Terms Used In New York Laws > Business Corporation > Article 8 - Amendments and Changes

• 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.
• Agreement: means the streamlined sales and use tax agreement. See N.Y. Tax Law 1171
• 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.
• 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.
• 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}
• Certified automated system: means software certified jointly by the states that are signatories to the agreement to calculate the tax imposed by each jurisdiction on a transaction, determine the amount of tax to remit to the appropriate state, and maintain a record of the transaction. See N.Y. Tax Law 1171
• Certified service provider: means an agent certified jointly by the states that are signatories to the agreement to perform all of the seller's sales tax functions. See N.Y. Tax Law 1171
• 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: includes a corporation, association (including a limited liability company), joint stock company or other entity subject to tax under article nine, nine-a, nine-b or nine-c. See N.Y. Tax Law 1080
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the New York state department of taxation and finance. See N.Y. Tax Law 1171
• Docket: A log containing brief entries of court proceedings.
• Donee: The recipient of a gift.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• Grantor: The person who establishes a trust and places property into it.
• Gross receipts paid by the shared vehicle driver: means all consideration paid or contracted to be paid by a shared vehicle driver for use of a shared vehicle, including optional charges and fees, except for separately stated charges for taxes and government-imposed fees and airport facility fees, imposed on the shared vehicle driver. See N.Y. Tax Law 1190
• 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}
• Legatee: A beneficiary of a decedent
• 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.
• Minority leader: See Floor Leaders
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• 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.
• Peer-to-peer car sharing program administrator: shall mean the corporation, partnership, firm, institution, sole proprietorship or other entity or person that is responsible for operating, facilitating, or administering the means, digital or otherwise, by which a business platform facilitates a peer-to-peer car sharing program for financial consideration. See N.Y. Tax Law 1190
• person: includes a corporation, association, company, partnership, estate, trust, liquidator, fiduciary or other entity or individual liable for the tax imposed by article nine, nine-a, nine-b or nine-c, or under a duty to perform an act under this article or under article nine, nine-a, nine-b or nine-c. See N.Y. Tax Law 1080
• Personal property: All property that is not real property.
• 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.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• return: means a report or return of tax, but does not include a declaration of estimated tax. See N.Y. Tax Law 1080
• Sales tax: means the sales tax imposed pursuant to article twenty-eight of this chapter and pursuant to the authority of article twenty-nine of this chapter, to the extent covered by the streamlined sales and use tax agreement authorized and directed to be entered into by section eleven hundred seventy-three of this article. See N.Y. Tax Law 1171
• Seller: means any person making sales, leases, or rentals of personal property or services. See N.Y. Tax Law 1171
• 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.
• State: means any state of the United States and the District of Columbia. See N.Y. Tax Law 1171
• 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.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trustee: A person or institution holding and administering property in trust.
• Use tax: means the compensating use tax imposed pursuant to article twenty-eight of this chapter and pursuant to the authority of article twenty-nine of this chapter, to the extent covered by the streamlined sales and use tax agreement authorized and directed to be entered into by section eleven hundred seventy-three of this article. See N.Y. Tax Law 1171
• Venue: The geographical location in which a case is tried.