|§ 511||Unclaimed Property; When Deemed Abandoned|
|§ 512||Payment or Delivery of Abandoned Property|
|§ 513||Report to Accompany Payment or Delivery|
|§ 513-A||Retention of Books and Records|
|§ 514||Reimbursement of Brokers or Dealers|
Terms Used In New York Laws > Abandoned Property > Article 5-A
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Amount: shall mean that term as defined in subdivision seven of section five hundred of this chapter. See N.Y. Penal Law 240.70
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Broker: shall include any individual or corporation engaging in the purchase, sale or exchange of securities for or on behalf of any customer. See N.Y. Penal Law 240.70
- certified ESL school: shall mean a language school conducted for-profit which provides instruction in English as a second language and which accepts no public funds and is certified pursuant to paragraph f of subdivision four of this section; and
c. See N.Y. Penal Law 240.65
- Corporation: shall include any joint stock company, corporation, association of two or more individuals, committee, public authority, or business trust. See N.Y. Penal Law 240.70
- Customer: shall include any individual or corporation entering into a contract with a broker or dealer by which such broker or dealer agrees to effect the purchase, sale, or exchange, or to keep custody of any security for or on behalf of such individual or corporation. See N.Y. Penal Law 240.70
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Dealer: shall include any individual or corporation engaging in any state as a regular business in the purchase, sale or exchange of securities for his or its own account, through a broker or otherwise. See N.Y. Penal Law 240.70
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Majority leader: see Floor Leaders
- 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.
- online education marketplace: shall mean a website or other internet-based online technology tool with which a licensed private career school or certified ESL school contracts for marketing or advertising services, or services in connection with the collection of tuition and/or fees, to the extent authorized in subdivision three of section five thousand four of this article. See N.Y. Penal Law 240.65
- 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.
- Security: shall include :
(a) Any instrument issued by a corporation or public issuer to evidence an obligation to make any payment of the principal amount of a debt or of any increment due or to become due thereon, or
(b) Any instrument issued by a corporation to evidence a proprietary interest therein except:
(i) A policy of insurance issued by a mutual insurance corporation, or
(ii) A share issued by a savings and loan association, a building and loan association, or a credit union. See N.Y. Penal Law 240.70
- Service of process: The service of writs or summonses to the appropriate party.
- 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.
- Statute: A law passed by a legislature.
- Testify: Answer questions in court.
- Trust: shall mean the trust created by section 54. See N.Y. New York City Administrative Code 27-656
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
- Wages: shall include moneys payable, under contract or otherwise, for services rendered to a broker or dealer, less lawful deductions. See N.Y. Penal Law 240.70