N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 510 – State and participating counties not liable on bonds and notes
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§ 510. State and participating counties not liable on bonds and notes. The bonds, notes or other obligations of a corporation shall not be a debt of either the state of New York or of any participating county and neither the state nor any county shall be liable thereon, nor shall they be payable out of any funds other than those of the corporation.
Terms Used In N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 510
- 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.