Terms Used In N.Y. Debtor and Creditor Law 270

• Affiliate: means :
  
  (1) a person that directly or indirectly owns, controls or holds with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:
  
  (i) as a fiduciary or agent without sole discretionary power to vote the securities; or
  
  (ii) solely to secure a debt, if the person has not in fact exercised the power to vote;
  
  (2) a corporation twenty percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by the debtor or a person that directly or indirectly owns, controls or holds, with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person that holds the securities:
  
  (i) as a fiduciary or agent without sole discretionary power to vote the securities; or
  
  (ii) solely to secure a debt, if the person has not in fact exercised the power to vote;
  
  (3) a person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or
  
  (4) a person that operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets. See N.Y. Debtor and Creditor Law 270
• Asset: means property of a debtor, but the term does not include:
  
  (1) property to the extent it is encumbered by a valid lien;
  
  (2) property to the extent it is generally exempt under non-bankruptcy law; or
  
  (3) an interest in property held in tenancy by the entirety to the extent it is not subject to process by a creditor holding a claim against only one tenant. See N.Y. Debtor and Creditor Law 270
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• 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.
• Creditor: means a person that has a claim. See N.Y. Debtor and Creditor Law 270
• Debt: means liability on a claim. See N.Y. Debtor and Creditor Law 270
• Debtor: means a person that is liable on a claim. See N.Y. Debtor and Creditor Law 270
• Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities. See N.Y. Debtor and Creditor Law 270
• 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}
• Fiduciary: A trustee, executor, or administrator.
• Insider: includes :
  
  (1) if the debtor is an individual:
  
  (i) a relative of the debtor or of a general partner of the debtor;
  
  (ii) a partnership in which the debtor is a general partner;
  
  (iii) a general partner in a partnership described in subparagraph (ii) of this paragraph; or
  
  (iv) a corporation of which the debtor is a director, officer, or person in control;
  
  (2) if the debtor is a corporation:
  
  (i) a director of the debtor;
  
  (ii) an officer of the debtor;
  
  (iii) a person in control of the debtor;
  
  (iv) a partnership in which the debtor is a general partner;
  
  (v) a general partner in a partnership described in subparagraph (iv) of this paragraph; or
  
  (vi) a relative of a general partner, director, officer or person in control of the debtor;
  
  (3) if the debtor is a partnership:
  
  (i) a general partner in the debtor;
  
  (ii) a relative of a general partner in, a general partner of or a person in control of the debtor;
  
  (iii) another partnership in which the debtor is a general partner;
  
  (iv) a general partner in a partnership described in subparagraph (iii) of this paragraph; or
  
  (v) a person in control of the debtor;
  
  (4) an affiliate, or an insider of an affiliate as if the affiliate were the debtor; and
  
  (5) a managing agent of the debtor. See N.Y. Debtor and Creditor Law 270
• 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.
• Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien. See N.Y. Debtor and Creditor Law 270
• 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.
• Person: means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality, or other legal or commercial entity. See N.Y. Debtor and Creditor Law 270
• Property: means anything that may be the subject of ownership. See N.Y. Debtor and Creditor Law 270
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See N.Y. Debtor and Creditor Law 270
• Relative: means an individual related by consanguinity within the third degree as determined by the common law, a spouse or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See N.Y. Debtor and Creditor Law 270
• Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.