Terms Used In New York Laws > Executive > Article 10-B - New York State Office of Science, Technology and Academic Research

• Advisory council: shall mean the advisory council of the New York state office of science, technology, and academic research. See N.Y. Executive Law 209
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Construction: shall mean the erection, acquisition, alteration, reconstruction, rehabilitation, improvement, equipping, enlargement or extension of a life sciences and/or enabling sciences facility, including land acquisition and the engineering, architectural, legal, fiscal and economic investigations, studies, surveys, designs, plans, drawings, specifications, procedures and other actions relating to a life science or enabling science facility. See N.Y. Executive Law 209
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Enabling sciences: shall mean those science disciplines which may be directly applied to life science research, including but not limited to, engineering, material science, chemistry, computer science, electronics, physics, bioinfomatics, nanotechnologies and applications of microelectronics and micro-electromechanical devices. See N.Y. Executive Law 209
• Executive director: shall mean the executive director of the New York state office of science, technology, and academic research. See N.Y. Executive Law 209
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life sciences: shall mean those science disciplines relating to the study of living organisms and vital processes. See N.Y. Executive Law 209
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Office: shall mean the New York state office of science, technology and academic research. See N.Y. Executive Law 209
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Project sponsor: shall mean any public, not-for-profit private or academic research institution or any subsidiary thereof located in the state of New York. See N.Y. Executive Law 209
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Research development program: shall mean the program established by section two hundred nine-p of this article to encourage and enhance the economic development role of academic institutions in New York state. See N.Y. Executive Law 209
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
• Venue: The geographical location in which a case is tried.