Part 1 Short Title, Form and Interpretation
Part 2 Transfer and Negotiation
Part 3 Rights of a Holder
Part 4 Liability of Parties
Part 5 Presentment, Notice of Dishonor and Protest
Part 6 Discharge
Part 7 Advice of International Sight Draft
Part 8 Miscellaneous

Terms Used In New York Laws > Uniform Commercial Code > Article 3

  • 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.
  • 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.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Allegation: something that someone says happened.
  • 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.
  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • 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.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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
  • Bequest: Property gifted by will.
  • Board: means the New York state board on electric generation siting and the environment, which shall be in the department and consist of seven persons: the chair of the department, who shall serve as chair of the board; the commissioner of environmental conservation; the commissioner of health; the chair of the New York state energy research and development authority; the commissioner of economic development and two ad hoc public members, both of whom shall reside within the municipality in which the facility is proposed to be located, except if such facility is proposed to be located within the city of New York, then all ad hoc members shall reside within the community district in which the facility is proposed to be located. See N.Y. Public Service Law 160
  • Cable television company: shall mean any person owning, controlling, operating, managing or leasing one or more cable television systems within the state. See N.Y. Public Service Law 212
  • Cable television system: shall mean any system which operates for hire the service of receiving and amplifying programs broadcast by one or more television or radio stations or any other programs originated by a cable television company or by any other party, and distributing such programs by wire, cable, microwave or other means, whether such means are owned or leased, to persons in one or more municipalities who subscribe to such service. See N.Y. Public Service Law 212
  • Certificate: means a certificate of environmental compatibility and public need authorizing the construction of a major electric generating facility issued by the board pursuant to this article. See N.Y. Public Service Law 160
  • Certificate of limited partnership: means the certificate referred to in section 121-201 of this article, and the certificate as amended. See N.Y. Partnership Law 121-101
  • Certificate of publication: means a certificate presented on behalf of the applicable limited partnership to the department of state together with the affidavits of publication pursuant to section 121-201 or 121-902 of this article. See N.Y. Partnership Law 121-101
  • Chambers: A judge's office.
  • 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.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Contribution: means any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to render services, which a partner contributes to a limited partnership in his capacity as a partner. See N.Y. Partnership Law 121-101
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dependent: A person dependent for support upon another.
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Distribution: means the transfer of property by a limited partnership to one or more of its partners in his capacity as a partner. See N.Y. Partnership Law 121-101
  • Donor: The person who makes a gift.
  • Downgrade: shall mean a change in service initiated by the subscriber to a less expensive service tier than the one currently subscribed to. See N.Y. Public Service Law 212
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Event of withdrawal of a general partner: means an event that causes a person to cease to be a general partner as provided in section 121-402 of this article. See N.Y. Partnership Law 121-101
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • 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.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • fees: as used in this chapter , shall include all percentages, commissions, compensations, poundages, perquisites, and emoluments of any nature which the sheriff or any of the sheriff's subordinates may receive by virtue of their office. See N.Y. New York City Administrative Code 7-514
  • Felony: A crime carrying a penalty of more than a year in prison.
  • 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).
  • Forbearance: A means of handling a delinquent loan. A
  • 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
  • Foreign limited partnership: means a partnership formed under the laws of any jurisdiction, including any foreign country, other than the laws of this state and having as partners one or more general partners and one or more limited partners. See N.Y. Partnership Law 121-101
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Franchise: shall mean and include any authorization granted by a municipality in terms of a franchise, privilege, permit, license or other municipal authorization to construct, operate, maintain, or manage a cable television system in any municipality. See N.Y. Public Service Law 212
  • Fraud: Intentional deception resulting in injury to another.
  • Gaming activity: shall mean the conduct of any form of legalized gaming, including, but not limited to, Class III gaming under the Indian Gaming Regulatory Act, 25 U. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 101
  • General partner: means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and, if required by the law of the jurisdiction under which the limited partnership or foreign limited partnership, as the case may be, is organized, is so named in the certificate of limited partnership or similar instrument. See N.Y. Partnership Law 121-101
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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.
  • Juror: A person who is on the jury.
  • 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
  • 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.
  • Limited partner: means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement or as otherwise provided by the law of the jurisdiction under which the limited partnership or foreign limited partnership, as the case may be, is organized. See N.Y. Partnership Law 121-101
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Local parties: shall mean persons residing in a community who may be affected by the proposed major electric generating facility who individually or collectively seek intervenor funding pursuant to sections one hundred sixty-three and one hundred sixty-four of this article. See N.Y. Public Service Law 160
  • Major electric generating facility: means an electric generating facility with a nameplate generating capacity of twenty-five thousand kilowatts or more, including interconnection electric transmission lines and fuel gas transmission lines that are not subject to review under article seven of this chapter. See N.Y. Public Service Law 160
  • merger: shall mean a procedure in which two or more limited partnerships merge into a single limited partnership which shall be one of the constituent limited partnerships and "consolidation" shall mean a procedure in which two or more limited partnerships consolidate into a single limited partnership which shall be a new limited partnership to be formed pursuant to the consolidation. See N.Y. Partnership Law 121-1101
  • Minority leader: See Floor Leaders
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Municipality: means a county, city, town or village located in this state. See N.Y. Public Service Law 160
  • Municipality: shall mean any village, town, city or county not wholly contained within a city in the state. See N.Y. Public Service Law 212
  • Nameplate: means a manufacturer's designation, generally as affixed to the generator unit, which states the total output of such generating facility as originally designed according to the manufacturer's original design specifications. See N.Y. Public Service Law 160
  • Network: shall mean a group of programs distributed, packaged, promoted or sold to subscribers as the offering of a single entity, including but not limited to, a channel or station. See N.Y. Public Service Law 212
  • Network change: shall mean the removal of a network from a service tier whether or not added to another tier or a substantial alteration of the character of a network by a cable television company

    or an affiliate it controls. See N.Y. Public Service Law 212

  • Oath: A promise to tell the truth.
  • 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

  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partner: means a limited or general partner. See N.Y. Partnership Law 121-101
  • 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.
  • Partnership agreement: means any written agreement of the partners as to the affairs of a limited partnership and the conduct of its business. See N.Y. Partnership Law 121-101
  • Partnership interest: means : (i) a partner's share of the profits and losses of a limited partnership; and (ii) a partner's right to receive distributions. See N.Y. Partnership Law 121-101
  • Party officer: shall mean the following members or officers of any political party:

    (a) a member of a national committee;

    (b) a chairman, vice-chairman, secretary, treasurer or counsel of a state committee, or member of the executive committee of a state committee;

    (c) a county leader, chairman, vice-chairman, counsel, secretary or treasurer of a county committee. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 101

  • Person: shall mean any individual, trustee, partnership, association, corporation or other legal entity. See N.Y. Public Service Law 212
  • Person: means a natural person, partnership, limited partnership (domestic or foreign), limited liability company (domestic or foreign), trust, estate, custodian, nominee, association, corporation or any other individual or entity in its own or any representative capacity. See N.Y. Partnership Law 121-101
  • 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.
  • 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.
  • Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
  • Process: means judicial process and all orders, demands, notices or other papers required or permitted by law to be personally served on a limited partnership (domestic or foreign), for the purpose of acquiring jurisdiction of such limited partnership in any action or proceeding, civil or criminal, whether judicial, administrative, arbitrative or otherwise, in this state or in the federal courts sitting in or for this state. See N.Y. Partnership Law 121-101
  • Program: shall mean any broadcast type program, signal, message, graphics, data, or communication content service. See N.Y. Public Service Law 212
  • 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

  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public employee: shall mean every person employed by the state or any municipality or other political subdivision thereof or by a local legislative body, other than a public officer defined in subdivision one of this section, who is required to devote all or substantially all of his or her time to the duties of his or her employment for which he or she receives compensation, or if employed on a part-time basis receives compensation in excess of twelve thousand dollars per annum, or an employee of the state legislature or an employee of the state gaming commission. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 101
  • Public information coordinator: means an office created within the department which shall assist and advise interested parties and members of the public in participating in the siting and certification of major electric generating facilities. See N.Y. Public Service Law 160
  • Public officer: shall mean every elected state and local officer and every other state and local officer, as defined in section two of the public officers law, whose duties relate to pari-mutuel racing activities or the taxation thereof, who is required to devote all or substantially all of his or her time to the duties of his or her office for which he or she receives compensation or if employed on a part-time or other basis receives compensation in excess of twelve thousand dollars per annum, a member or officer of the state legislature, a member, director or officer of the state gaming commission, or any regional off-track betting corporation, or a member of a local legislative body. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 101
  • quarter horse racing: as used in this article , shall be construed to mean only horse racing in which the horses participating are mounted by a jockey and are registered by the American Quarter Horse Association. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 429
  • Quorum: The number of legislators that must be present to do business.
  • racing: as used in this article , shall be construed to mean only horse racing in which the horses participating are harnessed to a sulky, carriage, or similar vehicle, and shall not include any form of horse racing in which the horses participating are mounted by a jockey. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 301
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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.
  • 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.
  • Secondary party: means a drawer or endorser. See N.Y. Uniform Commercial Code 3-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • Service tier: shall mean a category of cable television services or other services provided by a cable television company and for which a rate or fee is charged by the cable television company, including, but not limited to, basic services, premium networks or services, recurring pay-per-view services and other categories of cable services for which there are additional charges. See N.Y. Public Service Law 212
  • 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.
  • Significant programming change: shall mean the removal or alteration of recurring programming which materially changes the quality or level of programming on a network, provided however, such term shall not include deletions of programs mandated by the regulations of the federal communications commission, nor shall it include deletions of programs that are distributed by the cable television company in lieu of such programs deleted pursuant to such regulations of the federal communications commission. See N.Y. Public Service Law 212
  • State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See N.Y. Partnership Law 121-101
  • State agency: shall mean any office, department, board, commission,

    bureau, division, public corporation, agency or instrumentality of the state. See N.Y. Public Service Law 212

  • state gaming commission: shall mean the New York state gaming commission created pursuant to section one hundred two of this article. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 101
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testator: A male person who leaves a will at death.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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.
  • 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.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • 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.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.