§ 1 Short title
§ 2 Definitions
§ 2-A Limited liability investment company; definitions
§ 2-B Limited liability trust companies; definitions
§ 4 Information to be given to social services officials, state department of social services, state department of mental hygiene, the mental hygiene legal service, representatives of boards of child welfare and children’s court by banking organizations
§ 4-A Banks to display signs
§ 4-B Advertising
§ 4-C Exemptions from certain provisions of chapter
§ 5 Loans pursuant to the “Servicemen’s Readjustment Act of 1944.”
§ 6 Investment in obligations of housing corporations indirectly guaranteed pursuant to the “Servicemen’s Readjustment Act of 1944”
§ 6-A Investment in obligations of certain persons sixty-five years of age or over incurred to satisfy real property tax indebtedness
§ 6-C Application forms to be made available; certain cases
§ 6-D Requirement to state in writing reason for denial of mortgage loan
§ 6-E Graduated payment mortgages authorized
§ 6-F Alternative mortgage instruments made by banks, trust companies, savings banks, savings and loan associations and credit unions
§ 6-G Override of certain provisions of United States Public Law 97-32
§ 6-H Reverse mortgage loans authorized
§ 6-I Mortgage loans
§ 6-J Proof of insurance
§ 6-K Real property insurance escrow accounts
§ 6-L High-cost home loans
§ 6-M Subprime home loans
§ 6-N Responsibility of banks for mortgages being processed for modification
§ 6-O Single point of contact for modifying delinquent home loans
§ 6-O Reverse cooperative apartment unit loans for persons sixty-two years of age or older
§ 6-P Loan counseling for mortgages guaranteed by the Servicemen’s Readjustment Act of 1944
§ 7 Payment of dividends or interest upon unclaimed deposits or shares; limitation of charges in connection with savings accounts
§ 8 Deposits by custodian designated by administrator of veterans’ affairs, or by person certified by social security administration
§ 9 Checks drawn against corporate funds or payable to corporations; no notice of defense against or claim to check
§ 9-A Defense of ultra vires
§ 9-B Actions or special proceedings by superintendent or attorney-general
§ 9-C Superintendent’s or attorney-general’s action for judicial dissolution
§ 9-D Enforcement of section two hundred ninety-six-a of the executive law
§ 9-F Geographic discrimination in making mortgage loans prohibited
§ 9-G Right of set off
§ 9-H Imposition of service charges prohibited
§ 9-I Close-out fees prohibited in certain cases
§ 9-I Prohibition on depositor of early withdrawal penalty in certain cases
§ 9-J Disposal of records; customer accounts
§ 9-K Sale of education loans
§ 9-M Return of checks
§ 9-N Trust accounts; address of beneficiary
§ 9-O Mortgage loans; disclosure form
§ 9-P Acceptance of certain checks for deposit
§ 9-R Geographic restrictions
§ 9-S Preauthorized electronic fund transfers
§ 9-T Unsolicited mail-loan checks
§ 9-U ATM transactions by persons using foreign bank accounts
§ 9-V Savings promotion prize giveaway
§ 9-W Standard financial aid award letter
§ 9-X Fees based on inactivity; notification (§ 9-X)
§ 9-Y Banking institutions to pay checks drawn therein in order of presentation
§ 9-Z Cashing of certain checks

Terms Used In New York Laws > Banking > Article 1 - Short Title; Definitions; Miscellaneous Provisions

  • Account: means any account with a bank and includes a checking, time, interest or savings account;
    (b) "Afternoon" means the period of a day between noon and midnight;
    (c) "Banking day" means that part of any day on which a bank is open to the public for carrying on substantially all of its banking functions;
    (d) "Clearing house" means any association of banks or other payors regularly clearing items;
    (e) "Customer" means any person having an account with a bank or for whom a bank has agreed to collect items and includes a bank carrying an account with another bank;
    (f) "Documentary draft" means any negotiable or non-negotiable draft with accompanying documents, securities or other papers to be delivered against honor of the draft;
    (g) "Item" means any instrument for the payment of money even though it is not negotiable but does not include money;
    (h) "Midnight deadline" with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later;
    (i) "Obligated bank" means the acceptor of a certified check, the issuer of a cashier's check, or the drawer of a teller's check;
    (j) "Properly payable" includes the availability of funds for payment at the time of decision to pay or dishonor;
    (k) "Remitter" means the buyer from the obligated bank of a cashier's check or a teller's check, and the drawer of a certified check;
    (l) "Settle" means to pay in cash, by clearing house settlement, in a charge or credit or by remittance, or otherwise as instructed. See N.Y. Uniform Commercial Code 4-104
  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • 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.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • authorizing agent: shall mean the person with the right to control the disposition of the decedent pursuant to section forty-two hundred one of the public health law. See N.Y. Not-for-Profit Corporation Law 1502
  • 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.
  • Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See N.Y. Uniform Commercial Code 7-102
  • 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.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequeath: To gift property by will.
  • Bequest: Property gifted by will.
  • board: shall mean the board of directors of a land bank;
    (b) "land bank" shall mean a land bank established as a charitable not-for-profit corporation under this chapter and in accordance with the provisions of this article and pursuant to this article;
    (c) "foreclosing governmental unit" shall mean "tax district" as defined in subdivision six of section eleven hundred two of the real property tax law;
    (d) "municipality" shall mean a city, village, town or county other than a county located wholly within a city;
    (e) "school district" shall mean a school district as defined under the education law; and
    (f) "real property" shall mean lands, lands under water, structures and any and all easements, air rights, franchises and incorporeal hereditaments and every estate and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage or otherwise, and any and all fixtures and improvements located thereon. See N.Y. Not-for-Profit Corporation Law 1602
  • Carrier: means a person that issues a bill of lading. See N.Y. Uniform Commercial Code 7-102
  • casket: means a rigid container that is designed for the encasement of human remains and customarily ornamented and lined with fabric. See N.Y. Not-for-Profit Corporation Law 1502
  • cemetery board: means the cemetery board in the division of cemeteries in the department of state. See N.Y. Not-for-Profit Corporation Law 1502
  • cemetery corporation: means any corporation formed under a general or special law for the disposal or burial of deceased human beings, by cremation, natural organic reduction or in a grave, mausoleum, vault, columbarium or other receptacle but does not include a family cemetery corporation or a private cemetery corporation. See N.Y. Not-for-Profit Corporation Law 1502
  • chancellor: shall mean the chancellor of the city district. See N.Y. Education Law 2590-A
  • Charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community including any purpose that is charitable under the laws of the state of New York. See N.Y. Not-for-Profit Corporation Law 551
  • city board: shall mean the board of education of the city district. See N.Y. Education Law 2590-A
  • city district: shall mean the city school district of the city of New York. See N.Y. Education Law 2590-A
  • commercial claims: as used in this article shall mean and include any cause of action for money only not in excess of the maximum amount permitted for a small claim in the small claims part of the court, exclusive of interest and costs, provided that subject to the limitations contained in section eighteen hundred nine-A of this article, the claimant is a corporation, partnership or association, which has its principal office in the state of New York and provided that the defendant either resides, or has an office for the transaction of business or a regular employment, within the city of New York. See N.Y. New York City Civil Court Law 1801-A
  • Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See N.Y. Uniform Commercial Code 2-A-103
  • community board: shall mean the board of education of a community district. See N.Y. Education Law 2590-A
  • community district: shall mean a community school district created or to be created within the city district under the provisions of this article. See N.Y. Education Law 2590-A
  • community superintendent: shall mean the superintendent of schools of a community district. See N.Y. Education Law 2590-A
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
  • Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See N.Y. Uniform Commercial Code 7-102
  • Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See N.Y. Uniform Commercial Code 7-102
  • Consolidated corporation: means the new corporation in which two or more constituent corporations are consolidated. See N.Y. Not-for-Profit Corporation Law 901
  • Consolidation: means a procedure of the character described in subparagraph (a) (2). See N.Y. Not-for-Profit Corporation Law 901
  • Constituent corporation: means an existing corporation that is participating in the merger or consolidation with one or more other corporations. See N.Y. Not-for-Profit Corporation Law 901
  • Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for personal, family, or household purposes. See N.Y. Uniform Commercial Code 2-A-103
  • consumer transaction: means a transaction between a claimant and a natural person, wherein the money, property or service which is the subject of the transaction is primarily for personal, family or household purposes. See N.Y. New York City Civil Court Law 1801-A
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • core documents: shall mean those public documents for which library users have the most significant and frequent need. See N.Y. New York State Printing and Public Documents Law 10
  • 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.
  • corporation: shall mean every public authority and public benefit corporation a majority of the governing board members of which are either appointed by the governor or serve as members by virtue of their service as an officer of a state department, division, agency, board or bureau, or combination thereof. See N.Y. New York State Printing and Public Documents Law 10
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • cremains: means ashes and other residue recovered after the completion of cremation, which may include residue of foreign matter that may have been cremated with the human remains. See N.Y. Not-for-Profit Corporation Law 1502
  • cremation: means the technical process, using heat and flame, that reduces human remains to ashes and other residue. See N.Y. Not-for-Profit Corporation Law 1502
  • crematory: means a facility or portion of a building in which the remains of deceased human beings are processed by cremation. See N.Y. Not-for-Profit Corporation Law 1502
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See N.Y. Uniform Commercial Code 7-102
  • Dependent: A person dependent for support upon another.
  • Depositary bank: means the first bank to which an item is transferred for collection even though it is also the payor bank;
    (b) "Payor bank" means a bank by which an item is payable as drawn or accepted;
    (c) "Intermediary bank" means any bank to which an item is transferred in course of collection except the depositary or payor bank;
    (d) "Collecting bank" means any bank handling the item for collection except the payor bank;
    (e) "Presenting bank" means any bank presenting an item except a payor bank;
    (f) "Remitting bank" means any payor or intermediary bank remitting for an item. See N.Y. Uniform Commercial Code 4-105
  • 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.
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Docket: A log containing brief entries of court proceedings.
  • Donor: The person who makes a gift.
  • Donor: means the person who grants or transfers property to an institution pursuant to a gift instrument, or a person designated in the applicable gift instrument to act in the place of the donor, but does not otherwise include the person's executors, heirs, successors, assigns, transferees, or distributees. See N.Y. Not-for-Profit Corporation Law 551
  • educational facilities: shall mean land and the improvements thereon for use in connection with any educational activity to be undertaken or provided by the city board or any community school board or any facility attendant thereto or any facility necessary, useful or desirable in connection with such activity. See N.Y. Education Law 2590-A
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Endowment fund: means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. See N.Y. Not-for-Profit Corporation Law 551
  • 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.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • External agent: means an independent investment advisor, investment counsel or manager, bank, or trust company. See N.Y. Not-for-Profit Corporation Law 551
  • external wrappings: means a nonmetal receptacle or enclosure, without ornamentation or a fixed interior lining, which is designed for the encasement of human remains and which is made of cardboard, pressed wood, composite materials (with or without an outside covering), or pouches of canvas or other material. See N.Y. Not-for-Profit Corporation Law 1502
  • 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.
  • Fault: means wrongful act, omission, breach, or default. See N.Y. Uniform Commercial Code 2-A-103
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Finance lease: means a lease with respect to which:
    (i) the lessor does not select, manufacture, or supply the goods;
    (ii) the lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and (iii) one of the following occurs: (A) the lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract; (B) the lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract; (C) the lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of any third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or (D) if the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing (a) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (b) that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (c) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See N.Y. Uniform Commercial Code 2-A-103
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Gift instrument: means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund. See N.Y. Not-for-Profit Corporation Law 551
  • Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See N.Y. Uniform Commercial Code 7-102
  • Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See N.Y. Uniform Commercial Code 7-102
  • Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (Section 2-A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See N.Y. Uniform Commercial Code 2-A-103
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • 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.
  • 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
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See N.Y. Uniform Commercial Code 2-A-103
  • Institution: means : (1) a person, other than an individual, organized and operated exclusively for charitable purposes; (2)a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated; or (3)any corporation described in subparagraph five of paragraph (a) of section 102 (Definitions). See N.Y. Not-for-Profit Corporation Law 551
  • Institutional fund: means a fund held by an institution. See N.Y. Not-for-Profit Corporation Law 551
  • Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
  • 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
  • interment: means the permanent disposition of human remains by inurnment, entombment or ground burial. See N.Y. Not-for-Profit Corporation Law 1502
  • Intestate: Dying without leaving a will.
  • Issue: means the first delivery of an instrument to a holder or a remitter. See N.Y. Uniform Commercial Code 3-102
  • Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See N.Y. Uniform Commercial Code 7-102
  • 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.
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • judgment: as used in this article , shall be deemed to include an order directing the payment of money. See N.Y. New York City Civil Court Law 1501
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See N.Y. Uniform Commercial Code 2-A-103
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. See N.Y. Uniform Commercial Code 2-A-103
  • Lease contract: means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. See N.Y. Uniform Commercial Code 2-A-103
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See N.Y. Uniform Commercial Code 2-A-103
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See N.Y. Uniform Commercial Code 2-A-103
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See N.Y. Uniform Commercial Code 2-A-103
  • Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See N.Y. Uniform Commercial Code 2-A-103
  • Merger: means a procedure of the character described in subparagraph (a) (1). See N.Y. Not-for-Profit Corporation Law 901
  • monuments: means a memorial erected in a cemetery on a lot, plot or part thereof, except private mausoleums. See N.Y. Not-for-Profit Corporation Law 1502
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • natural organic reduction: means the contained, accelerated conversion of human remains to soil. See N.Y. Not-for-Profit Corporation Law 1502
  • natural organic reduction facility: means a structure, room, or other space in a building or real property where natural organic reduction of a human body occurs. See N.Y. Not-for-Profit Corporation Law 1502
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • nonsectarian burial society: means a corporation or unincorporated association or society having among its activities or its former activities the provision of burial benefits for its members and not supervised or controlled by a religious corporation. See N.Y. Not-for-Profit Corporation Law 1502
  • Notice: means information given by an institution as required by this article. See N.Y. Not-for-Profit Corporation Law 551
  • Oath: A promise to tell the truth.
  • 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.
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • order: is a direction to pay and must be more than an authorization or request. See N.Y. Uniform Commercial Code 3-102
  • Oversight: Committee review of the activities of a Federal agency or program.
  • owner of a lot: means any person having a lawful title to the use of a niche, crypt, lot, plot or part thereof, in a cemetery, mausoleum or columbarium. See N.Y. Not-for-Profit Corporation Law 1502
  • parent: shall mean a person in parental relation to a child, as that phrase is defined in subdivision ten of section two of this chapter. See N.Y. Education Law 2590-A
  • 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.
  • Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or any other legal entity. See N.Y. Not-for-Profit Corporation Law 551
  • Personal property: All property that is not real property.
  • pet cremated remains: means ashes and/or other residue recovered after the completion of cremation of any domestic animal that has been adapted or tamed to live in intimate association with people where such cremation has occurred at a pet crematorium as defined in section seven hundred fifty-a of the general business law. See N.Y. Not-for-Profit Corporation Law 1502
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Preauthorized electronic fund transfers: An EFT authorized in advance to recur at substantially regular intervals. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See N.Y. Uniform Commercial Code 2-A-103
  • Pro se: A Latin term meaning "on one's own behalf"; in courts, it refers to persons who present their own cases without lawyers.
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
  • project: shall mean , with respect to an educational facilities capital plan, (a) the performance, at a specified educational facility, of one or more program elements, as defined in paragraph a, b, c or d of subdivision two of section twenty-five hundred ninety-p of this article; or (b) the performance of the program elements defined in paragraphs f and g of such subdivision or any system replacement identified in paragraph e of such subdivision. See N.Y. Education Law 2590-A
  • promise: is a n undertaking to pay and must be more than an acknowledgment of an obligation. See N.Y. Uniform Commercial Code 3-102
  • Properly payable: includes the availability of funds for payment at the time of decision to pay or dishonor;
    (k) "Remitter" means the buyer from the obligated bank of a cashier's check or a teller's check, and the drawer of a certified check;
    (l) "Settle" means to pay in cash, by clearing house settlement, in a charge or credit or by remittance, or otherwise as instructed. See N.Y. Uniform Commercial Code 4-104
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • public document: shall mean any final annual, biennial, regular, statutorily mandated or other report, study or multi-year plan issued by a state agency in multiple copies, which has been distributed to the public, except items issued strictly for administrative or operational purposes, inter-agency and intra-agency memoranda, drafts of reports, public service announcements, written opinions rendered in cases determined in the court of appeals, appellate divisions of the supreme court or any other court of record and any public documents or portions thereof that are compiled for law enforcement purposes and which, if disclosed, would interfere with law enforcement investigations or judicial proceedings, deprive a person of the right to a fair trial or impartial adjudication, identify a confidential source or disclose confidential information relating to a criminal investigation or reveal criminal investigative techniques or procedures, other than routine techniques and procedures. See N.Y. New York State Printing and Public Documents Law 10
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See N.Y. Uniform Commercial Code 2-A-103
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See N.Y. Not-for-Profit Corporation Law 551
  • 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
  • religious burial society: means a corporation or unincorporated association or society having among its activities or its former activities the provision of burial benefits for its members and supervised or controlled by a religious corporation. See N.Y. Not-for-Profit Corporation Law 1502
  • 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.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • Secondary party: means a drawer or endorser. See N.Y. Uniform Commercial Code 3-102
  • 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.
  • Shipper: means a person that enters into a contract of transportation with a carrier. See N.Y. Uniform Commercial Code 7-102
  • state agency: shall mean any state office, department, division, board, bureau, commission or corporation, provided, however, it shall not include the New York state legislature or any of its standing, special, select and joint committees, subcommittees and legislative commissions. See N.Y. New York State Printing and Public Documents Law 10
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • Subpoena duces tecum: A command to a witness to produce documents.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See N.Y. Uniform Commercial Code 2-A-103
  • Surviving corporation: means the constituent corporation into which one or more other constituent corporations are merged. See N.Y. Not-for-Profit Corporation Law 901
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • temporary storage facility: means an area that (i) is designated for the retention of human remains prior to cremation or natural organic reduction; (ii) complies with all applicable public health laws, (iii) preserves the health and safety of the crematory or natural organic reduction facility personnel; and (iv) is secure from access by anyone other than authorized persons. See N.Y. Not-for-Profit Corporation Law 1502
  • 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.
  • Testator: A male person who leaves a will at death.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • this Act: means that chapter of the laws of 1997 which repealed former Article 8 of this code, added this article to this code, and made conforming amendments to provisions of other articles of this code. See N.Y. Uniform Commercial Code 8-601
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • 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
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Venue: The geographical location in which a case is tried.
  • 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.
  • Warehouse: means a person engaged in the business of storing goods for hire. See N.Y. Uniform Commercial Code 7-102