N.Y. Education Law 6234 – Perfection of security interests
§ 6234. Perfection of security interests. If made in connection with the design, construction, acquisition, reconstruction, rehabilitation, lease, improvement, operation, maintenance, furnishing or equipping of community or senior college facilities, any pledge of or other security interest in moneys, earnings, income, revenues, accounts, contract rights, general intangibles or other personal property, or any other resources held, made or created by the city university or on its behalf by any duly authorized officer, employee or agent thereof, or by any other person to secure such person's obligations to the city university, shall be valid, binding and perfected from the time when such pledge or other security interest attaches, without any physical delivery of the collateral or further act. The lien of any such pledge or other security interest shall be valid, binding and perfected as against all parties having claims of any kind in tort, contract or otherwise against the city university irrespective of whether or not such parties have notice thereof. No instrument by which such a pledge or security interest is created nor any financing statement need be recorded or filed. This section shall apply notwithstanding the provisions of the uniform commercial code.
Terms Used In N.Y. Education Law 6234
- city university: shall mean the city university of New York, including each senior college and each community college. See N.Y. Education Law 6202
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Personal property: All property that is not real property.
- senior college: shall mean an institution of higher education in the city of New York, which is governed and administered by the board of trustees, including, but not limited to, a professional or graduate institution, an institution for research, an administrative institution, and, except as otherwise provided, Medgar Evers college, New York city college of technology (formerly known as "New York city technical college" and "New York city community college"), and the college of Staten Island, but not including a community college. See N.Y. Education Law 6202
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- 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