§ 161.00 Negotiability of obligations. All bonds and notes of a municipality, school district or district corporation, including notes issued by a city school district pursuant to section 26.00 of this chapter, whether payable to bearer or in registered form, shall be negotiable instruments within the meaning of article eight of the uniform commercial code, except that such bonds or notes which have been registered shall be transferred only in the manner provided in paragraph b of section 75.00 of this chapter.

Terms Used In N.Y. Local Finance Law 161.00

  • 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.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
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