Sections
Title 1 Money Deposited as Security to Be Held in Trust in Certain Cases 7-101 – 7-109
Title 2 Sale of Certain Licensed Taxicabs 7-201
Title 3 Bonds and Undertakings 7-301
Title 4 Buyer’s Right of Redemption 7-401

Terms Used In New York Laws > General Obligations > Article 7 - Obligations Relating to Property Received as Security

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Bingo licensing law: shall mean Article 14-h of the general municipal law. See N.Y. Executive Law 432
  • commission: shall mean the New York state gaming commission created pursuant to section one hundred two of the racing, pari-mutuel wagering and breeding law. See N.Y. Executive Law 432
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dependent: A person dependent for support upon another.
  • Director: means the chief administrative officer of the state office of rural affairs. See N.Y. Executive Law 481
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Ex officio: Literally, by virtue of one's office.
  • 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
  • game: shall mean a specific game of chance, commonly known as bingo or lotto, in which prizes are awarded on the basis of designated numbers or symbols on a card conforming to numbers or symbols selected at random. See N.Y. Executive Law 432
  • Grantor: The person who establishes a trust and places property into it.
  • 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
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Minority leader: See Floor Leaders
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipality: shall mean any city, town or village within this state. See N.Y. Executive Law 432
  • Municipality: means any county, city, town, village, or school district. See N.Y. Executive Law 481
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Office: means the state office of rural affairs created by this article. See N.Y. Executive Law 481
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
  • 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.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Rural areas: means counties within the state having less than two hundred thousand population, and the municipalities, individuals, institutions, communities, programs and such other entities or resources as are found therein. See N.Y. Executive Law 481
  • Rural development and revitalization: shall mean those policies, programs, laws, regulations, or other matters having to do with rural areas including, but not limited to, human services and community life; health care; education; business, economic development, and employment; agriculture;

    environment,

    land use, and natural resources; transportation; community facilities, housing; and local government services and management. See N.Y. Executive Law 481

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State agency: means any department, office, council, or agency of the state, or any public benefit corporation or authority authorized by the laws of the state. See N.Y. Executive Law 481
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Verdict: The decision of a petit jury or a judge.