Terms Used In New York Laws > Banking > Article 12 - No title

• Account wagering: means a form of pari-mutuel wagering in which a person establishes an account with an account wagering licensee and subsequently communicates via telephone or other electronic media to the account wagering licensee wagering instructions concerning the funds in such person's account and wagers to be placed on the account owner's behalf. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Account wagering licensee: means racing associations, and corporations; franchised corporations, off-track betting corporations, and commission-approved multi-jurisdictional account wagering providers that have been authorized by the commission to offer account wagering. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• 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.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Applicant: means any association, corporation or business entity applying for a simulcast license in accordance with the provisions of this article;
  
  f. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• 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
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized player: shall mean an individual located in New York state, who is not a prohibited player, that participates in an interactive fantasy sports contest offered by a registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Branch office: means an establishment maintained and operated by an off-track betting corporation, where off-track pari-mutuel betting on horse races may be placed in accordance with the terms and conditions of this chapter and rules and regulations issued pursuant thereto;
  
  i. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Collegiate sport or athletic event: shall mean a sport or athletic event offered or sponsored by or played in connection with a public or private institution that offers education services beyond the secondary level. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Commission: shall mean the New York state gaming commission. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
• contest: shall mean a game of skill wherein one or more contestants compete against each other by using their knowledge and understanding of athletic events and athletes to select and manage rosters of simulated players whose performance directly corresponds with the actual performance of human competitors on sports teams and in sports events. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Contract: A legal written agreement that becomes binding when signed.
• core documents: shall mean those public documents for which library users have the most significant and frequent need. See N.Y. New York State Printing and Public Documents Law 10
• 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.
• corporation: shall mean every public authority and public benefit corporation a majority of the governing board members of which are either appointed by the governor or serve as members by virtue of their service as an officer of a state department, division, agency, board or bureau, or combination thereof. See N.Y. New York State Printing and Public Documents Law 10
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• Entry fee: shall mean cash or cash equivalent that is paid by an authorized player to an operator or registrant to participate in an interactive fantasy sports contest offered by such operator or registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Executor: A male person named in a will to carry out the decedent
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• 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.
• High school sport or athletic event: shall mean a sport or athletic event offered or sponsored by or played in connection with a public or private institution that offers education services at the secondary level. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Highly experienced player: shall mean an authorized player who has:
  
  (a) entered more than one thousand contests offered by a single operator or registrant; or
  
  (b) won more than three prizes valued at one thousand dollars each or more from a single operator or registrant. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Horse racing event: shall mean any sport or athletic event conducted in New York state subject to the provisions of articles two, three, four, five, six, nine, ten and eleven of this chapter, or any sport or athletic event conducted outside of New York state, which if conducted in New York state would be subject to the provisions of this chapter. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Initial out-of-state thoroughbred track: means the track commencing full-card simulcasting to New York prior to any other out-of-state thoroughbred track after 1:00 PM on any calendar day. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interactive fantasy sports gross revenue: shall mean the amount equal to the total of all entry fees not attributable to New York state prohibited sports events that a registrant collects from all players, less the total of all sums not attributable to New York state prohibited sports events paid out as winnings to all players, multiplied by the resident percentage for New York state; provided, however, that the total of all sums paid out as winnings to players shall not include the cash equivalent value of any merchandise or thing of value awarded as a prize. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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.
• Minor: shall mean any person under the age of eighteen years. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Mixed meeting: means a race meeting that has a combination of thoroughbred, quarter horse, Appaloosa, paint, and/or Arabian racing on the same race program. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Multi-jurisdictional account wagering provider: means a business entity domiciled in a jurisdiction, other than the state of New York, that does not operate either a simulcast facility that is open to the public within the state of New York or a licensed or franchised racetrack within the state, but which is licensed by such other jurisdiction to offer pari-mutuel account wagering on races such provider simulcasts and other races it offers in its wagering menu to persons located in or out of the jurisdiction issuing such license. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• 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.
• Off-track betting region: means those regions as defined in section five hundred nineteen of this chapter;
  
  k. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• operator: shall mean any person or entity that offers any interactive fantasy sports contest to any authorized player through any interactive fantasy sports platform. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Operator: means any association, corporation or business entity operating a simulcast facility in accordance with the provisions of this article;
  
  g. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• platform: shall mean the combination of hardware, software, and data networks used to manage, administer, or control contests and any associated entry fees. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Prohibited player: shall mean :
  
  (a) any member, officer, employee or agent of an operator or registrant;
  
  (b) any spouse, child, brother, sister or parent residing as a member of the same household in the principal place of abode of any member, officer, employee or agent of an operator or registrant;
  
  (c) any individual with access to non-public confidential information about contests;
  
  (d) any amateur or professional athlete whose performance may be used to determine the outcome of a contest;
  
  (e) any sports agent, team employee, referee, or league official associated with any sport or athletic event on which contests are based;
  
  (f) any individual located in a state where the conduct of contests is expressly prohibited; or
  
  (g) any minor. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Prohibited sports event: shall mean any collegiate sport or athletic event, any high school sport or athletic event or any horse racing event. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• public document: shall mean any final annual, biennial, regular, statutorily mandated or other report, study or multi-year plan issued by a state agency in multiple copies, which has been distributed to the public, except items issued strictly for administrative or operational purposes, inter-agency and intra-agency memoranda, drafts of reports, public service announcements, written opinions rendered in cases determined in the court of appeals, appellate divisions of the supreme court or any other court of record and any public documents or portions thereof that are compiled for law enforcement purposes and which, if disclosed, would interfere with law enforcement investigations or judicial proceedings, deprive a person of the right to a fair trial or impartial adjudication, identify a confidential source or disclose confidential information relating to a criminal investigation or reveal criminal investigative techniques or procedures, other than routine techniques and procedures. See N.Y. New York State Printing and Public Documents Law 10
• 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.
• Receiving track: means any track where simulcasts originated from another track are displayed;
  
  e. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Regional track or tracks: means any or all tracks located within a region defined as an off-track betting region, except that for the purposes of section one thousand eight of this article any track located in New York city, or Nassau, Suffolk and Westchester counties, shall be deemed a regional track for all regions located in district one, as defined in this section;
  
  h. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• registrant: shall mean an operator that is registered by the commission. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Resident percentage: shall mean , for each interactive fantasy sports contest, the percentage, rounded to the nearest tenth of a percent, of the total entry fees collected from players located in New York state, divided by the total entry fees collected from all players in interactive fantasy sports contests not prohibited in New York state. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• Sending track: means any track from which simulcasts originate;
  
  d. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• 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.
• Simulcast: means the telecast of live audio and visual signals of running, harness or quarter horse races for the purposes of pari-mutuel wagering;
  
  b. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Simulcast facility: means those facilities within the state that are authorized pursuant to the provisions of this article to display simulcasts for pari-mutuel wagering purposes;
  
  j. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Simulcast theater: means a simulcast facility that is also a public entertainment and wagering facility, which may include any or all of the following: a large-screen television projection and display unit, a display system for odds, pools, and payout prices, areas for viewing and seating, a food and beverage facility, and any other convenience currently provided at racetracks and not inconsistent with local zoning ordinances;
  
  l. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Sports event: shall mean any amateur or professional sport or athletic event, except a prohibited sports event. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1401
• state agency: shall mean any state office, department, division, board, bureau, commission or corporation, provided, however, it shall not include the New York state legislature or any of its standing, special, select and joint committees, subcommittees and legislative commissions. See N.Y. New York State Printing and Public Documents Law 10
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Track: means the grounds or enclosures within which horse races are conducted by any person, association or corporation lawfully authorized to conduct such races in accordance with the terms and conditions of this chapter or the laws of another jurisdiction;
  
  c. See N.Y. Racing, Pari-Mutuel Wagering and Breeding Law 1001
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.