N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 614 – State and city not liable on bonds and notes
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§ 614. State and city not liable on bonds and notes. The bonds, notes or other obligations of the corporation shall not be a debt of either the state or the city, and neither the state nor the city shall be liable thereon, nor shall they be payable out of any funds other than those of the corporation.
Terms Used In N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 614
- 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.