N.Y. General Obligations Law 5-101 – Definitions of terms as used in certain sections
§ 5-101. Definitions of terms as used in certain sections. 1. As used in sections 5-331, 5-703 and 5-1115, the term "conveyance" includes every instrument, in writing, except a will, by which any estate or interest in real property is created, transferred, assigned or surrendered.
Terms Used In N.Y. General Obligations Law 5-101
- Contract: A legal written agreement that becomes binding when signed.
- 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.
2. As used in sections 5-703, 5-1111 and 5-1115, the terms "estate" and "interest in real property" include every such estate and interest, freehold or chattel, legal or equitable, present or future, vested or contingent.
3. As used in sections 5-321, 5-323, 5-331, 5-703 and 5-1115, the term "real property" is co-extensive in meaning with lands, tenements and hereditaments.
4. As used in section 5-335 of this article, the term "insurer" means any insurance company or other entity which provides for payment or reimbursement of health care expenses, health care services, disability payments, lost wage payments or any other benefits under a policy of insurance or an insurance contract with an individual or group.