Terms Used In New York Laws > Banking > Article 11-A - Credit Union Insurance Fund

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• bond: means (a) a bond, note or other obligation of any kind or nature, whether secured or unsecured, which is part of an issue held by more than one person, or (b) a certificate or other instrument which is part of an issue held by more than one person evidencing any interest in any bond, note or other obligation of any kind or nature, whether secured or unsecured. See N.Y. Personal Property Law 285
• bondholder: means the owner of a bond. See N.Y. Personal Property Law 285
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• default: means any non-compliance for thirty days or more by the obligor with any provision of a bond or of a trust indenture, whether or not under the terms of such bond or such trust indenture such non-compliance is regarded as a default, and whether or not any period of grace or other period prescribed in such bond or such trust indenture as a prerequisite for taking any action has expired. See N.Y. Personal Property Law 285
• Devise: To gift property by will.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• finder: as used in this article means the person who first takes possession of lost property. See N.Y. Personal Property Law 251
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• gifted pupils: shall mean those pupils who show evidence of high performance capability and exceptional potential in areas such as general intellectual ability, special academic aptitude and outstanding ability in visual and performing arts. See N.Y. Education Law 4452
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• instrument: as used in this article means a check, draft, promissory note, bond, bill of lading, warehouse receipt, stock certificate or other paper or document, other than those payable, drawn or issued to bearer or to cash and other than money, evidencing, representing or embodying a chose in action or a right with respect to property or a share, participation or other interest in property or in an enterprise. See N.Y. Personal Property Law 251
• 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.
• lost property: as used in this article includes lost or mislaid property. See N.Y. Personal Property Law 251
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Oath: A promise to tell the truth.
• 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.
• obligor: includes the obligor of a bond as defined in clause (a) of paragraph one of this section; the obligor of an obligation, interests in which are evidenced by a bond as defined in clause (b) of paragraph one of this section; and the owner of any property securing any bond or any such obligation. See N.Y. Personal Property Law 285
• owner: as used in this article means any person entitled to possession of the lost property as against the finder and against any other person who has made a claim. See N.Y. Personal Property Law 251
• 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.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• property: as used in this article means money, instruments payable, drawn or issued to bearer or to cash, goods, chattels and tangible personal property other than (a) "instruments" as defined in subdivision two of this section, (b) animals, (c) wrecks governed by the provisions of the navigation law, (d) logs and other property governed by § 323 of the town law and (e) vehicles governed by the vehicle and traffic law. See N.Y. Personal Property Law 251
• 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.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• Summons: Another word for subpoena used by the criminal justice system.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• transfer: includes sale, assignment, conveyance, deed and gift, and the term "agreement" includes promise and undertaking. See N.Y. Personal Property Law 30
• Transportation company: as used in this article means the person carrying on a business of operating a transportation facility. See N.Y. Personal Property Law 251
• Transportation facility: as used in this article means a railroad car or coach, Pullman car, street surface railroad car, subway car, motor bus, motor coach, taxicab, aircraft or steamship, and any other vehicle or conveyance used for carriage of persons whether or not such use is in the course of a business of transporting persons. See N.Y. Personal Property Law 251
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• trust indenture: means any agreement, conveyance, transfer, mortgage or other instrument, pursuant to which bonds are issued, or which affect the rights of bondholders. See N.Y. Personal Property Law 285
• 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}
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.