Part 1 Subject Matter and Definitions
Part 2 Issue and Acceptance of Payment Order
Part 3 Execution of Sender’S Payment Order by Receiving Bank
Part 4 Payment
Part 5 Miscellaneous Provisions

Terms Used In New York Laws > Uniform Commercial Code > Article 4-A

  • Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a contributor, and credited to his individual account in the annuity savings fund together with regular interest thereon. See N.Y. Education Law 501
  • 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.
  • 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.
  • Annuity: shall mean the annual payments for life derived from contributions made by contributor as provided in this article. See N.Y. Education Law 501
  • Annuity reserve: shall mean the present value of all payments to be made on account of any annuity, or benefit in lieu of any annuity, computed upon the basis of such mortality tables as shall be adopted by the retirement board with regular interest. See N.Y. Education Law 501
  • 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.
  • Authorized player: shall mean an individual located in New York state, who is not a prohibited player, that participates in an interactive fantasy sports contest offered by a registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • 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
  • Beneficiary: shall mean any person in receipt of a retirement allowance or other benefit as provided by this article. See N.Y. Education Law 501
  • bond: means (a) a bond, note or other obligation of any kind or nature, whether secured or unsecured, which is part of an issue held by more than one person, or (b) a certificate or other instrument which is part of an issue held by more than one person evidencing any interest in any bond, note or other obligation of any kind or nature, whether secured or unsecured. See N.Y. Personal Property Law 285
  • bondholder: means the owner of a bond. See N.Y. Personal Property Law 285
  • Commission: shall mean the New York state gaming commission. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • contest: shall mean a game of skill wherein one or more contestants compete against each other by using their knowledge and understanding of athletic events and athletes to select and manage rosters of simulated players whose performance directly corresponds with the actual performance of human competitors on sports teams and in sports events. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Contributor: shall mean any member of the retirement system who has an account in the annuity savings fund as provided by this article. See N.Y. Education Law 501
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • default: means any non-compliance for thirty days or more by the obligor with any provision of a bond or of a trust indenture, whether or not under the terms of such bond or such trust indenture such non-compliance is regarded as a default, and whether or not any period of grace or other period prescribed in such bond or such trust indenture as a prerequisite for taking any action has expired. See N.Y. Personal Property Law 285
  • Dependent: A person dependent for support upon another.
  • Employer: shall mean the state of New York, the city, the village, school district board or trustee, or other agency of and within the state by which a teacher is paid. See N.Y. Education Law 501
  • 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.
  • Entry fee: shall mean cash or cash equivalent that is paid by an authorized player to an operator or registrant to participate in an interactive fantasy sports contest offered by such operator or registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • 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.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Final average salary: shall mean the average annual compensation earnable as a teacher during the five years of service immediately preceding his date of retirement, or it shall mean the average annual compensation earnable as a teacher during any five consecutive years of state service, said five years to be selected by the applicant prior to date of retirement. See N.Y. Education Law 501
  • finder: as used in this article means the person who first takes possession of lost property. See N.Y. Personal Property Law 251
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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.
  • Highly experienced player: shall mean an authorized player who has:

    (a) entered more than one thousand contests offered by a single operator or registrant; or

    (b) won more than three prizes valued at one thousand dollars each or more from a single operator or registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401

  • instrument: as used in this article means a check, draft, promissory note, bond, bill of lading, warehouse receipt, stock certificate or other paper or document, other than those payable, drawn or issued to bearer or to cash and other than money, evidencing, representing or embodying a chose in action or a right with respect to property or a share, participation or other interest in property or in an enterprise. See N.Y. Personal Property Law 251
  • Inter vivos: Transfer of property from one living person to another living person.
  • Interactive fantasy sports gross revenue: shall mean the amount equal to the total of all entry fees not attributable to New York state prohibited sports events that a registrant collects from all players, less the total of all sums not attributable to New York state prohibited sports events paid out as winnings to all players, multiplied by the resident percentage for New York state; provided, however, that the total of all sums paid out as winnings to players shall not include the cash equivalent value of any merchandise or thing of value awarded as a prize. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • 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.
  • 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.
  • lost property: as used in this article includes lost or mislaid property. See N.Y. Personal Property Law 251
  • Minor: shall mean any person under the age of eighteen years. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • obligor: includes the obligor of a bond as defined in clause (a) of paragraph one of this section; the obligor of an obligation, interests in which are evidenced by a bond as defined in clause (b) of paragraph one of this section; and the owner of any property securing any bond or any such obligation. See N.Y. Personal Property Law 285
  • operator: shall mean any person or entity that offers any interactive fantasy sports contest to any authorized player through any interactive fantasy sports platform. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Oversight: Committee review of the activities of a Federal agency or program.
  • owner: shall be deemed to include, in addition to those mentioned hereinabove, all the officers, directors and persons having an interest in more than ten per cent of the issued and outstanding stock of the owner as herein defined, as holder or beneficial owner thereof, if such owner be a corporation other than a banking organization as defined in section two of the banking law, a national banking association, a federal savings and loan association, the mortgage facilities corporation, savings banks life insurance fund, the savings banks retirement system, an authorized insurer as defined in section one hundred seven of the insurance law, or a trust company or other corporation organized under the laws of this state all the capital stock of which is owned by at least twenty savings banks or by at least twenty savings and loan associations or a subsidiary corporation all of the capital stock of which is owned by such trust company or other corporation. See N.Y. New York City Administrative Code 27-2004
  • owner: as used in this article means any person entitled to possession of the lost property as against the finder and against any other person who has made a claim. See N.Y. Personal Property Law 251
  • Pension: shall mean the annual payments for life derived from payments made by an employer as provided in this article. See N.Y. Education Law 501
  • Pension reserve: shall mean the present value of all payments to be made on account of any pension, or benefit in lieu of any pension, computed upon the basis of such mortality tables as shall be adopted by the retirement board with regular interest. See N.Y. Education Law 501
  • person: shall be deemed to include, in addition to those mentioned hereinabove, all the officers, directors and persons having an interest in more than ten percent of the issued and outstanding stock of the owner as herein defined, as holder or beneficial owner thereof, if such person be a corporation other than a banking organization as defined in section two of the banking law, a national banking association, a federal savings and loan association, the mortgage facilities corporation, savings banks life insurance fund, the savings banks retirement system, an authorized insurer as defined in section one hundred seven of the insurance law, or a trust company or other corporation organized under the laws of this state all the capital stock of which is owned by at least twenty savings banks or by at least twenty savings and loan associations or a subsidiary corporation all of the capital stock of which is owned by such trust company or other corporation. See N.Y. New York City Administrative Code 27-2004
  • platform: shall mean the combination of hardware, software, and data networks used to manage, administer, or control contests and any associated entry fees. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Present teacher: shall mean any teacher who was a teacher on or before the first day of August, nineteen hundred twenty-one, whose membership in the retirement system created by this article has been continuous and

    a. See N.Y. Education Law 501

  • Prohibited sports event: shall mean any collegiate sport or athletic event, any high school sport or athletic event or any horse racing event. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • property: as used in this article means money, instruments payable, drawn or issued to bearer or to cash, goods, chattels and tangible personal property other than (a) "instruments" as defined in subdivision two of this section, (b) animals, (c) wrecks governed by the provisions of the navigation law, (d) logs and other property governed by section three hundred twenty-three of the town law and (e) vehicles governed by the vehicle and traffic law. See N.Y. Personal Property Law 251
  • Quorum: The number of legislators that must be present to do business.
  • registrant: shall mean an operator that is registered by the commission. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • 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.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Retirement allowance: shall mean the pension plus the annuity. See N.Y. Education Law 501
  • Retirement board: shall mean the retirement board provided by section five hundred four of this article. See N.Y. Education Law 501
  • Retirement fund: shall mean the state teachers' retirement fund for public school teachers of the state of New York as created by chapter one hundred forty of the laws of nineteen hundred ten, chapter four hundred forty-nine of the laws of nineteen hundred eleven, chapter forty-four of the laws of nineteen hundred fourteen, chapter one hundred three of the laws of nineteen hundred nineteen and chapter one hundred sixty-one of the laws of nineteen hundred twenty-three. See N.Y. Education Law 501
  • Retirement system: shall mean the New York state teachers' retirement system provided for in section five hundred two of this article. See N.Y. Education Law 501
  • Service: shall mean actual teaching or supervision by the teacher during regular school hours of the day, and shall mean governmental service in the state of New York in another capacity where the teacher was a member of the New York state employees retirement system, and where such service was credited to the teacher in the said New York state employees retirement system. See N.Y. Education Law 501
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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.
  • Sports event: shall mean any amateur or professional sport or athletic event, except a prohibited sports event. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
  • Statute: A law passed by a legislature.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Teacher: shall mean any regular teacher, special teacher, including any school librarian or physical training teacher, principal, vice-principal,

    supervisor,

    supervisory

    principal,

    director, superintendent, city superintendent, assistant city superintendent, district superintendent and other member of the teaching or professional staff of any class, public school, vocational school, truant reformatory school or parental school, and of any or all classes of schools within the state of New York, including schools on the Indian reservation, conducted under the order and superintendence of and wholly or partly at the expense of the New York state education department or of a duly elected board of education, board of school directors or board of trustees of the state or of any city or school district thereof, provided that no person shall be deemed a teacher within the meaning of this article who is not so employed for full time outside vacation periods. See N.Y. Education Law 501

  • 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.
  • Transportation company: as used in this article means the person carrying on a business of operating a transportation facility. See N.Y. Personal Property Law 251
  • Transportation facility: as used in this article means a railroad car or coach, Pullman car, street surface railroad car, subway car, motor bus, motor coach, taxicab, aircraft or steamship, and any other vehicle or conveyance used for carriage of persons whether or not such use is in the course of a business of transporting persons. See N.Y. Personal Property Law 251
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • trust indenture: means any agreement, conveyance, transfer, mortgage or other instrument, pursuant to which bonds are issued, or which affect the rights of bondholders. See N.Y. Personal Property Law 285
  • trustee: includes any person to whom any property has been transferred as security for an issue; any person who is the obligee or holder of an obligation, interests in which are evidenced by a bond as defined in clause (b) of paragraph one of this section; and any person who, under the terms of a trust indenture, is granted rights or remedies which may be exercised for the benefit of bondholders. See N.Y. Personal Property Law 285
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.