N.Y. Public Authorities Law 3104 – State not liable for obligations
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§ 3104. State not liable for obligations. No obligation of the corporation shall be a debt of the state, and the corporation shall have no power to make its obligations payable out of any property or moneys except those of the corporation.
Terms Used In N.Y. Public Authorities Law 3104
- 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.
- 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.