Terms Used In New York Laws > General Business > Article 10-B - Transmission of Money to Foreign Countries.

• authority: shall mean the corporation created by section thirteen hundred seventy-eight of this title. See N.Y. Public Authorities Law 1376
• Bequest: Property gifted by will.
• board: shall mean the members of the authority. See N.Y. Public Authorities Law 1376
• bonds: shall mean bonds issued by the authority pursuant to this title. See N.Y. Public Authorities Law 1376
• city: shall mean the city of Ogdensburg. See N.Y. Public Authorities Law 1376
• common council: shall mean the common council of the city. See N.Y. Public Authorities Law 1376
• 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.
• district: shall mean the Ogdensburg port authority district created by section thirteen hundred seventy-seven of this title. See N.Y. Public Authorities Law 1376
• 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}
• 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}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Industrial Project: shall mean a project designed and intended for the purpose of providing facilities for manufacturing, warehousing, research, business or other industrial or commercial purposes, including but not limited to machinery and equipment deemed necessary for the operation thereof (excluding raw materials, work in process or stock in trade), on land acquired or to be acquired by the authority for the establishment of an industrial park. See N.Y. Public Authorities Law 1376
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• mayor: shall mean the mayor of the city. See N.Y. Public Authorities Law 1376
• Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Personal property: All property that is not real property.
• port facilities: shall mean , among other things, wharfs, docks, refrigerating plants, warehouses, elevators, freight-handling piers, terminals, railroad tracks or terminals, cold storage and machinery and such equipment as is used in the handling of freight and the establishment and operation of a port, and work of deepening parts of the St. See N.Y. Public Authorities Law 1376
• 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.
• Statute: A law passed by a legislature.