§ 5-601 Interest On Deposits in Escrow With Mortgage Investing Institutions
§ 5-602 Interest On Insurance Draft Deposits in Escrow With Mortgage Investing Institutions

Terms Used In New York Laws > General Obligations > Article 5 > Title 6

  • 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.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Trustee: A person or institution holding and administering property in trust.