N.Y. Public Authorities Law 2542 – State and city not liable on notes and bonds
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§ 2542. State and city not liable on notes and bonds. The notes, bonds or other obligations of the corporation shall not be a debt of either the state or the city, and neither the state nor the city shall be liable thereon, nor shall they be payable out of any funds other than those of the corporation; and such notes and bonds shall contain on the face thereof a statement to such effect.
Terms Used In N.Y. Public Authorities Law 2542
- 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.