Terms Used In New York Laws > Uniform Commercial Code > Article 7 > Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer

• Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See N.Y. Uniform Commercial Code 7-102
• Carrier: means a person that issues a bill of lading. See N.Y. Uniform Commercial Code 7-102
• Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See N.Y. Uniform Commercial Code 7-102
• Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See N.Y. Uniform Commercial Code 7-102
• 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.
• Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See N.Y. Uniform Commercial Code 7-102
• Fraud: Intentional deception resulting in injury to another.
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See N.Y. Uniform Commercial Code 7-102
• Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See N.Y. Uniform Commercial Code 7-102
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See N.Y. Uniform Commercial Code 7-102
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• 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.
• 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.
• Statute: A law passed by a legislature.
• Summons: Another word for subpoena used by the criminal justice system.
• Warehouse: means a person engaged in the business of storing goods for hire. See N.Y. Uniform Commercial Code 7-102