Terms Used In New York Laws > Uniform Commercial Code > Article 3 > Part 5 - Presentment, Notice of Dishonor and Protest

• 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.
• 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
• Chambers: A judge's office.
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
• Issue: means the first delivery of an instrument to a holder
  
  or a remitter. See N.Y. Uniform Commercial Code 3-102
• Majority leader: see Floor Leaders
• Minority leader: See Floor Leaders
• 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.
• 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}
• Secondary party: means a drawer or endorser. See N.Y. Uniform Commercial Code 3-102