Terms Used In New York Laws > Volunteer Firefighters' Benefit > Article 3 - Liability For Benefits; Insurance

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• 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.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.