Terms Used In New York Laws > Banking > Article 5-D - Small Business Investment Companies

• Allegation: something that someone says happened.
• 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.
• 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
• 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.
• chancellor: shall mean the chancellor of the city district. See N.Y. Education Law 2590-A
• 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
• community board: shall mean the board of education of a community district. See N.Y. Education Law 2590-A
• community council: shall mean the community district education council of a community district established pursuant to section twenty-five hundred ninety-c of this article. 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.
• 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.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer: means a person engaged in the business of buying, selling or dealing in motor vehicles, motorcycles or trailers, other than mobile homes or manufactured homes, at retail or wholesale; except, however, trailers with an unladen weight of less than one thousand pounds. See N.Y. Vehicle and Traffic Law 415
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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:
• 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 council or any facility attendant thereto or any facility necessary, useful or desirable in connection with such activity. See N.Y. Education Law 2590-A
• 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}
• 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.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• Highly distressed area: means : (a) a census tract or tracts or block numbering area or areas or such census tract or block numbering area contiguous thereto which, according to the most recent census data available, has:
  
  (i) a poverty rate of at least twenty percent for the year to which the data relates or at least twenty percent of the households receiving public assistance; and
  
  (ii) an unemployment rate of at least one and twenty-five one hundredths times the statewide unemployment rate for the year to which the data relates; or
  
  (b) a city, town, village or county within a city with a population of one million or more for which: (i) the ratio of the full value property wealth, as determined by the comptroller for the year nineteen hundred ninety, per resident to the statewide average full value property wealth per resident; and (ii) the ratio of the income per resident, as shown in the nineteen hundred ninety census to the statewide average income per resident; are each fifty-five percent or less of the statewide average. See N.Y. Banking Law 228-B
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Investment companies: means the NYSBIC and the NYSSBIC collectively. See N.Y. Banking Law 228-B
• 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 to arrange for a person to enter into an agreement subject to the provisions of Article 9-A of the personal property law, or to act as a lessor as defined in such article. See N.Y. Vehicle and Traffic Law 415
• 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}
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• manufactured home: means a mobile home or manufactured home as defined in section one hundred twenty-two-c of this chapter. See N.Y. Vehicle and Traffic Law 415
• Minority leader: See Floor Leaders
• Mobility vehicle: means a motor vehicle that is specially converted and equipped to transport a person with a disability and is altered or modified for such use by an alterer or final stage manufacturer pursuant to parts 567 and 568 of title 49 of the code of federal regulations or a modifier pursuant to part 595 of title 49 of the code of federal regulations and that:
  
  (i) has a chassis that contains: (A) a permanently lowered floor or permanently lowered frame; or (B) a permanently raised roof and raised door; and
  
  (ii) contains at least one of the following: (A) an electronic or mechanical wheelchair, scooter, or platform lift that enables a person to enter or exit the vehicle while occupying a wheelchair or scooter; (B) an electronic or mechanical wheelchair ramp that is installed as an integral part or permanent attachment to the motor vehicle. See N.Y. Vehicle and Traffic Law 415
• modifier: shall mean any motor vehicle repair business that modifies a motor vehicle to enable a person with a disability to operate, or ride as a passenger in, the motor vehicle. See N.Y. Vehicle and Traffic Law 415
• motor vehicle: means a motor vehicle commonly classified as a passenger automobile, sport utility vehicle, light truck, pick up truck, van, minivan, or suburban, with a gross vehicle weight rating of ten thousand pounds or less. See N.Y. Vehicle and Traffic Law 415
• new motor vehicle: means a motor vehicle commonly classified as a passenger automobile, sport utility vehicle, light truck, pick up truck, van, minivan or suburban which meets any one or more of the following criteria:
  
  (i) a motor vehicle which has not been placed in consumer use; or
  
  (ii) a motor vehicle which has not been transferred to someone other than a distributor, new motor vehicle dealer, or qualified dealer; or
  
  (iii) a motor vehicle which has less than one thousand miles on the odometer. See N.Y. Vehicle and Traffic Law 415
• New motor vehicle dealer: means a dealer who engages in the activities described in paragraph a of this subdivision if such activities relate to new motor vehicles and if such dealer is party to a franchise, as the terms "new motor vehicle" and "franchise" are defined in section four hundred sixty-two of this title; provided, however, for purposes of this definition, a new motor vehicle shall include only those motor vehicles commonly classified as a passenger automobile, sport utility vehicle, light truck, pickup truck, van, minivan, or suburban, with a gross vehicle weight rating of ten thousand pounds or less, and shall not include (i) any such vehicle which has been converted for use as a tow truck, or (ii) a motor vehicle for which the current ownership document is a statement of acquisition issued pursuant to section four hundred twenty-nine of this title, a salvage certificate, salvage certificate of title, nonrepairable certificate, or similar document issued by any state or jurisdiction; or (iii) any motor vehicle commonly classified as a bus, school bus, garbage truck, marine trailer, tow truck, motorcycle, recreational vehicle, snowmobile, trailer, mobile home or construction equipment; and provided further that: (i) a dealer is a new motor vehicle dealer only with respect to those vehicles which are of the same make as those which that dealer is authorized to sell at that location pursuant to a valid franchise agreement; and (ii) a dealer is not acting as a new motor vehicle dealer when displaying, advertising, storing and/or demonstrating a new mobility vehicle. See N.Y. Vehicle and Traffic Law 415
• NYSBIC: means the New York small business investment company which shall be organized and operated in conformity with Section 301(c) and applicable regulations. See N.Y. Banking Law 228-B
• NYSSBIC: means the New York specialized small business investment company which shall be organized and operated in conformity with Section 301(d) and applicable regulations. See N.Y. Banking Law 228-B
• Oath: A promise to tell the truth.
• Oversight: Committee review of the activities of a Federal agency or program.
• 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 any natural person, firm, corporation, partnership, limited liability company, entity, joint venture, association or organization. See N.Y. Vehicle and Traffic Law 415
• Personal property: All property that is not real property.
• Place of business: means a designated location at which the business of the dealer is conducted, and, in relation to a retail dealer, facilities for displaying new or used motor vehicles. See N.Y. Vehicle and Traffic Law 415
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Qualified dealer: means a dealer, other than a new motor vehicle dealer or a dealer owned in whole or in part, directly or indirectly, by a manufacturer, who:
  
  (i) acting through a single person, but operating at one or more locations of such single person, has displayed new motor vehicles for sale and/or lease, and has sold and/or leased (excluding sales or leases of any affiliates) a minimum of four thousand new and/or used motor vehicles annually (of which at least forty percent annually were new motor vehicles) at retail regardless of make or model from any one or more locations of such single person within the state, in each year from nineteen hundred ninety-five through and including nineteen hundred ninety-eight, exclusively; or
  
  (ii) has displayed new motor vehicles for sale and/or lease, and has sold and/or leased (excluding sales or leases of any affiliates) a minimum of two hundred twenty-five new and/or used motor vehicles (of which at least thirty-three and one-third percent were new motor vehicles) at retail, regardless of make or model, from any one or more locations within the state, in the twelve-month period preceding August thirty-first, nineteen hundred ninety-nine; or
  
  (iii) was issued an original certificate of registration as a dealer with a validation date of May, nineteen hundred ninety-nine, has displayed new motor vehicles for sale and/or lease, and has sold and/or leased (excluding sales or leases of any affiliates) a minimum of one hundred fifty new and/or used motor vehicles (of which at least fifty were new motor vehicles), regardless of make or model, from any one or more locations within the state, in the period between July first, nineteen hundred ninety-nine and the effective date of chapter seven of the laws of two thousand. See N.Y. Vehicle and Traffic Law 415
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• registered voter: shall mean an elector of the city of New York under the election law. See N.Y. Education Law 2590-A
• 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.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retail dealer: means a dealer whose business consists in whole or in part of buying, selling or dealing in motor vehicles, motorcycles or trailers at retail. See N.Y. Vehicle and Traffic Law 415
• 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.
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Title III: means Title III of the Small Business Investment Act of 1958, United States Pub. See N.Y. Banking Law 228-B
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• 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.
• Voting shareholders: means those shareholders of the NYSBIC or the NYSSBIC that contribute to the capitalization and ongoing funding of the investment companies. See N.Y. Banking Law 228-B