Terms Used In New York Laws > Partnership > Article 8

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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.
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Fraud: Intentional deception resulting in injury to another.
• 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

• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
• Intestate: Dying without leaving a will.
• Issue: means the first delivery of an instrument to a holder

  or a remitter. See N.Y. Uniform Commercial Code 3-102

• 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 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

• 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

• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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.
• order: is a direction to pay and must be more than an

  authorization or request. See N.Y. Uniform Commercial Code 3-102

• 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.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Present value: means the amount as of a date certain of one

  or more sums payable in the future, discounted to the date

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

• promise: is a n undertaking to pay and must be more than an

  acknowledgment of an obligation. See N.Y. Uniform Commercial Code 3-102

• 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.
• 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.
• Statute: A law passed by a legislature.
• Testator: A male person who leaves a will at death.
• Trustee: A person or institution holding and administering property in trust.