Terms Used In New York Laws > Public Authorities > Article 9 > Title 5-A - Disposition of Property By Public Authorities

• Appraisal: A determination of property value.
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fire company: means :
  
  a. See N.Y. General Municipal Law 100
• 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}
• 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 office of general services. See N.Y. Public Authorities Law 2875-A
• 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.
• Statute: A law passed by a legislature.
• Voluntary ambulance service: means a voluntary ambulance service as defined in Article 30 of the public health law and possessing a valid statement of registration or possessing a valid ambulance service certificate pursuant to Article 30 of the public health law. See N.Y. General Municipal Law 100