N.Y. Abandoned Property Law 510 – Definitions
§ 510. Definitions. When used in this article, the following items shall have the following meanings:
Terms Used In N.Y. Abandoned Property Law 510
- Amount: shall mean that term as defined in subdivision seven of section five hundred of this chapter. See N.Y. Abandoned Property Law 510
- Broker: shall include any individual or corporation engaging in the purchase, sale or exchange of securities for or on behalf of any customer. See N.Y. Abandoned Property Law 510
- 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.
- Corporation: shall include any joint stock company, corporation, association of two or more individuals, committee, public authority, or business trust. See N.Y. Abandoned Property Law 510
- Customer: shall include any individual or corporation entering into a contract with a broker or dealer by which such broker or dealer agrees to effect the purchase, sale, or exchange, or to keep custody of any security for or on behalf of such individual or corporation. See N.Y. Abandoned Property Law 510
- Dealer: shall include any individual or corporation engaging in any state as a regular business in the purchase, sale or exchange of securities for his or its own account, through a broker or otherwise. See N.Y. Abandoned Property Law 510
- 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.
- 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.
- Public issuer: shall include the United States, the several states and territories thereof, political subdivisions and municipal corporations within such states and territories, foreign countries and political subdivisions and municipal corporations within such foreign countries. See N.Y. Abandoned Property Law 510
- Security: shall include :
(a) Any instrument issued by a corporation or public issuer to evidence an obligation to make any payment of the principal amount of a debt or of any increment due or to become due thereon, or
(b) Any instrument issued by a corporation to evidence a proprietary interest therein except:
(i) A policy of insurance issued by a mutual insurance corporation, or
(ii) A share issued by a savings and loan association, a building and loan association, or a credit union. See N.Y. Abandoned Property Law 510
1. "Corporation" shall include any joint stock company, corporation, association of two or more individuals, committee, public authority, or business trust.
2. "Public issuer" shall include the United States, the several states and territories thereof, political subdivisions and municipal corporations within such states and territories, foreign countries and political subdivisions and municipal corporations within such foreign countries.
3. "Security" shall include:
(a) Any instrument issued by a corporation or public issuer to evidence an obligation to make any payment of the principal amount of a debt or of any increment due or to become due thereon, or
(b) Any instrument issued by a corporation to evidence a proprietary interest therein except:
(i) A policy of insurance issued by a mutual insurance corporation, or
(ii) A share issued by a savings and loan association, a building and loan association, or a credit union.
4. "Broker" shall include any individual or corporation engaging in the purchase, sale or exchange of securities for or on behalf of any customer.
5. "Dealer" shall include any individual or corporation engaging in any state as a regular business in the purchase, sale or exchange of securities for his or its own account, through a broker or otherwise.
6. (a) "Customer" shall include any individual or corporation entering into a contract with a broker or dealer by which such broker or dealer agrees to effect the purchase, sale, or exchange, or to keep custody of any security for or on behalf of such individual or corporation. The term "customer" shall also include any individual or corporation entering into a contract with a broker or dealer whereby such broker or dealer for his own account buys from or sells to such individual or corporation, any security.
(b) If on the books of account located at an office in this state of a broker or dealer there is indicated a balance to the credit of an individual or corporation with a last-known address in a state other than this state, such individual or corporation shall not be deemed a "customer".
7. "Amount" shall mean that term as defined in subdivision seven of section five hundred of this chapter.
8. "Wages" shall include moneys payable, under contract or otherwise, for services rendered to a broker or dealer, less lawful deductions.