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Interactive fantasy sports gross revenue: shall mean the amount equal to the total of all entry fees not attributable to New York state prohibited sports events that a registrant collects from all players, less the total of all sums not attributable to New York state prohibited sports events paid out as winnings to all players, multiplied by the resident percentage for New York state; provided, however, that the total of all sums paid out as winnings to players shall not include the cash equivalent value of any merchandise or thing of value awarded as a prize. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • mayor: shall mean the mayor of the city of New York. See N.Y. Education Law 6202
  • Minor: shall mean any person under the age of eighteen years. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Mixed meeting: means a race meeting that has a combination of thoroughbred, quarter horse, Appaloosa, paint, and/or Arabian racing on the same race program. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Multi-jurisdictional account wagering provider: means a business entity domiciled in a jurisdiction, other than the state of New York, that does not operate either a simulcast facility that is open to the public within the state of New York or a licensed or franchised racetrack within the state, but which is licensed by such other jurisdiction to offer pari-mutuel account wagering on races such provider simulcasts and other races it offers in its wagering menu to persons located in or out of the jurisdiction issuing such license. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • nineteen hundred eighty unfunded accrued liability adjustment: when used in relation to the New York city employees' retirement system, shall mean the total amount which is determined pursuant to the provisions of items (i), (ii), (iii), (iv) and (v) of subparagraph (c) of paragraph (3) of subdivision b of section 13-127 of the administrative code of the city of New York to be the amount to be paid as a charge or applied as a credit, as the case may be, pursuant to the provisions of subparagraph (b) of paragraph (1) of such subdivision b, with respect to employer contributions to such retirement system for any fiscal year of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • nineteen hundred eighty-two unfunded accrued liability adjustment: when used in relation to the New York city employees' retirement system, shall mean the total amount which is determined pursuant to the provisions of item (vi) of subparagraph (c) of paragraph three of subdivision b of section 13-127 of the administrative code of the city of New York to be the amount to be applied as a credit pursuant to the provisions of subparagraph (b) of paragraph (1) of such subdivision b, with respect to employer contributions to such retirement system for any fiscal year of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • NYCTRS installment of nineteen hundred ninety BSL contribution attributable to the senior colleges: shall mean any installment defined in paragraph forty-eight of subdivision a of section 13-638. See N.Y. Education Law 6202
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Off-track betting region: means those regions as defined in section five hundred nineteen of this chapter;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Operator: means any association , corporation or business entity operating a simulcast facility in accordance with the provisions of this article;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • operator: shall mean any person or entity that offers any interactive fantasy sports contest to any authorized player through any interactive fantasy sports platform. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • platform: shall mean the combination of hardware, software, and data networks used to manage, administer, or control contests and any associated entry fees. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Prohibited player: shall mean :
    (a) any member, officer, employee or agent of an operator or registrant;
    (b) any spouse, child, brother, sister or parent residing as a member of the same household in the principal place of abode of any member, officer, employee or agent of an operator or registrant;
    (c) any individual with access to non-public confidential information about contests;
    (d) any amateur or professional athlete whose performance may be used to determine the outcome of a contest;
    (e) any sports agent, team employee, referee, or league official associated with any sport or athletic event on which contests are based;
    (f) any individual located in a state where the conduct of contests is expressly prohibited; or
    (g) any minor. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Prohibited sports event: shall mean any collegiate sport or athletic event, any high school sport or athletic event or any horse racing event. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Receiving track: means any track where simulcasts originated from another track are displayed;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Regional track or tracks: means any or all tracks located within a region defined as an off-track betting region, except that for the purposes of section one thousand eight of this article any track located in New York city, or Nassau, Suffolk and Westchester counties, shall be deemed a regional track for all regions located in district one, as defined in this section;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • registrant: shall mean an operator that is registered by the commission. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Resident percentage: shall mean , for each interactive fantasy sports contest, the percentage, rounded to the nearest tenth of a percent, of the total entry fees collected from players located in New York state, divided by the total entry fees collected from all players in interactive fantasy sports contests not prohibited in New York state. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • revised unfunded accrued liability contribution: when used in relation to the New York city employees' retirement system, shall mean a payment of contribution which is required by the provisions of item (iii) of subparagraph (a) of paragraph one of subdivision b of section 13-127 of the administrative code of the city of New York to be made to such retirement system with respect to any fiscal year of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • Sending track: means any track from which simulcasts originate;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • senior college: shall mean an institution of higher education in the city of New York, which is governed and administered by the board of trustees, including, but not limited to, a professional or graduate institution, an institution for research, an administrative institution, and, except as otherwise provided, Medgar Evers college, New York city college of technology (formerly known as "New York city technical college" and "New York city community college"), and the college of Staten Island, but not including a community college. See N.Y. Education Law 6202
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Simulcast: means the telecast of live audio and visual signals of running, harness or quarter horse races for the purposes of pari-mutuel wagering;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Simulcast facility: means those facilities within the state that are authorized pursuant to the provisions of this article to display simulcasts for pari-mutuel wagering purposes;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Simulcast theater: means a simulcast facility that is also a public entertainment and wagering facility, which may include any or all of the following: a large-screen television projection and display unit, a display system for odds, pools, and payout prices, areas for viewing and seating, a food and beverage facility, and any other convenience currently provided at racetracks and not inconsistent with local zoning ordinances;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Sports event: shall mean any amateur or professional sport or athletic event, except a prohibited sports event. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Track: means the grounds or enclosures within which horse races are conducted by any person, association or corporation lawfully authorized to conduct such races in accordance with the terms and conditions of this chapter or the laws of another jurisdiction;
    N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
  • Trustee: A person or institution holding and administering property in trust.