Terms Used In New York Laws > Public Authorities > Article 9 > Title 8 - Internal Control Responsibilities of Public Authorities

• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Oath: A promise to tell the truth.
• 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.
• Political subdivision: means a municipal corporation, school district, district corporation and board of cooperative educational services. See N.Y. General Municipal Law 100
• Statute: A law passed by a legislature.
• Testify: Answer questions in court.