Terms Used In New York Laws > Education > Title 1 > Article 13 - Higher Education Student Financial Aid Programs
- 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.
- Appraisal: A determination of property value.
- 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.
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- 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
- Chambers: A judge's office.
- Change in level of assessment: means the net percentage increase or decrease in the assessed valuation of all taxable real property in an assessing unit from one final assessment roll to the next, other than increases or decreases in the assessed valuation of special franchises, transportation properties of railroads subject to a ceiling assessment, wholly exempt properties, and other than increases or decreases in value attributable to physical or quantity changes in the property. See N.Y. Real Property Tax Law 1220
- College: shall mean any institution of higher education, recognized and approved by the regents of the university of the state of New York, which provides a course of study leading to the granting of a post-secondary degree or diploma. See N.Y. Education Law 601
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- delinquent tax: include any unpaid tax or other charge against lands owned by the state. See N.Y. Real Property Tax Law 1102
- Dependent: A person dependent for support upon another.
- 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:
- Enforcing officer: means any elected or appointed officer of any tax district empowered or charged by law to enforce the collection of tax liens on real property; provided, however, that (a) where no law provides otherwise, the enforcing officer shall be (i) in a county which is a tax district, the county treasurer or commissioner of finance, (ii) in a city which is a tax district, the official so empowered or charged by the city charter, (iii) in a village which is a tax district, the village treasurer, and (iv) in a town which is a tax district, the town supervisor; and (b) when the duties and powers of an "enforcing officer" are vested in two or more elected or appointed officials, the governing body of the tax district shall designate which of such officials shall act as enforcing officer for the purposes set forth in this article. See N.Y. Real Property Tax Law 1102
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Executor: A male person named in a will to carry out the decedent
- Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- 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
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- 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
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- legal charges: means :
(a) the cost of the mailing or service of notices required or authorized by this article;
(b) the cost of publication of notices required or authorized by this title;
(c) the amount of any interest and penalties imposed by law;
(d) the cost of recording or filing legal documents required or authorized by this article; and
(e) the reasonable and necessary cost of any search of the public record required or authorized to satisfy the notice requirements of this article, and the reasonable and necessary expenses for legal services of a tax district in connection with a proceeding to foreclose a tax lien; provided, that: (i) a charge of up to one hundred fifty dollars per parcel shall be deemed reasonable and necessary to cover the combined costs of such searches and legal expenses, and such an amount may be charged without substantiation, even if salaried employees of the tax district performed the search or legal services; and (ii) a tax district may charge a greater amount with respect to one or more parcels upon demonstration to the satisfaction of the court having jurisdiction that such greater amount was reasonable and necessary. See N.Y. Real Property Tax Law 1102
- Lien date: means the date on which the tax or other legal charges represented thereby became a lien, as provided by section nine hundred two of this chapter or such other general, special or local law as may be applicable, provided, that when the taxes of a school district are enforced by a tax district without being relevied by the tax district, and the lien date of the school district taxes differs from the lien date of the taxes of the tax district which are levied upon the same assessment roll, the later of the two such dates shall be deemed to be the lien date for purposes of this article. See N.Y. Real Property Tax Law 1102
- 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
- Person: means an individual, a corporation (including a foreign corporation and a municipal corporation), a joint stock association, a
partnership, the state, and any other organization, state, government or county which may lawfully own property in the state. See N.Y. Real Property Tax Law 1102
- Plaintiff: The person who files the complaint in a civil lawsuit.
- 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.
- President: shall mean the president of the New York state higher education services corporation. See N.Y. Education Law 601
- 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.
- 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
- Service of process: The service of writs or summonses to the appropriate party.
- Summons: Another word for subpoena used by the criminal justice system.
- Tax district: means : (a) a county, other than (i) a county for which the cities and towns enforce delinquent taxes pursuant to the county administrative code, or (ii) a county wholly contained within a city;
(b) a city, other than a city for which the county enforces delinquent taxes pursuant to the city charter;
(c) a village, other than a village for which the county enforces delinquent taxes pursuant to section fourteen hundred forty-two of this chapter; or
(d) a town in a county in which towns enforce delinquent taxes pursuant to the county administrative code. See N.Y. Real Property Tax Law 1102
- Testify: Answer questions in court.
- Uphold: The decision of an appellate court not to reverse a lower court decision.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.