§ 601 By-laws
§ 602 Meetings of shareholders
§ 603 Special meeting for election of directors
§ 604 Fixing record date
§ 605 Notice of meetings of shareholders
§ 606 Waivers of notice
§ 607 List of shareholders at meetings
§ 608 Quorum of shareholders
§ 609 Proxies
§ 610 Selection of inspectors at shareholders’ meetings
§ 611 Duties of inspectors at shareholders’ meetings
§ 612 Qualification of voters
§ 613 Limitations on right to vote
§ 614 Vote of shareholders
§ 615 Written consent of shareholders, subscribers or incorporators without a meeting
§ 616 Greater requirement as to quorum and vote of shareholders
§ 617 Voting by class or classes of shares
§ 618 Cumulative voting
§ 619 Powers of supreme court respecting elections
§ 620 Agreements as to voting; provision in certificate of incorporation as to control of directors
§ 621 Voting trust agreements
§ 622 Preemptive rights
§ 623 Procedure to enforce shareholder’s right to receive payment for shares
§ 624 Books and records; right of inspection, prima facie evidence
§ 625 Infant shareholders and bondholders
§ 626 Shareholders’ derivative action brought in the right of the corporation to procure a judgment in its favor
§ 627 Security for expenses in shareholders’ derivative action brought in the right of the corporation to procure a judgment in its favor
§ 628 Liability of subscribers and shareholders
§ 629 Certain transfers or assignments by shareholders or subscribers; effect
§ 630 Liability of shareholders for wages due to laborers, servants or employees

Terms Used In New York Laws > Business Corporation > Article 6 - Shareholders

  • 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.
  • Allegation: something that someone says happened.
  • 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.
  • 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.
  • 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
  • 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.
  • 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
  • Benefits: means the money allowances during disability payable to an employee who is eligible to receive such benefits, as provided in this article. See N.Y. Workers Compensation Law 201
  • Bequest: Property gifted by will.
  • Board: means the workers' compensation board created under this chapter. See N.Y. Workers Compensation Law 201
  • Board: shall mean the workers' compensation board. See N.Y. Workers Compensation Law 302
  • Carrier: means a stock or mutual corporation or a reciprocal insurer or a nonprofit property/casualty insurance company, if such corporation or insurer is authorized to transact the business of workers' compensation insurance in this state, including but not limited to the issuance of an assumption of workers' compensation liability insurance policy, but not including any such corporation or insurer which is insolvent. See N.Y. Workers Compensation Law 106
  • Carrier: shall include : the state fund, stock corporations, mutual corporations and reciprocal insurers which insure the payment of benefits provided pursuant to this article; and employers and associations of employers or of employees and trustees authorized or permitted to pay benefits under the provisions of this article. See N.Y. Workers Compensation Law 201
  • Case law: The law as laid down in cases that have been decided in the decisions of the courts.
  • Chairman: means the chairman of the workers' compensation board of the state of New York. See N.Y. Workers Compensation Law 201
  • Chairman: shall mean the chairman of the workers' compensation board. See N.Y. Workers Compensation Law 302
  • Chairman: means the chairman of the dormitory authority. See N.Y. Public Authorities Law 1695
  • Child: means a biological, adopted, or foster son or daughter, a stepson or stepdaughter, a legal ward, a son or daughter of a domestic partner, or the person to whom the employee stands in loco parentis. See N.Y. Workers Compensation Law 201
  • Civil defense volunteers: shall include those members of the civil defense forces under the provisions of the state defense emergency act who are volunteer persons serving without compensation in the personnel of volunteer agencies. See N.Y. Workers Compensation Law 302
  • Commission: shall mean the state civil defense commission created by article three of the state defense emergency act, and "state director" shall mean the New York state director of civil defense appointed under the provisions of said act. See N.Y. Workers Compensation Law 302
  • committee: means the state committee for pathologists' assistants created by this article. See N.Y. Education Law 8850
  • 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.
  • compensation: include the benefits in relation to volunteer firefighters or volunteer ambulance workers pursuant to the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law. See N.Y. Workers Compensation Law 100
  • compensation: include the benefits in relation to volunteer firefighters and volunteer ambulance workers pursuant to the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law and benefits in relation to longshore and harbor workers pursuant to the longshore and harbor workers' compensation act, United States Code, Title 33, Sections 901 through 950. See N.Y. Workers Compensation Law 106
  • compensation: include the benefits in relation to volunteer firefighters or volunteer ambulance workers pursuant to the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law. See N.Y. Workers Compensation Law 157
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • 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.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Court reporter: A person who makes a word-for-word record of what is said in court and produces a transcript of the proceedings upon request.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • day of disability: means any day on which the employee was prevented from performing work because of disability, including any day which the employee uses for family leave, and for which the employee has not received his or her regular remuneration. See N.Y. Workers Compensation Law 201
  • 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.
  • Dependent: A person dependent for support upon another.
  • 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.
  • direction and supervision: means continuous direction and supervision, but shall not be construed as necessarily requiring the physical presence of the supervising physician at the time and place where such services are performed. See N.Y. Education Law 8850
  • Disability: means the state of being disabled from earning full wages at the work at which the employee was last employed. See N.Y. Workers Compensation Law 37
  • Disablement: means the act of becoming so disabled as defined in subdivision one. See N.Y. Workers Compensation Law 37
  • 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:
  • Donor: The person who makes a gift.
  • Employee: includes a volunteer firefighter or volunteer ambulance worker who has been or might be injured in line of duty or who dies or might die from such an injury. See N.Y. Workers Compensation Law 100
  • Employee: includes a volunteer firefighter or volunteer ambulance worker who has been or might be injured in line of duty or who dies or might die from such an injury. See N.Y. Workers Compensation Law 157
  • Employee: means a person engaged in the service of an employer in any employment defined in subdivision six of this section, except a minor child of the employer, except a duly ordained, commissioned, or licensed minister, priest or rabbi, a sexton, a christian science reader, or member of a religious order, or an executive officer of a corporation who at all times during the period involved owns all of the issued and outstanding stock of the corporation and holds all of the offices pursuant to paragraph (e) of section seven hundred fifteen of the business corporation law or two executive officers of a corporation who at all times during the period involved between them own all of the issued and outstanding stock of such corporation and hold all such offices provided, however, that each officer must own at least one share of stock, except as provided in section two hundred twelve of this article, or an executive officer of an incorporated religious, charitable or educational institution, or persons engaged in a professional or teaching capacity in or for a religious, charitable or educational institution, or volunteers in or for a religious, charitable or educational institution, or persons participating in and receiving rehabilitative services in a sheltered workshop operated by a religious, charitable or educational institution under a certificate issued by the United States department of labor, or recipients of charitable aid from a religious or charitable institution who perform work in or for the institution which is incidental to or in return for the aid conferred, and not under an express contract of hire. See N.Y. Workers Compensation Law 201
  • Employer: includes any political subdivision liable for benefits pursuant to the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law. See N.Y. Workers Compensation Law 100
  • Employer: includes any political subdivision liable for benefits pursuant to the volunteer firefighters' benefit law. See N.Y. Workers Compensation Law 106
  • Employer: includes any political subdivision liable for benefits pursuant to the volunteer firefighters' benefit law or the volunteer ambulance workers' benefit law. See N.Y. Workers Compensation Law 157
  • employment: includes an employee's entire service performed within or both within and without this state if the service is localized in this state. See N.Y. Workers Compensation Law 201
  • Engaged in the performing arts: shall mean performing service in connection with the production of or performance in any artistic endeavor which requires artistic or technical skill or expertise. See N.Y. Workers Compensation Law 201
  • 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
  • Family leave: shall mean any leave taken by an employee from work:
    (a) to participate in providing care, including physical or psychological care, for a family member of the employee made necessary by a serious health condition of the family member; or
    (b) to bond with the employee's child during the first twelve months after the child's birth, or the first twelve months after the placement of the child for adoption or foster care with the employee; or
    (c) because of any qualifying exigency as interpreted under the family and medical leave act, 29 U. See N.Y. Workers Compensation Law 201
  • Family member: means a child, parent, grandparent, grandchild, sibling, spouse, or domestic partner as defined in this section. See N.Y. Workers Compensation Law 201
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • 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).
  • 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.
  • fund: shall be deemed to include both the workers' compensation fund and the disability benefits fund unless the context otherwise indicates. See N.Y. Workers Compensation Law 76
  • Fund: means the workers' compensation security fund. See N.Y. Workers Compensation Law 106
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grandchild: means a child of the employee's child. See N.Y. Workers Compensation Law 201
  • Grandparent: means a parent of the employee's parent. See N.Y. Workers Compensation Law 201
  • 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.
  • Health care provider: shall mean for the purpose of family leave, a person licensed under article one hundred thirty-one, one hundred thirty-one-B, one hundred thirty-two, one hundred thirty-three, one hundred thirty-six, one hundred thirty-nine, one hundred forty-one, one hundred forty-three, one hundred forty-four, one hundred fifty-three, one hundred fifty-four, one hundred fifty-six or one hundred fifty-nine of the education law or a person licensed under the public health law, article one hundred forty of the education law or article one hundred sixty-three of the education law. See N.Y. Workers Compensation Law 201
  • 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.
  • Insolvent carrier: means a carrier as to which an order of rehabilitation or of liquidation, or, if such carrier be a foreign insurer, as to which an order for conservation of its assets within the state, shall have been made after the effective date of this article pursuant to article seventy-four of the insurance law, or a foreign carrier which withdraws from or discontinues operation in this state and fails to meet payments due on awards made, but not including a carrier, whether a domestic or foreign insurer, which shall have become rehabilitated and allowed to resume business after any such rehabilitation or conservation of assets and meets its obligations as they mature. See N.Y. Workers Compensation Law 106
  • 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
  • Intestate: Dying without leaving a will.
  • 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: 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • liability: as used in this article , shall not include any compensation, assessments or other obligations under the volunteer firefighters' benefit law and the provisions of subdivision three of section sixty-three of this article, as amended from time to time, shall not be applicable in relation to such plan. See N.Y. Workers Compensation Law 61
  • 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.
  • Majority leader: see Floor Leaders
  • media sales representative: shall include any contractor engaged in the sale or renewal of magazine subscriptions or the sale or renewal of magazine advertising space who (i) receives no direction or control on the methods by which they perform services other than training on product characteristics, (ii) are solely in control of their work schedule, and (iii) may refuse any work assignment. See N.Y. Workers Compensation Law 201
  • Minority leader: See Floor Leaders
  • modeling services: means the appearance by a professional model in photographic sessions or the engagement of such model in live, filmed or taped modeling performances for remuneration. See N.Y. Workers Compensation Law 201
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
  • 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.
  • Mutual carrier: means any mutual corporation or reciprocal insurer, other than an insolvent carrier, authorized to transact the business of workmen's compensation insurance in this state. See N.Y. Workers Compensation Law 106
  • 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
  • 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.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Parent: means a biological, foster, or adoptive parent, a parent-in-law, a stepparent, a legal guardian, or other person who stood in loco parentis to the employee when the employee was a child. See N.Y. Workers Compensation Law 201
  • 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.
  • Personal property: All property that is not real property.
  • Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. Courts
  • physician: means a practitioner of medicine licensed to practice medicine pursuant to article one hundred thirty-one of this title. See N.Y. Education Law 8850
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. 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.
  • 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.
  • professional model: means a person who, in the course of his or her trade, occupation or profession, performs modeling services. See N.Y. Workers Compensation Law 201
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Qualifying condition: means any of the following diseases or conditions resulting from a hazardous exposure during participation in World Trade Center rescue, recovery or clean-up operations:
    (a) Diseases of the upper respiratory tract and mucosae, including conditions such as conjunctivitis, rhinitis, sinusitis, pharyngitis, laryngitis, vocal cord disease, upper airway hyper-reactivity and tracheo-bronchitis, or a combination of such conditions;
    (b) Diseases of the lower respiratory tract, including but not limited to bronchitis, asthma, reactive airway dysfunction syndrome, and different types of pneumonitis, such as hypersensitivity, granulomatous, or eosinophilic;
    (c) Diseases of the gastroesophageal tract, including esophagitis and reflux disease, either acute or chronic, caused by exposure or aggravated by exposure;
    (d) Diseases of the psychological axis, including post-traumatic stress disorder, anxiety, depression, or any combination of such conditions; or
    (e) New onset diseases resulting from exposure as such diseases occur in the future including cancer, chronic obstructive pulmonary disease, asbestos-related disease, heavy metal poisoning, musculoskeletal disease and chronic psychological disease. See N.Y. Workers Compensation Law 161
  • 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.
  • Reciprocal insurer: means any reciprocal insurer authorized to transact the business of workmen's compensation insurance in this state and such reciprocal insurer shall be deemed to be a mutual carrier within the intent of the several provisions of this article. See N.Y. Workers Compensation Law 106
  • 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
  • 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.
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • 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.
  • Serious health condition: means an illness, injury, impairment, or physical or mental condition, including transplantation preparation and recovery from surgery related to organ or tissue donation, that involves inpatient care in a hospital, hospice, or residential health care facility, continuing treatment or continuing supervision by a health care provider. See N.Y. Workers Compensation Law 201
  • 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.
  • Sibling: means a biological or adopted sibling, a half-sibling or stepsibling. See N.Y. Workers Compensation Law 201
  • State fund: means the state insurance fund created under article six of this chapter. See N.Y. Workers Compensation Law 201
  • 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.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • This chapter: includes the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law, except when such a meaning is inconsistent with this article. See N.Y. Workers Compensation Law 100
  • This chapter: includes the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law; and the longshore and harbor workers' compensation act, United States Code, Title 33, Sections 901 through 950; except when such a meaning is inconsistent with this article. See N.Y. Workers Compensation Law 106
  • This chapter: includes the volunteer firefighters' benefit law and the volunteer ambulance workers' benefit law, except when such a meaning is inconsistent with this article. See N.Y. Workers Compensation Law 157
  • 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.
  • Trustee: A person or institution holding and administering property in trust.
  • 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.
  • Wages: means the money rate at which employment with a covered employer is recompensed under the contract of hiring with the covered employer and shall include the reasonable value of board, rent, housing, lodging, or similar advantage received under the contract of hiring. See N.Y. Workers Compensation Law 201
  • World Trade Center site: means anywhere below a line starting from the Hudson River and Canal Street; east on Canal Street to Pike Street; south on Pike Street to the East River; and extending to the lower tip of Manhattan. See N.Y. Workers Compensation Law 161