Terms Used In New York Laws > Elder > Article 2 > Title 3
- 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.
- 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
- contract: A legal written agreement that becomes binding when signed.
- 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.
- 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.
- misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
- real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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.