Terms Used In New York Laws > Public Authorities > Article 10 > Title 2 - General Provisions Relating to Municipal Assistance Corporations

• 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.
• 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.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board of directors: means the board of directors of a municipal assistance corporation. See N.Y. Public Authorities Law 3003
• Comptroller: means the comptroller of the state of New York. See N.Y. Public Authorities Law 3003
• 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.
• 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.
• Director of the budget: means the director of the budget of the state of New York. See N.Y. Public Authorities Law 3003
• Fire company: means :
  
  a. See N.Y. General Municipal Law 100
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governor: means the governor of the state of New York. See N.Y. Public Authorities Law 3003
• 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}
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• 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}
• Legislature: means the legislature of the state of New York. See N.Y. Public Authorities Law 3003
• 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.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Municipal assistance corporation: means a corporation created pursuant to section three thousand ten of this article. See N.Y. Public Authorities Law 3003
• Municipality: means any city in the state. See N.Y. Public Authorities Law 3003
• municipality: as used in this article shall mean a city, a village, a county on behalf of a county water district and a town acting on behalf of a water district or water storage and distribution district, including a water district governed by a separate board of commissioners. See N.Y. General Municipal Law 110
• notes: means bonds and notes, respectively, issued by a municipal assistance corporation pursuant to this article. See N.Y. Public Authorities Law 3003
• 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.
• Obligations: means bonds and notes. See N.Y. Public Authorities Law 3003
• 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.
• Political subdivision: means a municipal corporation, school district, district corporation and board of cooperative educational services. See N.Y. General Municipal Law 100
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• 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.
• Revenues: means all federal or state aid, rents, fees, charges, payments and other income and receipts paid or payable to a municipal assistance corporation or for the account of a municipal assistance corporation, including any payment permitted or required to be made to such a corporation by this article. See N.Y. Public Authorities Law 3003
• 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.
• Special law: means the special law of the legislature pursuant to which a municipal assistance corporation is created. See N.Y. Public Authorities Law 3003
• State: means the state of New York. See N.Y. Public Authorities Law 3003
• Statute: A law passed by a legislature.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Venue: The geographical location in which a case is tried.