Terms Used In New York Laws > Uniform Commercial Code > Article 2-A > Part 1 - General Provisions

• 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
• Commercial unit: means such a unit of goods as by commercial
  
  usage is a single whole for purposes of lease and division of
  
  which materially impairs its character or value on the market
  
  or in use. See N.Y. Uniform Commercial Code 2-A-103
• 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.
• 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.
• Dependent: A person dependent for support upon another.
• 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.
• 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
• 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
• 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
• Minority leader: See Floor Leaders
• 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.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• 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.
• 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
• 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}