N.Y. Public Authorities Law 2410 – State and municipalities not liable on bonds, notes or insurance commitments or contracts or development corporation credit support
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§ 2410. State and municipalities not liable on bonds, notes or insurance commitments or contracts or development corporation credit support. The bonds, notes, insurance commitments or contracts or development corporation credit support and other obligations of the agency shall not be a debt of the state of New York or of any municipality, and neither the state nor any municipality shall be liable thereon, nor shall they be payable out of any funds other than those of the agency.
Terms Used In N.Y. Public Authorities Law 2410
- 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.