|Article 170||Laws Repealed; Saving Clause; When to Take Effect|
Terms Used In New York Laws > Education > Title 9 - Laws Repealed; Saving Clause; When to Take Effect
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- Contract: A legal written agreement that becomes binding when signed.
- Counterclaim: A claim that a defendant makes against a plaintiff.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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
- 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
- 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
- Quorum: The number of legislators that must be present to do business.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC