N.Y. Transportation Law 56 – Negotiability of bonds
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§ 56. Negotiability of bonds. Whether or not any bonds, interim certificates or other obligations of the Utica transit authority issued pursuant to this article are of such form and character as to be negotiable instruments under article eight of the uniform commercial code, such bonds, interim certificates or other obligations shall be and are hereby made negotiable instruments within the meaning of and for all the purposes of article eight of the uniform commercial code, unless such bonds, interim certificates or other obligations expressly provide otherwise.
Terms Used In N.Y. Transportation Law 56
- Authority: shall mean a public benefit corporation created by section forty-one of this Article -I of the general municipal law. See N.Y. Transportation Law 40
- 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