Article 54 Executive Mansion Trust

Terms Used In New York Laws > Arts and Cultural Affairs > Title S - Enacted Without Title Heading

  • Academic year: shall mean the regular school year beginning July first and ending June thirtieth. See N.Y. Education Law 651
  • Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Bequest: Property gifted by will.
  • Board: shall mean the board of trustees of the New York state higher education services corporation. See N.Y. Education Law 651
  • Chambers: A judge's office.
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Comptroller: shall mean the state comptroller. See N.Y. Economic Development Law 342
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Disability: shall mean , with respect to an individual:

    (a) a physical or mental impairment that substantially limits one or more of the major life activities of such individual;

    (b) a record of such an impairment; or

    (c) being regarded as having an impairment. See N.Y. Economic Development Law 210

  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Donee: The recipient of a gift.
  • Dower: A widow
  • Eligible projects: include , but are not limited to, participation at key international and domestic trade shows and industry conferences, marketing to corporate, site location consultants, and other key decision makers for targeted technology sectors, and advertising in influential trade and other publications. See N.Y. Economic Development Law 235
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Executor: A male person named in a will to carry out the decedent
  • Feasibility study: shall mean an investigation and evaluation of the viability of an industrial firm or group of industrial firms, including those for which local buyout assistance has been requested. See N.Y. Economic Development Law 190
  • Fiduciary: A trustee, executor, or administrator.
  • Forbearance: A means of handling a delinquent loan. A
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Games support contract: shall mean a joinder undertaking, a joinder agreement, and/or a similar contract executed by the state, an endorsing municipality and a site selection organization in connection with the selection of a municipality to host the games, and containing terms authorized or required by this section. See N.Y. Economic Development Law 342
  • Genetic child: shall mean a child of the sperm or ova provided by a genetic parent, but only if and when such child is born. See
  • Genetic material: shall mean sperm or ova provided by a genetic parent. See
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Grantor: The person who establishes a trust and places property into it.
  • Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
  • Guaranty fund: shall mean the olympic games guaranty fund established in section eighty-four-a of the state finance law. See N.Y. Economic Development Law 342
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • 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
  • Industrial facility: shall mean any type of facility to be used or occupied by any person in an enterprise deemed to offer a reasonable likelihood for promoting the creation or retention of job opportunities in the state and includes, but is not limited to, industrial or manufacturing plants, facilities for research and development purposes, facilities for conducting wholesale, receiving and distributing operations, facilities for conducting office operations, warehousing operations, agricultural operations, or any other operation dealing in the exchange of goods, wares, services or other types of property of any type or description. See N.Y. Economic Development Law 250
  • Industrial infrastructure development project: shall mean a project for the design, acquisition of property, construction and/or reconstruction in connection with storm and sanitary sewers, electric and gas service distribution lines, water supply systems, drainage systems and site clearance, preparation, improvements, and demolition. See N.Y. Economic Development Law 250
  • Inter vivos: Transfer of property from one living person to another living person.
  • 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
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Intestate: Dying without leaving a will.
  • Joinder agreement: shall mean an agreement entered into by the state, an endorsing municipality and a site selection organization setting out representations and assurances by the state and endorsing municipality in connection with the selection of a site in the endorsing municipality for the location of the olympic games. See N.Y. Economic Development Law 342
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Juror: A person who is on the jury.
  • Legacy: A gift of property made by will.
  • Legatee: A beneficiary of a decedent
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Local organizing committee: shall mean a not-for-profit corporation or its successor in interest that: (1) has been authorized by an endorsing municipality to pursue an application and bid on the endorsing municipality's behalf to a site selection organization for selection as the site of an olympic games; or (2) with the authorization of an endorsing municipality, has executed an agreement with a site selection organization regarding a bid to host the olympic games. See N.Y. Economic Development Law 342
  • Majority leader: see Floor Leaders
  • Minority leader: See Floor Leaders
  • mortgage: shall include housing loans as defined below. See N.Y. Public Authorities Law 2402
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Net financial deficit: shall mean those losses resulting from the conduct of the games which the endorsing municipality and state are obligated to indemnify and insure against pursuant to a games support contract. See N.Y. Economic Development Law 342
  • Olympic games: shall mean the two thousand twelve olympic games. See N.Y. Economic Development Law 342
  • Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. Courts
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • President: shall mean the president of the corporation. See N.Y. Education Law 651
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • Productivity assessment: shall mean an evaluation of the existing and potential productivity and profitability of an industrial firm or group of industrial firms and recommendations for productivity improvements, including, but not limited to, analysis of products, market position, financial condition, ownership structure, production processes, labor/management relations, worker skills and training needs, plant and equipment, and business strategy. See N.Y. Economic Development Law 190
  • Ranking minority member: The highest ranking (and usually longest serving) minority member of a committee or subcommittee.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Site selection organization: shall mean the United States olympic committee or the international olympic committee. See N.Y. Economic Development Law 342
  • State: shall mean the state of New York. See N.Y. Economic Development Law 342
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Testator: A male person who leaves a will at death.
  • transient dwellings: shall mean and include hotels, lodging houses, boarding and nursery schools, sorority houses, fraternity houses, college and school dormitories, convalescent, old age and nursing homes, and dwellings used for single room occupancy. See N.Y. Multiple Residence Law 50
  • transient occupancy: shall mean the occupancy of a room for sleeping purposes by the same person or persons for a period of ninety days or less. See N.Y. Multiple Residence Law 50
  • Trust: shall mean the trust created by section 54. See
  • United States olympic committee: shall mean the official national olympic committee of the United States of America which has been authorized by law to govern all matters relating to national participation in the olympic games. See N.Y. Economic Development Law 342
  • Veteran: shall mean a person who served in the United States army, navy, air force, marines, coast guard, and/or reserves thereof, and/or in the army national guard, air national guard, New York guard and/or New York naval militia and who (a) has received an honorable or general discharge from such service, or (b) has a qualifying condition, as defined in section three hundred fifty of the executive law, and has received a discharge other than bad conduct or dishonorable from such service, or (c) is a discharged LGBT veteran, as defined in section three hundred fifty of the executive law, and has received a discharge other than bad conduct or dishonorable from such service. See N.Y. Economic Development Law 210