Terms Used In New York Laws > Vehicle and Traffic > Title 3 > Article 8 - Indemnity Bonds or Insurance Policies On Vehicles Transporting Passengers for Hire

• 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.
• 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.
• 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}
• Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.