N.Y. General Municipal Law 882 – Termination of the agency
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§ 882. Termination of the agency. Whenever all of the bonds or notes issued by the agency shall have been redeemed or cancelled, and all straight-lease transactions have been terminated, the agency shall cease to exist and all rights, titles, and interest and all obligations and liabilities thereof vested in or possessed by the agency shall thereupon vest in and be possessed by the municipality.
Terms Used In N.Y. General Municipal Law 882
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.