§ 1600 Short Title
§ 1601 Legislative Intent
§ 1602 Definitions
§ 1603 Creation and Existence
§ 1604 Applicability of New York Law
§ 1605 Board of Directors
§ 1606 Staff
§ 1607 Powers
§ 1608 Acquisition of Property
§ 1609 Disposition of Property
§ 1610 Financing of Land Bank Operations
§ 1611 Borrowing and Issuance of Bonds
§ 1612 Public Records and Public Meetings
§ 1613 Dissolution of Land Bank
§ 1614 Conflicts of Interest
§ 1615 Construction, Intent and Scope
§ 1616 Delinquent Property Tax Enforcement
§ 1617 Contracts

Terms Used In New York Laws > Not-For-Profit Corporation > Article 16

  • 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.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • board: shall mean the board of directors of a land bank;

    (b) "land bank" shall mean a land bank established as a charitable not-for-profit corporation under this chapter and in accordance with the provisions of this article and pursuant to this article;

    (c) "foreclosing governmental unit" shall mean "tax district" as defined in subdivision six of section eleven hundred two of the real property tax law;

    (d) "municipality" shall mean a city, village, town or county other than a county located wholly within a city;

    (e) "school district" shall mean a school district as defined under the education law; and

    (f) "real property" shall mean lands, lands under water, structures and any and all easements, air rights, franchises and incorporeal hereditaments and every estate and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage or otherwise, and any and all fixtures and improvements located thereon. See N.Y. Not-For-Profit Corporation Law 1602

  • Consumer lease: means a lease that a lessor regularly

    engaged in the business of leasing or selling makes to a

    lessee who is an individual and who takes under the lease

    primarily for personal, family, or household purposes. See N.Y. Uniform Commercial Code 2-A-103

  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fault: means wrongful act, omission, breach, or default. See N.Y. Uniform Commercial Code 2-A-103
  • Finance lease: means a lease with respect to which: (i) the

    lessor does not select, manufacture, or supply the goods;

    (ii) the lessor acquires the goods or the right to possession

    and use of the goods in connection with the lease; and (iii)

    one of the following occurs: (A) the lessee receives a copy

    of the contract by which the lessor acquired the goods or the

    right to possession and use of the goods before signing the

    lease contract; (B) the lessee's approval of the contract by

    which the lessor acquired the goods or the right to

    possession and use of the goods is a condition to

    effectiveness of the lease contract; (C) the lessee, before

    signing the lease contract, receives an accurate and complete

    statement designating the promises and warranties, and any

    disclaimers of warranties, limitations or modifications of

    remedies, or liquidated damages, including those of any third

    party, such as the manufacturer of the goods, provided to the

    lessor by the person supplying the goods in connection with

    or as part of the contract by which the lessor acquired the

    goods or the right to possession and use of the goods; or (D)

    if the lease is not a consumer lease, the lessor, before the

    lessee signs the lease contract, informs the lessee in

    writing (a) of the identity of the person supplying the goods

    to the lessor, unless the lessee has selected that person and

    directed the lessor to acquire the goods or the right to

    possession and use of the goods from that person, (b) that

    the lessee is entitled under this Article to the promises and

    warranties, including those of any third party, provided to

    the lessor by the person supplying the goods in connection

    with or as part of the contract by which the lessor acquired

    the goods or the right to possession and use of the goods,

    and (c) that the lessee may communicate with the person

    supplying the goods to the lessor and receive an accurate and

    complete statement of those promises and warranties,

    including any disclaimers and limitations of them or of

    remedies. See N.Y. Uniform Commercial Code 2-A-103

  • 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
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Goods: means all things that are movable at the time of

    identification to the lease contract, or are fixtures

    (Section 2-A-309), but the term does not include money,

    documents, instruments, accounts, chattel paper, general

    intangibles, or minerals or the like, including oil and gas,

    before extraction. See N.Y. Uniform Commercial Code 2-A-103

  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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
  • 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: means a transfer of the right to possession and use

    of goods for a term in return for consideration, but a sale,

    including a sale on approval or a sale or return, or

    retention or creation of a security interest is not a lease. See N.Y. Uniform Commercial Code 2-A-103

  • 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
  • Lease agreement: means the bargain, with respect to the

    lease, of the lessor and the lessee in fact as found in their

    language or by implication from other circumstances including

    course of dealing or usage of trade or course of performance

    as provided in this Article. See N.Y. Uniform Commercial Code 2-A-103

  • Lease contract: means the total legal obligation that

    results from the lease agreement as affected by this Article

    and any other applicable rules of law. See N.Y. Uniform Commercial Code 2-A-103

  • Leasehold interest: means the interest of the lessor or the

    lessee under a lease contract. See N.Y. Uniform Commercial Code 2-A-103

  • Lessee: means a person who acquires the right to possession

    and use of goods under a lease. See N.Y. Uniform Commercial Code 2-A-103

  • Lessor: means a person who transfers the right to possession

    and use of goods under a lease. See N.Y. Uniform Commercial Code 2-A-103

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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.
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Purchase: includes taking by sale, lease, mortgage, security

    interest, pledge, gift, or any other voluntary transaction

    creating an interest in goods. See N.Y. Uniform Commercial Code 2-A-103

  • 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.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Statute: A law passed by a legislature.
  • Sublease: means a lease of goods the right to possession and

    use of which was acquired by the lessor as a lessee under an

    existing lease. See N.Y. Uniform Commercial Code 2-A-103

  • Supplier: means a person from whom a lessor buys or leases

    goods to be leased under a finance lease. See N.Y. Uniform Commercial Code 2-A-103

  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trustee: A person or institution holding and administering property in trust.