N.Y. General Business Law 697 – Definitions
§ 697. Definitions. Whenever used in this article: 1. "Consumer" means a New York resident who is the purchaser, lessee or transferee of farm equipment, other than for the purposes of resale.
Terms Used In N.Y. General Business Law 697
- Consumer: means a New York resident who is the purchaser, lessee or transferee of farm equipment, other than for the purposes of resale. See N.Y. General Business Law 697
- Dealer: means any person selling or agreeing to sell farm equipment under an agreement with a manufacturer, wholesaler or distributor. See N.Y. General Business Law 697
- Farm equipment: means any self propelled farm equipment and implements of husbandry and the accessories and parts included in the sale or lease of same designed and manufactured primarily to be used for agricultural purposes and for the United States market or in compliance with the laws and standards of the United States for which the purchase or lease price for each piece of farm equipment exceeds one thousand five hundred dollars and which is being transferred for the first time from a manufacturer, distributor or new farm machinery dealer and has not been registered or titled in this state or any other state. See N.Y. General Business Law 697
- 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
- Lease price: means the aggregate of: (a) the lessor's actual purchase cost; (b) the freight cost, if applicable; (c) the cost for accessories, if applicable; (d) any fee paid to another to obtain the lease; and (e) an amount equal to five percent of the lessor's actual purchase cost as prescribed in paragraph (a) of this subdivision. See N.Y. General Business Law 697
- Lessee: means any consumer who leases farm equipment pursuant to a written lease agreement which provides that the lessee is responsible for repairs to such farm equipment. See N.Y. General Business Law 697
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Supplier: means the manufacturer, wholesaler or distributor that issues the warranty effective in New York state for the farm equipment sold by the dealer. See N.Y. General Business Law 697
- warranty: means the written affirmation of fact or promise made by a supplier to a consumer in connection with the sale of farm equipment which relates to the nature of the material or workmanship, including any terms or conditions precedent to the enforcement of obligations under that warranty. See N.Y. General Business Law 697
2. "Farm equipment" means any self propelled farm equipment and implements of husbandry and the accessories and parts included in the sale or lease of same designed and manufactured primarily to be used for agricultural purposes and for the United States market or in compliance with the laws and standards of the United States for which the purchase or lease price for each piece of farm equipment exceeds one thousand five hundred dollars and which is being transferred for the first time from a manufacturer, distributor or new farm machinery dealer and has not been registered or titled in this state or any other state.
3. "Express warranty" or "warranty" means the written affirmation of fact or promise made by a supplier to a consumer in connection with the sale of farm equipment which relates to the nature of the material or workmanship, including any terms or conditions precedent to the enforcement of obligations under that warranty.
4. (a) "Use deduction formula" shall be used on farm equipment which does not contain an engine hour meter or for which hours is not the basic usage standard and means a dollar amount obtained by multiplying the full purchase price or lease price of the farm equipment by a fraction, the denominator of which is one thousand eight hundred twenty-five and the numerator of which is the number of days after delivery of the farm equipment.
(b) "Non-seasonal equipment hours deduction formula" shall be used on farm equipment which contains an engine hour meter and for which hours is the basic usage standard and means the hours of use times the full purchase price, or lease price if applicable, divided by five thousand hours.
(c) "Seasonal equipment hours deduction formula" shall be used on self-propelled harvesting equipment which contains an engine hour meter and for which hours is the basic usage standard and means the hours of use times the full purchase price, or lease price if applicable, divided by two thousand hours.
5. "Lessee" means any consumer who leases farm equipment pursuant to a written lease agreement which provides that the lessee is responsible for repairs to such farm equipment.
6. "Lease price" means the aggregate of: (a) the lessor's actual purchase cost; (b) the freight cost, if applicable; (c) the cost for accessories, if applicable; (d) any fee paid to another to obtain the lease; and (e) an amount equal to five percent of the lessor's actual purchase cost as prescribed in paragraph (a) of this subdivision.
7. "Supplier" means the manufacturer, wholesaler or distributor that issues the warranty effective in New York state for the farm equipment sold by the dealer.
8. "Dealer" means any person selling or agreeing to sell farm equipment under an agreement with a manufacturer, wholesaler or distributor.
9. "Nonconformity" means any condition of the farm machinery that substantially impairs the value or safety of such equipment, or its use for the purpose for which it was intended.