|§ 1213||Purpose and Policy|
|§ 1222||Application of Other Provisions of Article Twelve|
|§ 1223||Alternative to Escheat|
Terms Used In New York Laws > Abandoned Property > Article 12-A
- 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.
- certificate of insurance: shall mean any evidence issued by or on behalf of an insurance company duly authorized to transact business in this state, stating in such form as the commissioner may prescribe or approve that such company has issued an owner's policy of liability insurance on the motor vehicle or vehicles designated therein. See N.Y. Vehicle & Traffic Law 311
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- financial security bond: shall mean for each motor vehicle a bond executed by the owner and by a surety company duly authorized to transact business in this state. See N.Y. Vehicle & Traffic Law 311
- financial security deposit: shall mean for each motor vehicle the deposit with the commissioner of twenty-five thousand dollars in cash, or securities, such as may legally be purchased by savings banks or trust funds, of a market value of twenty-five thousand dollars and an additional deposit in an amount determined by the commissioner to be sufficient to satisfy the requirements of article fifty-one of the insurance law. See N.Y. Vehicle & Traffic Law 311
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Insurance Identification Card: shall mean a card issued by or on behalf of an insurance company or bonding company duly authorized to transact business in this state, stating in such form as the commissioner may prescribe or approve that such company has issued an owner's policy of liability insurance or a financial security bond on the motor vehicle or vehicles designated therein. See N.Y. Vehicle & Traffic Law 311
- Jurisprudence: The study of law and the structure of the legal system.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- motor vehicle: shall include trailers and all vehicles included in the definition of the term "motor vehicle" contained in section one hundred twenty-five of this chapter except the following:
- proof of financial security: shall mean proof of ability to respond in damages for liability arising out of the ownership, maintenance or use of a motor vehicle as evidenced by an owner's policy of liability insurance, a financial security bond, a financial security deposit, or qualifications as a self-insurer under section three hundred sixteen of this chapter or, in the case of a non-resident, under self-insurance provisions of the laws of the jurisdiction of such non-resident. See N.Y. Vehicle & Traffic Law 311
- Property: includes , but is not limited to, money, rights to claim refunds or rebates, postal savings deposits, bonds, notes, certificates, policies of insurance, other instruments of value, choses in action, obligations whether written or unwritten, and any thing of value of any nature whatsoever. See N.Y. Penal Law 250.65
- self-insurer: shall mean a person who shall have been determined by the commissioner in accordance with section three hundred sixteen to be financially responsible. See N.Y. Vehicle & Traffic Law 311
- state: when used in this article shall unless the context clearly indicates otherwise, mean any state, territory or possession of the United States, the District of Columbia or any province of the Dominion of Canada. See N.Y. Vehicle & Traffic Law 311
- superintendent: shall mean the superintendent of financial services of this state. See N.Y. Vehicle & Traffic Law 311
- United States: means any officer, agency, department or instrumentality of the United States of America, other than a court, and any corporation organized under its laws. See N.Y. Penal Law 250.65
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.