Terms Used In N.Y. Not-for-Profit Corporation Law 1602

• board: shall mean the board of directors of a land bank;
  
  (b) "land bank" shall mean a land bank established as a charitable not-for-profit corporation under this chapter and in accordance with the provisions of this article and pursuant to this article;
  
  (c) "foreclosing governmental unit" shall mean "tax district" as defined in subdivision six of § 1102 of the real property tax law;
  
  (d) "municipality" shall mean a city, village, town or county other than a county located wholly within a city;
  
  (e) "school district" shall mean a school district as defined under the education law; and
  
  (f) "real property" shall mean lands, lands under water, structures and any and all easements, air rights, franchises and incorporeal hereditaments and every estate and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage or otherwise, and any and all fixtures and improvements located thereon. See N.Y. Not-for-Profit Corporation Law 1602
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.