N.Y. Arts and Cultural Affairs Law 55.03 – Definitions
§ 55.03. Definitions. As used or referred to in this title, unless a different meaning clearly appears from the context:
Terms Used In N.Y. Arts and Cultural Affairs Law 55.03
- 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.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
1. The term "trust" shall mean the corporation created by section 55.05 of this article.
2. The term "board" shall mean the members of the corporation.
3. The term "real property" shall mean lands, structures, franchises and interest in lands and any and all things usually included within the said term, and includes not only fees simple and absolute but also any and all lesser interests, such as easements, rights of way, uses, leases, licenses, and all other incorporeal hereditaments and every estate, interest or right, legal or equitable, including terms of years and liens thereon by way of judgments, mortgages or otherwise, and also claims for damage to real property.