New York Laws > Banking > Article 2 – Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers


§ 10	Declaration of policy
§ 11	Department of financial services; official documents; destruction of documents; official communications
§ 12-A	Power of state chartered banking institutions to exercise the rights of counterpart federally chartered banking institutions
§ 14	Additional powers of the superintendent
§ 14-A	Rate of interest; superintendent of financial services to adopt regulations
§ 14-B	Power of the superintendent of financial services to prescribe minimum rate of interest on mortgage escrow accounts
§ 14-C	Power of the superintendent of financial services to prescribe criteria for disclosure of information on savings and time accounts
§ 14-D	Power of the superintendent of financial services to prescribe a reasonable period of time permitting the drawing on items received for d…
§ 14-E	Power of the superintendent to authorize the operation of savings banks and savings and loan associations in stock form
§ 14-F	Power of the superintendent of financial services to require the provision of basic banking services
§ 18	Fees for copies and certifications
§ 18-A	Application fees
§ 18-B	Holocaust reparations payment fees
§ 19	Assessments for deficiency in reserves against deposits
§ 20	Assessments, penalties and forfeitures entitled to priority
§ 21	Collection of assessments, penalties and forfeitures; proceedings by attorney general
§ 22	Fingerprints
§ 23	Acceptance or rejection of certificate; investigation fees
§ 24	Investigation by superintendent; refusal or approval; filing certificate
§ 25	Authorization certificate; when and to whom issued; contents; filing and recording
§ 25-A	Authority of superintendent to file organization certificate and issue authorization certificate under certain conditions
§ 26	Licenses to foreign banking corporations; renewal
§ 27	Exchange and examination of securities
§ 28	Change of location; change of designation of principal office; approval or refusal; certificate
§ 28-A	Temporary change of location; approval or refusal; certificate
§ 28-B	Credit needs of local communities
§ 28-BB	Credit needs of local communities; mortgage bankers
§ 28-C	Branch office closings; report to and action by the superintendent
§ 29	Branch offices; public accommodation offices; approval or refusal; certificate; investigation fee
§ 30	Unclaimed amounts; deposit by superintendent in trust; preference; release of debtor
§ 31	Index of persons entitled to unclaimed amounts; payment to persons entitled; deduction of service charge
§ 32	Insurance of deposits and share accounts
§ 33	Reserve depositaries
§ 34	Superintendent as attorney to accept service of process
§ 36	Examinations; right of inspection; penalties for refusing to permit examination
§ 36-A	Reports of lending by banking organizations
§ 36-B	Preservation of books and records
§ 37	Reports to superintendent
§ 37-A	Submission of annual reports by the Holocaust claims processing office
§ 38	Power of subpoena
§ 39	Orders of superintendent
§ 40	Revocation of authorization certificate or license or suspension of activities in certain cases
§ 41	Removal of director, trustee or officer
§ 42	Official acts of superintendent and details of department business to be made public
§ 44	Violations; penalties
§ 44-A	Violations and penalties; failure to make reports
§ 45	Export finance awareness program

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Terms Used In New York Laws > Banking > Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers

Abatement period: means the tax year or tax years in which the abatement is applied by the department of finance to the real property tax liability of an eligible building, provided that such abatement may not be applied to the real property tax liability of such building during more than five tax years. See N.Y. Real Property Tax Law 499-AAAAA
Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
Affiliate: means a person which, directly or indirectly, owns at least ten percent but less than fifty percent of the financial guaranty insurance corporation or which is at least ten percent but less than fifty percent, directly or indirectly, owned by a financial guaranty insurance corporation. See N.Y. Insurance Law 6901
Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
Aggregate floor area: means the sum of the gross areas of the several floors of a building or structure, measured from the exterior faces of exterior walls or from the center lines of walls separating two buildings or structures. See N.Y. Real Property Tax Law 489-AAAAA
Aggregate net liability: means the aggregate amount of insured unpaid principal, interest and other monetary payments, if any, of guarantied obligations insured or assumed, less reinsurance ceded and less collateral. See N.Y. Insurance Law 6901
Allegation: something that someone says happened.
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.
Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
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 person or corporation obligated to pay real property taxes on the property for which an exemption is sought, or in the case of exempt property, the record owner thereof, provided, however, that such property is not commercial property located in an area designated as excluded pursuant to section four hundred eighty-nine-ccc of this title;

2. See N.Y. Real Property Tax Law 489-AAA
Applicant: means any person obligated to pay real property taxes on the property for which an exemption from or abatement or deferral of real property tax payments is sought, or in the case of exempt property, the record owner or lessee thereof. See N.Y. Real Property Tax Law 489-AAAA
Applicant: means any person obligated to pay real property taxes on the property for which an exemption from real property taxes under this title is sought or in the case of exempt property, the record owner or lessee thereof. See N.Y. Real Property Tax Law 489-AAAAA
Applicant: shall mean (a) with respect to an eligible building held in the cooperative or condominium form of ownership, the board of managers of a condominium or the board of directors of a cooperative apartment corporation, or (b) with respect to any other eligible building, the owner of such building. See N.Y. Real Property Tax Law 499-AAA
Applicant: shall mean (a) with respect to an eligible building held in the cooperative or condominium form of ownership, the board of managers of a condominium or the board of directors of a cooperative apartment corporation, or (b) with respect to any other eligible building, the owner of such building. See N.Y. Real Property Tax Law 499-AAAA
Applicant: means an owner who files an application for tax abatement. See N.Y. Real Property Tax Law 499-AAAAA
Application for tax abatement: shall mean an application for a green roof tax abatement pursuant to section four hundred ninety-nine-ccc of this title. See N.Y. Real Property Tax Law 499-AAA
Application for tax abatement: shall mean an application for a solar electric generating system and/or electric energy storage equipment tax abatement pursuant to section four hundred ninety-nine-cccc of this title. See N.Y. Real Property Tax Law 499-AAAA
Application for tax abatement: means an application for a childcare center tax abatement pursuant to section four hundred ninety-nine-ccccc of this title. See N.Y. Real Property Tax Law 499-AAAAA
Appraisal: A determination of property value.
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
Approved assessing unit: shall mean an assessing unit certified by the commissioner, pursuant to section nineteen hundred two of this chapter, as having completed a revaluation which is in conformance with the commissioner's rules promulgated pursuant to section fifteen hundred seventy of this chapter. See N.Y. Real Property Tax Law 522
Approved assessing unit: shall mean an assessing unit certified by the commissioner, pursuant to section nineteen hundred two of this chapter, as having completed a revaluation which is in conformance with the commissioner's rules and regulations. See N.Y. Real Property Tax Law 701
Approved plans: means plans submitted to and approved by the department of buildings in connection with the applicant's building permit, including any amendments to such plans approved by such department before final inspection of the work for which such permit was issued. See N.Y. Real Property Tax Law 489-AAAA
Approved plans: means plans submitted to and approved by the department of buildings in connection with an applicant's building permit, including any amendments to such plans approved by such department before final inspection of the work for which such permit was issued. See N.Y. Real Property Tax Law 489-AAAAA
Architect: shall mean a person licensed and registered to practice the profession of architecture under the education law. See N.Y. Real Property Tax Law 499-AAA
Architect: shall mean a person licensed and registered to practice the profession of architecture under the education law. See N.Y. Real Property Tax Law 499-AAAA
Arrest: Taking physical custody of a person by lawful authority.
assessed value: means the determination made by assessors of the valuation of real property, including the valuation of exempt real property. See N.Y. Real Property Tax Law 522
assessed value: means the determination made by assessors or the board of assessment review of the valuation of real property, including the valuation of exempt real property. See N.Y. Real Property Tax Law 701
assessed value: means the determination made by assessors or the board of assessment review of the valuation of real property, including the valuation of exempt real property. See N.Y. Real Property Tax Law 729
Assessing unit: means a city, town or village. See N.Y. Real Property Tax Law 489-B
Assessing unit: means a city, town or village. See N.Y. Real Property Tax Law 489-BB
Assessment roll: means the assessment roll as it exists from the time of its tentative completion to the time of the annexation of a warrant for the collection of taxes. See N.Y. Real Property Tax Law 550
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
Average annual debt service: means the amount of insured unpaid principal and interest on an obligation, multiplied by the number of such insured obligations (assuming each obligation represents one thousand dollars par value), divided by the amount equal to the aggregate life of all such obligations (assuming each obligation represents one thousand dollars par value). See N.Y. Insurance Law 6901
Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
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.
Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
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}
Benefit period: means the period of time when a recipient is eligible to receive benefits pursuant to this title, including in the case of a recipient of a certificate of eligibility for commercial construction work in a deferral area, the period of time tax payments are to be deferred, the interim period when no tax payments are to be deferred and no deferred tax payments are required to be made, and the period of time when the deferred tax payments are to be made. See N.Y. Real Property Tax Law 489-AAAA
Benefit period: means the period of time when a recipient is eligible to receive benefits pursuant to this title. See N.Y. Real Property Tax Law 489-AAAAA
Bequest: Property gifted by will.
Board: means the industrial and commercial incentive board;

3. See N.Y. Real Property Tax Law 489-AAA
Certificate of eligibility: means the document issued by the department of finance pursuant to section four hundred eighty-nine-ddddd of this title. See N.Y. Real Property Tax Law 489-AAAAA
Chairman: means the chairman of the dormitory authority. See N.Y. Public Authorities Law 1695
Chambers: A judge's office.
Change in level of assessment: means the net percentage increase or decrease in the assessed valuation of all taxable real property in an assessing unit from one final assessment roll to the next, other than increases or decreases in the assessed valuation of special franchises, transportation properties of railroads subject to a ceiling assessment, wholly exempt properties, and other than increases or decreases in value attributable to physical or quantity changes in the property. See N.Y. Real Property Tax Law 1220
Change in level of assessment factor: means a multiplication factor which represents the change in level of assessment. See N.Y. Real Property Tax Law 1220
charitable asset: shall mean assets representing five percent of the fair market value of the corporation seeking to convert into a corporation or other entity organized for pecuniary profit pursuant to paragraph two of this subsection; provided, however, that for the purposes of the conversion of a corporation or corporations after the effective date of the chapter of the laws of two thousand seven which amended this paragraph, "charitable asset" shall mean assets representing ten percent of the fair market value of the corporation or corporations. See N.Y. Insurance Law 4301
Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
Childcare center: means a childcare program for which a permit to operate such program has been issued by the department of health and mental hygiene pursuant to the health code of the city. See N.Y. Real Property Tax Law 499-AAAAA
Childcare desert: means a census tract in a city having a population of one million or more where, at the time of an application for tax abatement, there are three or more children under five years of age for each available childcare slot, or where there are no available childcare slots, as of the most recently published determinations by the office of children and family services. See N.Y. Real Property Tax Law 499-AAAAA
city: as used in this title , shall mean any such city. See N.Y. Real Property Tax Law 350
City: means a city with a population of one million or more. See N.Y. Real Property Tax Law 499-AAAAA
City: means the city of New York. See N.Y. Real Property Tax Law 583
Class designation: shall mean :

(a) in an assessing unit other than a special assessing unit, the determination, pursuant to section nineteen hundred three of this chapter, of whether real property is included in the homestead class; or

(b) in a special assessing unit, the determination, pursuant to section eighteen hundred two of this chapter, of whether real property is included in class one, two, three or four. See N.Y. Real Property Tax Law 522
Class designation: shall mean :

(a) In an assessing unit other than a special assessing unit, the determination, pursuant to section nineteen hundred three of this chapter, of whether real property is included in the homestead class; or

(b) In a special assessing unit, the determination, pursuant to section eighteen hundred two of this chapter, of whether real property is included in class one, two, three or four. See N.Y. Real Property Tax Law 701
Clerical error: means :

(a) an incorrect entry of assessed valuation on an assessment roll or on a tax roll which, because of a mistake in transcription, does not conform to the entry for the same parcel which appears on the property record card, field book or other final work product of the assessor, or the final verified statement of the board of assessment review; or

(b) an entry which is a mathematical error present in the computation of a partial exemption; or

(c) an incorrect entry of assessed valuation on an assessment roll or on a tax roll for a parcel which, except for a failure on the part of the assessor to act on a partial exemption, would be eligible for such partial exemption; or

(d) an entry which is a mathematical error present in the computation or extension of the tax; or

(e) an entry on a tax roll which is incorrect by reason of a mistake in the determination or transcription of a special assessment or other charge based on units of service provided by a special district; or

(f) a duplicate entry on an assessment roll or on a tax roll of the description or assessed valuation, or both, of an entire single parcel; or

(g) an entry on an assessment or tax roll which is incorrect by reason of an arithmetical mistake by the assessor appearing on the property record card, field book or other final work product of the assessor; or

(h) an incorrect entry on a tax roll of a relevied school tax or relevied village tax which has been previously paid; or

(i) an entry on a tax roll which is incorrect by reason of a mistake in the transcription of a relevied school tax or relevied village tax; or

(j) an incorrect entry of assessed valuation on an assessment roll or a tax roll due to an assessor's failure to utilize the required assessment method pursuant to section five hundred eighty-one-a of this article in the valuation of qualifying real property. See N.Y. Real Property Tax Law 550
Collateral: means :

(1) cash;

(2) the cash flow from specific obligations which are not callable and scheduled to be received based on expected prepayment speed on or prior to the date of scheduled debt service (including scheduled redemptions or prepayments) on the insured obligation provided that (i) such specific obligations are directly payable by, guaranteed by or backed by the full faith and credit of the United States government, (ii) in the case of insured obligations denominated or payable in foreign currency as permitted under paragraph four of subsection (b) of section six thousand nine hundred four of this article, such specific obligations are directly payable by, guaranteed by or backed by the full faith and credit of such foreign government or the central bank thereof, or (iii) such specific obligations are insured by the same insurer that insures the obligations being collateralized, and the cash flows from such specific obligations are sufficient to cover the insured scheduled payments on the obligations being collateralized;

(3) the market value of investment grade obligations, other than obligations evidencing an interest in the project or projects financed with the proceeds of the insured obligations;

(4) the face amount of each letter of credit that:

(A) is irrevocable;

(B) provides for payment under the letter of credit in lieu of or as reimbursement to the insurer for payment required under a financial guaranty insurance policy;

(C) is issued, presentable and payable either:

(i) at an office of the letter of credit issuer in the United States; or

(ii) at an office of the letter of credit issuer located in the jurisdiction in which the trustee or paying agent for the insured obligation is located;

(D) contains a statement that either:

(i) identifies the insurer and any successor by operation of law, including any liquidator, rehabilitator, receiver or conservator, as the beneficiary; or

(ii) identifies the trustee or the paying agent for the insured obligation as the beneficiary;

(E) contains a statement to the effect that the obligation of the letter of credit issuer under the letter of credit is an individual obligation of such issuer and is in no way contingent upon reimbursement with respect thereto;

(F) contains an issue date and a date of expiration;

(G) either:

(i) has a term at least as long as the shorter of the term of the insured obligation or the term of the financial guaranty policy; or

(ii) provides that the letter of credit shall not expire without thirty days prior written notice to the beneficiary and allows for drawing under the letter of credit in the event that, prior to expiration, the letter of credit is not renewed or extended or a substitute letter of credit or alternate collateral meeting the requirements of this subsection is not provided;

(H) states that it is governed by the laws of the state of New York or by the 1983 or 1993 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce (Publication 400 or 500) or any successor Revision if approved by the superintendent, and contains a provision for an extension of time, of not less than thirty days after resumption of business, to draw against the letter of credit in the event that one or more of the occurrences described in Article 19 of Publication 400 or 500 occurs; and

(I) is issued by a bank, trust company, or savings and loan association that:

(i) is organized and existing under the laws of the United States or any state thereof or, in the case of a non-domestic financial institution, has a branch or agency office licensed under the laws of the United States or any state thereof and is domiciled in a member country of the Organisation for Economic Co-operation and Development having a sovereign rating in one of the top two generic lettered rating classifications by a nationally recognized statistical rating organization acceptable to the superintendent;

(ii) has (or is the principal operating subsidiary of a financial institution holding company that has) a long-term debt rating of at least investment grade; and

(iii) is not a parent, subsidiary or affiliate of the trustee or paying agent, if any, with respect to the insured obligation if such trustee or paying agent is the named beneficiary of the letter of credit; or

(5) the amount of credit protection available to the insurer (or its nominee) under each credit default swap that:

(A) may not be amended without the consent of the insurer and may only be terminated: (i) at the option of the insurer; (ii) at the option of the counterparty to the insurer (or its nominee), if the credit default swap provides for the payment of a termination amount equal to the replacement cost of the terminated credit default swap determined with reference to standard documentation of the International Swap and Derivatives Association, Inc. See N.Y. Insurance Law 6901
Commercial: means any non-residential property used primarily for the buying, selling or otherwise providing of goods or services, provided that the use of such property has not been designated as a restricted commercial use pursuant to section four hundred eighty-nine-ccc of this title;

4. See N.Y. Real Property Tax Law 489-AAA
Commercial construction work: means the construction of a new building or structure, or portion thereof, or the modernization, rehabilitation, expansion, or other improvement of an existing building or structure, or portion thereof, for use as commercial property. See N.Y. Real Property Tax Law 489-AAAA
Commercial construction work: means the modernization, rehabilitation, expansion or other improvement of the portion of mixed-use property to be used for commercial purposes. See N.Y. Real Property Tax Law 489-AAAAA
Commercial construction work: means the construction of a new building or structure or the modernization, rehabilitation, expansion or improvement of an existing building or structure for use as commercial property. See N.Y. Real Property Tax Law 489-AAAAAA
Commercial exclusion area: means an area as defined in subdivision four of section four hundred eighty-nine-gggggg of this title. See N.Y. Real Property Tax Law 489-AAAAAA
Commercial property: means nonresidential property (a) on which will exist after completion of commercial construction work, a building or structure used for the buying, selling or otherwise providing of goods or services including hotel services, or for other lawful business, commercial or manufacturing activities; and (b) (i) where, except as provided in subparagraph (ii) of this paragraph and paragraph (c) of this subdivision, not more than fifteen per centum of the total net square footage of any building or structure on such property was used for manufacturing activities at any one or more times during the twenty-four months immediately preceding the date of application for a certificate of eligibility or (ii) where not more than fifteen per centum of the total net square footage of any building or structure on such property was used for manufacturing activities at any one or more times during the sixty months immediately preceding the date of application for a certificate of eligibility if such property is located, in whole or in part, in the area in the borough of Manhattan lying south of the center line of 96th Street; and (c) in the commercial revitalization area, and with respect to an application for a certificate of eligibility filed on or after July first, two thousand, "commercial property" means nonresidential property on which will exist after completion of commercial construction work, a building or structure used for the buying, selling or otherwise providing of goods or services including hotel services, or for other lawful business, commercial or manufacturing activities. See N.Y. Real Property Tax Law 489-AAAA
Commercial property: means nonresidential property on which will exist after completion of commercial construction work a building or structure, or portion thereof, used for the buying, selling or otherwise providing of goods or services including hotel services, or for other lawful business, commercial or manufacturing activities; provided that property or portions of property dedicated to utility property shall not be considered commercial property for purposes of this title. See N.Y. Real Property Tax Law 489-AAAAAA
Commercial purpose or use: means the buying, selling or otherwise providing of goods or services, including hotel services, or other lawful business or commercial activities permitted in mixed-use property. See N.Y. Real Property Tax Law 489-AAAAA
Commercial real estate: means income producing real property other than residential property consisting of less than five units. See N.Y. Insurance Law 6901
Commercial revitalization area: means any area of a city having a population of one million or more, provided that in the city of New York a commercial revitalization area shall mean any district that is zoned C4, C5, C6, M1, M2, or M3 in accordance with the zoning resolution of such city in any area of such city except the area lying south of the center line of 96th Street in the borough of Manhattan. See N.Y. Real Property Tax Law 489-AAAA
Commission: means the temporary commercial incentive area boundary commission. See N.Y. Real Property Tax Law 489-AAAA
Commissioner: means the commissioner, director or superintendent of financial services in any other state. See N.Y. Insurance Law 5902
Commissioner: means the commissioner of finance of a city that has enacted a local law pursuant to this title. See N.Y. Real Property Tax Law 489-AAAAAA
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.
Community rating: means a rating methodology in which the premium equivalent rate for all persons covered under a municipal cooperative health benefit plan is the same, based upon the experience of the entire pool of risks covered under the plan, without regard to age, sex, health status or occupation and such that refunds, rebates, credits or dividends based upon age, sex, health status or occupation are not permitted. See N.Y. Insurance Law 4702
Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. ^{Source: OCC}
Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
Completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by:

(1) any person who performs that work; or

(2) any person who hires an independent contractor to perform that work; but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. See N.Y. Insurance Law 5902
Compliance period: shall mean the tax year in which a tax abatement is taken. See N.Y. Real Property Tax Law 499-AAA
Compliance period: shall mean the tax year in which a tax abatement commences and the three tax years immediately thereafter. See N.Y. Real Property Tax Law 499-AAAA
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.
Construction: means the building of new industrial or commercial structures on vacant or predominantly vacant land, or the modernization, rehabilitation or expansion or other improvement of an existing commercial structure where such modernization, rehabilitation, expansion or other improvement is not physically or functionally integrated with the existing structure or results in additional usable square footage fifty per centum greater than the square footage of the existing structure;

5. See N.Y. Real Property Tax Law 489-AAA
Contingency reserve: means an additional liability reserve established to protect policyholders against the effects of adverse economic developments or cycles or other unforeseen circumstances. See N.Y. Insurance Law 6901
Continuance: Putting off of a hearing ot trial until a later time.
Contract: A legal written agreement that becomes binding when signed.
contribution: means the amount contributed by participating municipal corporations to cover expected claims and expenses thereon, required reserves, surplus, stop-loss insurance, and other expenses associated with the operations of the municipal cooperative health benefit plan. See N.Y. Insurance Law 4702
Conviction: A judgement of guilt against a criminal defendant.
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: means an insurer licensed to transact the business of financial guaranty insurance in this state. See N.Y. Insurance Law 6901
Cost-reasonable: means having a cost that, in its nature and amount, does not exceed that which would be incurred by a prudent person under the circumstances prevailing at the time the decision was made to incur the cost. See N.Y. Real Property Tax Law 499-AAAAA
Counterclaim: A claim that a defendant makes against a plaintiff.
Credit default swap: means an agreement referencing the credit derivative definitions published from time to time by the International Swap and Derivatives Association, Inc. See N.Y. Insurance Law 6901
Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Decedent: A deceased person.
Deed: The legal instrument used to transfer title in real property from one person to another.
Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
Deferral area: means an area in which deferral of payment of real property taxes in accordance with subdivision four of section four hundred eighty-nine-bbbb of this title shall be available to a recipient who has performed commercial construction work. See N.Y. Real Property Tax Law 489-AAAA
delinquent tax: include any unpaid tax or other charge against lands owned by the state. See N.Y. Real Property Tax Law 1102
Department: means the department of finance of a city that has enacted a local law pursuant to this title. See N.Y. Real Property Tax Law 489-AAAAAA
Department of finance: shall mean the department of finance of a city having a population of one million or more persons. See N.Y. Real Property Tax Law 499-AAA
Department of finance: shall mean the department of finance of a city having a population of one million or more persons. See N.Y. Real Property Tax Law 499-AAAA
Department of finance: means the department of finance of a city having a population of one million or more. See N.Y. Real Property Tax Law 499-AAAAA
Department of health and mental hygiene: means the department of health and mental hygiene of a city having a population of one million or more. See N.Y. Real Property Tax Law 499-AAAAA
Dependent: A person dependent for support upon another.
Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
Designated agency: shall mean one or more agencies or departments of a city having a population of one million or more persons that are designated by the mayor of such city to exercise the functions, powers and duties of a designated agency pursuant to this title. See N.Y. Real Property Tax Law 499-AAA
Designated agency: shall mean one or more agencies or departments of a city having a population of one million or more persons that are designated by the mayor of such city to exercise the functions, powers and duties of a designated agency pursuant to this title. See N.Y. Real Property Tax Law 499-AAAA
Designated agency: means an agency of a city having a population of one million or more that is designated by the mayor of such city to exercise the functions, powers and duties of a designated agency pursuant to this title. See N.Y. Real Property Tax Law 499-AAAAA
Devise: To gift property by will.
Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
Donor: The person who makes a gift.
Electric energy storage equipment: means a set of technologies capable of storing electric energy and releasing that energy as electric power at a later time. See N.Y. Real Property Tax Law 499-AAAA
Eligible building: shall mean a class one, class two or class four real property, as defined in subdivision one of section eighteen hundred two of this chapter, located within a city having a population of one million or more persons. See N.Y. Real Property Tax Law 499-AAA
Eligible building: shall mean a class one, class two or class four real property, as defined in subdivision one of section eighteen hundred two of this chapter, located within a city having a population of one million or more persons. See N.Y. Real Property Tax Law 499-AAAA
Eligible building: means a class one, class two or class four property, as such classes of property are defined in subdivision one of section eighteen hundred two of this chapter, located within a city having a population of one million or more, provided that, for any such property held in the condominium form of ownership, "eligible building" shall mean a tax lot in such property. See N.Y. Real Property Tax Law 499-AAAAA
eligible electric energy storage equipment expenditures: shall mean reasonable expenditures for materials, labor costs properly allocable to on-site preparation, assembly and original installation, architectural and engineering services, and designs and plans directly related to the construction or installation of a solar electric generating system and/or electric energy storage equipment installed in connection with an eligible building. See N.Y. Real Property Tax Law 499-AAAA
Eligible rooftop space: shall mean the total space available on an eligible building to support a green roof, as certified by an engineer or architect or other certified or licensed professional whom a designated agency designates by rule. See N.Y. Real Property Tax Law 499-AAA
Enforcing officer: means any elected or appointed officer of any tax district empowered or charged by law to enforce the collection of tax liens on real property; provided, however, that (a) where no law provides otherwise, the enforcing officer shall be (i) in a county which is a tax district, the county treasurer or commissioner of finance, (ii) in a city which is a tax district, the official so empowered or charged by the city charter, (iii) in a village which is a tax district, the village treasurer, and (iv) in a town which is a tax district, the town supervisor; and (b) when the duties and powers of an "enforcing officer" are vested in two or more elected or appointed officials, the governing body of the tax district shall designate which of such officials shall act as enforcing officer for the purposes set forth in this article. See N.Y. Real Property Tax Law 1102
Engineer: shall mean a person licensed and registered to practice the profession of engineering under the education law. See N.Y. Real Property Tax Law 499-AAA
Engineer: shall mean a person licensed and registered to practice the profession of engineering under the education law. See N.Y. Real Property Tax Law 499-AAAA
Enterprise risk: means any activity, circumstance, event, or series of events involving one or more subsidiaries of a parent corporation that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the parent corporation, including anything that would cause the parent corporation's risk-based capital to fall into company action level as set forth in section one thousand three hundred twenty-two of this chapter, or that would cause further transaction of business to be hazardous to the insurer's policyholders or creditors or the public. See N.Y. Insurance Law 1702
Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
equalization increase or decrease: means an increase or decrease in the assessed value of property which is not attributable to construction work, fire, demolition, destruction or other change in the physical characteristics of the property (excluding gradual physical deterioration or obsolescence), or to a change in the description or boundaries of the property. See N.Y. Real Property Tax Law 489-AAAA
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}
Error in essential fact: means :

(a) an incorrect entry on the taxable portion of the assessment roll, or the tax roll, or both, of the assessed valuation of an improvement to real property which was destroyed or removed prior to taxable status date for such assessment roll; or

(b) an incorrect entry on the taxable portion of the assessment roll, or the tax roll, or both, of the assessed valuation of an improvement to real property which was not in existence or which was present on a different parcel; or

(c) an incorrect entry of acreage on the taxable portion of the assessment roll, or the tax roll, or both, which acreage was considered by the assessor in the valuation of the parcel and which resulted in an incorrect assessed valuation, where such acreage is shown to be incorrect on a survey submitted by the applicant; or

(d) the omission of the value of an improvement present on real property prior to taxable status date; or

(e) an incorrect entry of a partial exemption on an assessment roll for a parcel which is not eligible for such partial exemption; provided that the exemption has not been renounced pursuant to section four hundred ninety-six of this chapter; or

(f) an entry pursuant to article nineteen of this chapter on an assessment or tax roll which is incorrect by reason of a misclassification of property which is exclusively used for either residential or non-residential purposes. See N.Y. Real Property Tax Law 550
Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
Escrow: Money given to a third party to be held for payment until certain conditions are met.
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.
Ex officio: Literally, by virtue of one's office.
Excess spread: means , with respect to any insured issue of asset-backed securities, the excess of (A) the scheduled cash flow on the underlying assets that is reasonably projected to be available, over the term of the insured securities after payment of the expenses associated with the insured issue, to make debt service payments on the insured securities over (B) the scheduled debt service requirements on the insured securities, provided that such excess is held in the same manner as collateral is required to be held under subsection (g) of this section. See N.Y. Insurance Law 6901
Excluded area: means each area specified in paragraphs (a), (b) and (c) of subdivision five of section four hundred eighty-nine-cccc of this title. See N.Y. Real Property Tax Law 489-AAAA
Executor: A male person named in a will to carry out the decedent
exemption base: shall mean , with respect to property that is the subject of a certificate of eligibility with an effective date of June thirtieth, nineteen hundred ninety-two or before: (i) for the first, second and third taxable years following the effective date of a certificate of eligibility, the assessed value of improvements made since the effective date of such certificate which are attributable exclusively to commercial or industrial construction work described in approved plans; and (ii) for all other years, the assessed value of such improvements which have been made before the fourth taxable status date following the effective date of such certificate. See N.Y. Real Property Tax Law 489-AAAA
exemption base: shall mean : (a) for the first through fifth taxable years following the effective date of a certificate of eligibility, the assessed value of improvements made since the effective date of such certificate which are attributable exclusively to residential construction work or a combination of residential construction work and commercial construction work described in approved plans; and (b) for all other years, the assessed value of such improvements which have been made before the sixth taxable status date following the effective date of such certificate. See N.Y. Real Property Tax Law 489-AAAAA
Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
Fiduciary: A trustee, executor, or administrator.
Final Average Salary: shall mean the regular compensation earned from such participating employer by a member during the twelve months of actual service immediately preceding the date of such employee's retirement, exclusive of any lump sum payments for sick leave, or accumulated vacation credit, or any form of termination pay; provided, however, if the compensation earned in said twelve months exceeds that of the previous twelve months by more than twenty per centum, the amount in excess of twenty per centum shall be excluded in the computation of final average salary; provided further, however, that the benefits computed pursuant to this paragraph shall be payable unless the member would otherwise be entitled to a greater benefit under other provisions of this subdivision, in which case such greater benefit shall be payable. See N.Y. Retirement and Social Security Law 302
Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
Financial guaranty insurance: means a surety bond, an insurance policy or, when issued by an insurer or any person doing an insurance business as defined in paragraph one of subsection (b) of section one thousand one hundred one of this chapter, an indemnity contract, and any guaranty similar to the foregoing types, under which loss is payable, upon proof of occurrence of financial loss, to an insured claimant, obligee or indemnitee as a result of any of the following events:

(A) failure of any obligor on or issuer of any debt instrument or other monetary obligation (including equity securities guarantied under a surety bond, insurance policy or indemnity contract) to pay when due to be paid by the obligor or scheduled at the time insured to be received by the holder of the obligation, principal, interest, premium, dividend or purchase price of or on, or other amounts due or payable with respect to, such instrument or obligation, when such failure is the result of a financial default or insolvency or, provided that such payment source is investment grade, any other failure to make payment, regardless of whether such obligation is incurred directly or as guarantor by or on behalf of another obligor that has also defaulted;

(B) changes in the levels of interest rates, whether short or long term or the differential in interest rates between various markets or products;

(C) changes in the rate of exchange of currency;

(D) changes in the value of specific assets or commodities, financial or commodity indices, or price levels in general; or

(E) other events which the superintendent determines are substantially similar to any of the foregoing. See N.Y. Insurance Law 6901
Financially impaired: means a risk retention group:

(1) whose admitted assets are less than the sum of its aggregate liabilities and the amount of surplus to policyholders required to be maintained by a domestic risk retention group authorized to do the same kind or kinds of insurance; or

(2) whose admitted assets are less than the sum of its aggregate liabilities and outstanding capital stock; or

(3) which is insolvent. See N.Y. Insurance Law 5902
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.
Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
Forbearance: A means of handling a delinquent loan. A
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
Fraud: Intentional deception resulting in injury to another.
Fully-insured: means that all benefits payable pursuant to a municipal cooperative health benefit plan are guaranteed under a contract or policy of insurance delivered in this state and issued by an insurance company authorized to do accident and health insurance business in this state, an article forty-three corporation, or a health maintenance organization. See N.Y. Insurance Law 4702
Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Governing board: means the group of persons, designated in the municipal cooperation agreement establishing the municipal cooperative health benefit plan, to be responsible for administering the plan. See N.Y. Insurance Law 4702
Governmental unit: means the United States of America, Canada, a member country of the Organisation for Economic Co-operation and Development having a sovereign rating in one of the top three generic lettered rating classifications by a nationally recognized statistical rating organization acceptable to the superintendent, a state, territory or possession of the United States of America, the District of Columbia, a province of Canada, a municipality, or a political subdivision of any of the foregoing, or any public agency or instrumentality thereof. See N.Y. Insurance Law 6901
Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
Grantor: The person who establishes a trust and places property into it.
Green roof: shall mean an addition to a roof of an eligible building that covers at least fifty percent of such building's eligible rooftop space and includes (a) a weatherproof and waterproof roofing membrane layer that complies with local construction and fire codes, (b) a root barrier layer, (c) a drainage layer that complies with local construction and fire codes and is designed so the drains can be inspected and cleaned, (d) a filter or separation fabric, (e) a growth medium, including natural or simulated soil, with a depth of at least two inches, (f) if the depth of the growth medium is less than three inches, an independent water holding layer that is designed to prevent the rapid drying of the growth medium, such as a non-woven fabric, pad or foam mat or controlled flow roof drain, unless the green roof is certified not to need regular irrigation to maintain live plants, and (g) a vegetation layer, at least eighty percent of which must be covered by live plants such as (i) sedum or equally drought resistant and hardy plant species, (ii) native plant species, and/or (iii) agricultural plant species. See N.Y. Real Property Tax Law 499-AAA
Group capital calculation instructions: means the group capital calculation instructions as adopted by the NAIC and as amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC, except where such instructions conflict with the laws of this state and subject to exceptions the superintendent may take in a regulation upon a written finding that the exceptions would not be unduly burdensome on the parent corporation or subsidiary. See N.Y. Insurance Law 1702
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
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.
Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired, is unlikely to be able:

(1) to meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or

(2) to pay other obligations in the normal course of business. See N.Y. Insurance Law 5902
Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
Holding company operating subsidiary: means a subsidiary (other than a separate account subsidiary) engaged or organized to engage in either or both of the following activities (1) the ownership and management of other subsidiaries, and (2) the raising of capital (debt or equity) that could be loaned to, or invested in, other subsidiaries or loaned to the parent corporation, provided that any such subsidiary may in addition engage in the ownership and management of assets authorized as investments for the parent corporation. See N.Y. Insurance Law 1702
Holocaust victim: shall mean any person, claimant, or the estate, heir, legatee, descendant, survivor, beneficiary, or other such successor-in-interest of such person, who lost his or her life or property as a result of discriminatory laws, policies, or actions targeted against discrete groups of persons based on race, religion, ethnicity, sexual orientation or national origin, whether or not such person was actually a member of any of the foregoing enumerated groups or because such person assisted or allegedly assisted any of the foregoing groups, between January first, nineteen hundred twenty-nine and December thirty-first, nineteen hundred forty-five in areas under Nazi influence as defined in subsection (f) of this section. See N.Y. Insurance Law 2701
Improvement: means real property as defined in paragraph (b) of subdivision twelve of section one hundred two of this chapter, and which has been separately described and valued on the property record card, field book or other final work product of the assessor. See N.Y. Real Property Tax Law 550
Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
Industrial: means property used primarily for the manufacturing or assembling of goods or the processing of raw materials;

6. See N.Y. Real Property Tax Law 489-AAA
Industrial construction work: means the construction of a new building or structure or the modernization, rehabilitation, expansion or improvement of an existing building or structure for use as industrial property. See N.Y. Real Property Tax Law 489-AAAA
Industrial construction work: means the construction of a new building or structure or the modernization, rehabilitation, expansion or improvement of an existing building or structure for use as industrial property. See N.Y. Real Property Tax Law 489-AAAAAA
Industrial property: means nonresidential property on which will exist after completion of industrial construction work a building or structure wherein at least seventy-five per centum of the total net square footage is used or immediately available and held out for use for manufacturing activities involving the assembly of goods or the fabrication or processing of raw materials. See N.Y. Real Property Tax Law 489-AAAA
Industrial property: means nonresidential property on which will exist after completion of industrial construction work a building or structure, or portion thereof, with at least seventy-five percent of the total net square footage of the property used or immediately available and held out for manufacturing activities involving assembling goods or the fabrication or processing of raw materials; provided that property or portions of property dedicated to utility property shall not be considered industrial property for purposes of this title. See N.Y. Real Property Tax Law 489-AAAAAA
Initial assessed value: means the lesser of (a) the taxable assessed value of real property appearing on the books of the annual record of the assessed valuation of real property on the effective date of a recipient's certificate of eligibility or (b) the assessed value to which such assessment is thereafter reduced pursuant to application to the tax commission or court order. See N.Y. Real Property Tax Law 489-AAAA
Initial assessed value: means the lesser of (a) the taxable assessed value of real property appearing on the books of the annual record of the assessed valuation of real property on the effective date of a recipient's certificate of eligibility or (b) the assessed value to which such assessment is thereafter reduced pursuant to application to the tax commission or court order. See N.Y. Real Property Tax Law 489-AAAAA
Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
Insolvent: means a risk retention group whose admitted assets are less than the aggregate amount of its liabilities. See N.Y. Insurance Law 5902
Insurance: means primary insurance, excess insurance, reinsurance, excess line insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See N.Y. Insurance Law 5902
Insurance policy: shall mean any policy of insurance substantially similar to any kind of insurance that was authorized at any time in New York between and including the years nineteen hundred twenty-nine and nineteen hundred forty-five or authorized by the jurisdiction in which the policy was sold at the time it was sold including but not limited to any form of life, accident and health, annuities, property, casualty, education or dowry insurance. See N.Y. Insurance Law 2701
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
Investment grade: means that:

(1) the obligation or parity obligation of the same issuer has been determined to be in one of the top four generic lettered rating classifications by a nationally recognized statistical rating organization acceptable to the superintendent;

(2) the obligation or parity obligation of the same issuer has been identified in writing by such nationally recognized statistical rating organization to be of investment grade quality; or

(3) if the obligation or parity obligation of the same issuer has not been submitted to any such nationally recognized statistical rating organization, the obligation is determined to be investment grade (as indicated by a rating in category 1 or 2) by the Securities Valuation Office of the National Association of Insurance Commissioners. See N.Y. Insurance Law 6901
Investment subsidiary: means a subsidiary (other than a separate account subsidiary) engaged or organized to engage exclusively in the ownership and management of assets (other than equity securities of subsidiaries) authorized as investments for the parent corporation and of other investment subsidiaries. See N.Y. Insurance Law 1702
Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
Joint meeting: An occasion, often ceremonial, when the House and Senate each adopt a unanimous consent agreement
Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
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}
legal charges: means :

(a) the cost of the mailing or service of notices required or authorized by this article;

(b) the cost of publication of notices required or authorized by this title;

(c) the amount of any interest and penalties imposed by law;

(d) the cost of recording or filing legal documents required or authorized by this article; and

(e) the reasonable and necessary cost of any search of the public record required or authorized to satisfy the notice requirements of this article, and the reasonable and necessary expenses for legal services of a tax district in connection with a proceeding to foreclose a tax lien; provided, that: (i) a charge of up to one hundred fifty dollars per parcel shall be deemed reasonable and necessary to cover the combined costs of such searches and legal expenses, and such an amount may be charged without substantiation, even if salaried employees of the tax district performed the search or legal services; and (ii) a tax district may charge a greater amount with respect to one or more parcels upon demonstration to the satisfaction of the court having jurisdiction that such greater amount was reasonable and necessary. See N.Y. Real Property Tax Law 1102
Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
Legatee: A beneficiary of a decedent
Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Liability: means legal liability for damages (including costs of defense, legal costs and fees, and other claims expenses) because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of:

(1) (A) any business (whether profit or nonprofit), trade, product, services (including professional services), premises, or operations; or

(B) any activity of any state or local government, or any agency or political subdivision thereof; and

(2) does not include personal risk liability and an employer's liability with respect to its employees other than legal liability under the Federal Employers' Liability Act (45 U. See N.Y. Insurance Law 5902
Lien: A claim against real or personal property in satisfaction of a debt.
Lien date: means the date on which the tax or other legal charges represented thereby became a lien, as provided by section nine hundred two of this chapter or such other general, special or local law as may be applicable, provided, that when the taxes of a school district are enforced by a tax district without being relevied by the tax district, and the lien date of the school district taxes differs from the lien date of the taxes of the tax district which are levied upon the same assessment roll, the later of the two such dates shall be deemed to be the lien date for purposes of this article. See N.Y. Real Property Tax Law 1102
Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
Local assessing jurisdiction: means the town, city, village or county assessing unit that establishes the assessment rolls for such town, city, village or county. See N.Y. Real Property Tax Law 499-HHHH
Local government: shall mean , unless otherwise expressly stated or unless the context otherwise requires, a county, city or town with the power to assess real property for the purpose of taxation. See N.Y. Real Property Tax Law 522
Local public utility mass real property: means public utility mass real property that is located in a particular town, village, city or county assessing unit and under the same ownership. See N.Y. Real Property Tax Law 499-HHHH
Majority leader: see Floor Leaders
Market: means a line, subline or classification (other than a classification delineated by geographic location) of property/casualty insurance not subject to subsection (b) of section two thousand three hundred five, section two thousand three hundred twenty-eight or section three thousand four hundred twenty-five of this chapter. See N.Y. Insurance Law 5412
Material change in level of assessment: means a change in level of assessment of two percent or more in any one year. See N.Y. Real Property Tax Law 1220
member: shall include each person who during the qualifying period was in the employment of a public employer which then participated for such employees in a public retirement system in this state, irrespective of whether the person was a participant in such system at that time, provided that the person has become a participant in such retirement system and has purchased service credit for a period of time that includes some or all of the qualifying period in accordance with provisions of law applicable to such purchase of service credit. See N.Y. Retirement and Social Security Law 2
Member of a holding company system: shall include a holding company, a controlled insurer, a controlled person, and any person who alone or in concert with any other persons directly or indirectly controls a holding company or controls a person who controls a holding company. See N.Y. Insurance Law 2701
Minimum required expenditure: means expenditure for commercial, renovation or industrial construction work in an amount equal to twenty per centum of the initial assessed value; provided, however, that with respect to a recipient who filed an application on or after July first, nineteen hundred ninety-five for a certificate of eligibility for industrial construction work or for commercial construction work in a special exemption area or a regular exemption area, minimum required expenditure means expenditure for such work in an amount equal to ten per centum of the initial assessed value; provided, however, that with respect to a recipient who filed an application on or after July first, nineteen hundred ninety-five for a certificate of eligibility for industrial construction work and for the purpose of receiving an abatement of real property taxes in accordance with paragraph (c) of subdivision one of section four hundred eighty-nine-bbbb of this title, minimum required expenditure means expenditure for such work in an amount equal to twenty-five per centum of the initial assessed value; and provided further that if the department of finance, after consultation with the deputy mayor for finance and economic development, determines that a greater expenditure is required to encourage significant industrial and commercial development it may establish by rule a higher percentage of initial assessed value, not to exceed fifty per centum thereof, as the minimum required expenditure. See N.Y. Real Property Tax Law 489-AAAA
Minimum required expenditure: means expenditure for residential construction work or a combination of residential construction work and commercial construction work in an amount equal to twenty per centum of the initial assessed value; provided, however, that if the department of finance, after consultation with the deputy mayor for finance and economic development, determines that a greater expenditure is required to encourage significant development of mixed-use property, it may establish by rule a higher percentage of initial assessed value, not to exceed fifty per centum thereof, as the minimum required expenditure. See N.Y. Real Property Tax Law 489-AAAAA
Minimum required expenditure: means the amount that an applicant must expend on construction work for a project in order to qualify for benefits as provided in this title. See N.Y. Real Property Tax Law 489-AAAAAA
Minority leader: See Floor Leaders
Mixed-use construction exemption area: means any area of a city having a population of one million or more persons, in which, subject to the applicable law governing zoning in such city, mixed-use property is permitted, provided, however, that in the city of New York, subject to the applicable law governing zoning in such city, mixed-use construction exemption area shall mean: the area in the borough of Manhattan bounded by Murray Street on the north starting at the intersection of West Street and Murray Street; running easterly along the center line of Murray Street; connecting through City Hall Park with the center line of Frankfort Street and running easterly along the center lines of Frankfort and Dover Streets to the intersection of Dover Street and South Street; running southerly along the center line of South Street to Peter Minuit Plaza; connecting through Peter Minuit Plaza to the center line of State Street and running northwesterly along the center line of State Street to the intersection of State Street and Battery Place; running westerly along the center line of Battery Place to the intersection of Battery Place and West Street; and running northerly along the center line of West Street to the intersection of West Street and Murray Street. See N.Y. Real Property Tax Law 489-AAAAA
Mixed-use property: means property on which exists, or will exist upon completion of construction work, a building or structure used for both residential and nonresidential purposes. See N.Y. Real Property Tax Law 489-AAAA
Mixed-use property: means property on which will exist, after completion of residential construction work or a combination of residential construction work and commercial construction work, a building or structure used for both residential and commercial purposes, provided that after completion of such construction work, more than twenty-five per centum of the aggregate floor area of such building or structure is used or held out for use as commercial, community facility or accessory use space. See N.Y. Real Property Tax Law 489-AAAAA
Mixed-use property: means property on which exists, or will exist upon completion of construction work, a building or structure used for both residential and nonresidential purposes. See N.Y. Real Property Tax Law 489-AAAAAA
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
mortgage: shall include housing loans as defined below. See N.Y. Public Authorities Law 2402
Mortgage investing institution: means any bank, trust company, national bank, savings bank, savings and loan association, federal savings bank, federal savings and loan association, private banker, credit union, federal credit union, investment company, pension fund, licensed mortgage banker or any other entity which maintains a real property tax escrow account for real property located in this state. See N.Y. Real Property Tax Law 952
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
Mortgagee: The person to whom property is mortgaged and who has loaned the money.
Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
Mortgagor: means a person having title to and occupying a one to six family residence which is located in this state and is subject to a mortgage. See N.Y. Real Property Tax Law 952
Municipal bonds: means municipal obligation bonds and special revenue bonds. See N.Y. Insurance Law 6901
Municipal cooperation agreement: means an appropriate cooperative agreement authorized by Article 5-G of the general municipal law. See N.Y. Insurance Law 4702
Municipal corporation: means within the state of New York, a city with a population of less than one million or a county outside the city of New York, town, village, board of cooperative educational services, school district, a public library, as defined in § 253 of the education law, or district, as defined in § 119-n of the general municipal law. See N.Y. Insurance Law 4702
NAIC: means the National Association of Insurance Commissioners. See N.Y. Insurance Law 1702
NAIC liquidity stress test framework: means an NAIC publication that includes a history of the NAIC's development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year, and the liquidity stress test instructions and reporting templates for a specific data year, such scope criteria, instructions and reporting template being as adopted by the NAIC and as amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC, except where such instructions conflict with the laws of this state and subject to exceptions the superintendent may take in a regulation upon a written finding that the exceptions would not be unduly burdensome on the parent corporation or subsidiary. See N.Y. Insurance Law 1702
National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
New construction exemption areas: means the areas specified in subdivision six of section four hundred eighty-nine-cccc of this title in which an exemption from real property taxes in accordance with subdivision five-a of section four hundred eighty-nine-bbbb of this title shall be available to a recipient who constructs a new building or structure that meets the requirements set forth in subdivision nine of section four hundred eighty-nine-dddd of this title. See N.Y. Real Property Tax Law 489-AAAA
Non-mortgagor: means a person having title to and occupying a one to six family residence which is located in this state and is not subject to a mortgage. See N.Y. Real Property Tax Law 952
Nonprofit organizations: means organizations described in paragraph (3) of subsection (c), and exempt from taxation under subsection (a), of section 501 of the Internal Revenue Code, including, if qualified thereunder, type B or D organizations formed pursuant to paragraph (b) of section two hundred one of the not-for-profit corporation law, and organizations described in § 216-a of the education law. See N.Y. Insurance Law 6702
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.
omitted real property: means a parcel wholly omitted from the assessment roll or tax roll, taxable real property entered on the roll as wholly exempt real property, or an error in essential fact as defined in paragraph (d) of subdivision three of this section. See N.Y. Real Property Tax Law 550
One to six family residence: means property used primarily for residential purposes for one to six families, including property held in condominium form of ownership, and which is occupied in whole or in part by the owner. See N.Y. Real Property Tax Law 952
Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
Oversight: Committee review of the activities of a Federal agency or program.
Owner: means the owner of an eligible building, or with respect to an eligible building held in the cooperative form of ownership, the board of directors of a cooperative apartment corporation, or, with respect to an eligible building held in the condominium form of ownership, an owner of a tax lot in such building or the board of managers of such building. See N.Y. Real Property Tax Law 499-AAAAA
Parent corporation: means a parent corporation of a type described in subsection (a), (b) or (c) of section one thousand seven hundred one of this article. See N.Y. Insurance Law 1702
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.
peaking unit: shall mean a generating unit that: (a) is determined by the New York independent system operator or a federal or New York state energy regulatory commission to constitute a peaking unit as set forth in section 5. See N.Y. Real Property Tax Law 489-AAAAAA
Person: means an individual, corporation, partnership, association, agency, trust, estate, foreign or domestic government or subdivision thereof, or other entity. See N.Y. Real Property Tax Law 489-AAAA
Person: means an individual, corporation, limited liability company, partnership, association, agency, trust, estate, foreign or domestic government or subdivision thereof, or other entity. See N.Y. Real Property Tax Law 489-AAAAA
Person: means an individual, a corporation (including a foreign corporation and a municipal corporation), a joint stock association, a partnership, the state, and any other organization, state, government or county which may lawfully own property in the state. See N.Y. Real Property Tax Law 1102
Personal property: All property that is not real property.
Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in subsection (h) of this section. See N.Y. Insurance Law 5902
Physical or quantity change: means but shall not be limited to either an increase in assessed value from the prior roll resulting from new construction, property annexed from another assessing unit, and the addition of property omitted from the prior roll, or a decrease in assessed value from the prior roll resulting from fire, demolition, and the deletion of duplicate parcels from the roll. See N.Y. Real Property Tax Law 1220
Plaintiff: The person who files the complaint in a civil lawsuit.
plan: means any plan established or maintained by two or more municipal corporations pursuant to a municipal cooperation agreement for the purpose of providing medical, surgical or hospital services to employees or retirees of such municipal corporations and to the dependents of such employees or retirees. See N.Y. Insurance Law 4702
Plan document: means the group contract issued by the municipal cooperative health benefit plan to participating municipal corporations describing the terms and conditions of coverage. See N.Y. Insurance Law 4702
Plan of operation or feasibility study: means an analysis which presents the expected activities and results of a risk retention group making application to become chartered and licensed as a domestic property/casualty insurer in this state, including at least the following:

(1) information sufficient to verify that its members are engaged in businesses or activities similar or related with respect to the liability to which such members are exposed by virtue of any related, similar, or common business, trade, product, services, premises or operations;

(2) for each state in which it intends to operate, the coverages, deductibles, coverage limits, rates, and rating classification systems for each kind of insurance the group intends to offer;

(3) historical and expected loss experience of the proposed members and national experience of similar exposures to the extent that this experience is reasonably available;

(4) pro forma financial statements and projections;

(5) appropriate opinions by a qualified, independent casualty actuary, including a determination of minimum premium or participation levels required to commence operations and to prevent the development of a hazardous financial condition;

(6) identification of management, underwriting and claims procedures, marketing methods, managerial oversight methods, investment policies and reinsurance agreements;

(7) identification of each state in which the risk retention group has obtained, or sought to obtain, a charter and license, and a description of its status in each state; and

(8) such other matters as may be prescribed by the commissioner of the state in which the risk retention group is chartered for liability insurance companies authorized by the insurance laws of the state. See N.Y. Insurance Law 5902
Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Predominantly vacant land: means land, including land under water, on which not more than fifteen percent of the lot area contains enclosed, permanent improvements; in addition, such land may include existing foundations. See N.Y. Real Property Tax Law 489-AAA
Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
Premises: means the location of a childcare center as specified on the permit for the operation of such center issued by the department of health and mental hygiene pursuant to the health code of the city. See N.Y. Real Property Tax Law 499-AAAAA
Pretrial conference: A meeting of the judge and lawyers to discuss which matters should be presented to the jury, to review evidence and witnesses, to set a timetable, and to discuss the settlement of the case.
Probate: Proving a will
Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
Proceeds: shall mean the face or other pay-out value of an insurance policy or annuity plus reasonable interest to date of payment as shall be prescribed by regulations promulgated by the superintendent. See N.Y. Insurance Law 2701
Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage (including damages resulting from the loss of use of property) arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred. See N.Y. Insurance Law 5902
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
Proxy voting: The practice of allowing a legislator to cast a vote in committee for an absent legislator.
public asset: shall mean assets representing ninety-five percent of the fair market value of the corporation seeking to convert into a corporation or other entity organized for pecuniary profit pursuant to paragraph two of this subsection; provided, however, that for the purposes of the conversion of a corporation or corporations after the effective date of the chapter of the laws of two thousand seven which amended this paragraph, "public asset" shall mean assets representing ninety percent of the fair market value of the corporation or corporations. See N.Y. Insurance Law 4301
Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
Public utility mass real property: means real property, including conduits, cables, lines, wires, poles, supports and enclosures for electrical conductors located on, above and below real property, which is used in the transmission and distribution of telephone or telegraph service, and electromagnetic voice, video and data signals. See N.Y. Real Property Tax Law 499-HHHH
Purchasing group: means any group formed pursuant to the federal liability risk retention act of 1986 which:

(1) has as one of its purposes the purchase of liability insurance on a group basis;

(2) purchases such insurance only for its group members and only to cover their similar or related liability exposure, as described in paragraph three of this subsection;

(3) is composed of members whose businesses or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; and

(4) is domiciled in any state. See N.Y. Insurance Law 5902
Qualified actuary: means an actuary who is a member in good standing of the American Academy of Actuaries or Society of Actuaries, with experience in establishing rates for self-insured trusts providing health benefits or other similar experience. See N.Y. Insurance Law 4702
Qualifying condition or impairment of health: shall mean a qualifying physical condition, or a qualifying psychological condition, or both, except that for any member identified in paragraph (vi) of paragraph (e) of this subdivision, it shall only mean a qualifying psychological condition. See N.Y. Retirement and Social Security Law 2
Qualifying period: shall mean : (i) any period of time within the forty-eight hours after the first airplane hit the towers, for any member identified in paragraphs (i) through (v) of paragraph (e) of this subdivision; (ii) a total of forty hours accumulated any time between September eleventh, two thousand one and September twelfth, two thousand two, for any member identified in subparagraphs (i) through (v) of paragraph (e) of this subdivision; or (iii) any period of time within the twenty-four hours after the first airplane hit the towers, for any member identified in subparagraph (vi) of paragraph (e) of this subdivision. See N.Y. Retirement and Social Security Law 2
Qualifying physical condition: shall mean one or more of the following: (i) diseases of the upper respiratory tract and mucosae, including conditions such as rhinitis, sinusitis, pharyngitis, laryngitis, vocal cord disease, and upper airway hyper-reactivity, or a combination of such conditions; (ii) diseases of the lower respiratory tract, including but not limited to tracheo-bronchitis, bronchitis, chronic obstructive pulmonary disease, asthma, reactive airway dysfunction syndrome, and different types of pneumonitis, such as hypersensitivity, granulomatous, or eosinophilic; (iii) diseases of the gastroesophageal tract, including esophagitis and reflux disease, either acute or chronic, caused by exposure or aggravated by exposure; (iv) diseases of the skin such as conjunctivitis, contact dermatitis or burns, either acute or chronic in nature, infectious, irritant, allergic, idiopathic or non-specific reactive in nature, caused by exposure or aggravated by exposure; or (v) new onset diseases resulting from exposure as such diseases occur in the future including cancer, asbestos-related disease, heavy metal poisoning, and musculoskeletal disease. See N.Y. Retirement and Social Security Law 2
Qualifying psychological condition: shall mean one or more of the following: (i) diseases of the psychological axis, including post-traumatic stress disorder, anxiety, depression, or any combination of such conditions; or (ii) new onset diseases resulting from exposure as such diseases occur in the future including chronic psychological disease. See N.Y. Retirement and Social Security Law 2
Quorum: The number of legislators that must be present to do business.
Railroad company: means a corporation, joint stock company, association, partnership, individual or other person operating a railroad system wholly within the state of New York as a common carrier by rail, including but not limited to a street, surface, underground or elevated railroad, whether as owner, lessee, mortgagee, trustee, receiver or assignee of railroad real property. See N.Y. Real Property Tax Law 489-B
Railroad company: means a corporation , joint stock company, association, partnership, individual or other person operating a railroad system both within and without the State of New York as a common carrier by rail, including but not limited to a street, surface, underground or elevated railroad and any corporation created under or in compliance with the rail passenger service act of nineteen hundred seventy or the regional rail reorganization act of nineteen hundred seventy-three as those acts were amended to April first, nineteen hundred seventy-six, whether as owner, lessee, mortgagee, trustee, receiver or assignee of railroad real property. See N.Y. Real Property Tax Law 489-BB
Railroad real property: means the land, real estate and real property (as defined in subdivision twelve of section one hundred two of this chapter) of a railroad company, which is used by such railroad company for transportation purposes and which is subject to real property taxation except as provided in this title, and includes (a) such property leased to such railroad company, (b) such property used for transportation purposes by such railroad company under a trackage right or other operating agreement, title to which is in other than a railroad company, as defined in subdivision two of this section and subdivision two of section four hundred eighty-nine-bb of this chapter, (c) such property used or occupied by such railroad company, title to which is in the state or in any municipal corporation thereof under any of the grade crossing elimination acts, and (d) such tangible property of such railroad company situated in, upon, under or above any street, highway, public place or public waters; but does not include the value of any franchise, right or permission to construct, maintain or operate, in, under, above, on or through, streets, highways or public places. See N.Y. Real Property Tax Law 489-B
Railroad real property: means the land, real estate and real property (as defined in subdivision twelve of section one hundred two of this chapter) of a railroad company, which is used by such railroad company for transportation purposes and which is subject to real property taxation except as provided in this title, and includes (a) such property leased to such railroad company, (b) such property used for transportation purposes by such railroad company under a trackage right or other operating agreement, title to which is in other than a railroad company as defined in subdivision two of this section and subdivision two of section four hundred eighty-nine-b of this chapter, (c) such property used or occupied by such railroad company, title to which is in the state or in any municipal corporation thereof under any of the grade crossing elimination acts, and (d) the tangible property of such railroad company situated in, upon, under or above any street, highway, public place or public waters; but does not include the value of any franchise, right or permission to construct, maintain or operate, in, under, above, on or through, streets, highways or public places. See N.Y. Real Property Tax Law 489-BB
Real Estate Settlement Procedures Act: Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance. ^{Source: OCC}
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Real property tax escrow account: means an account established by contract between a mortgagor of real property improved by a one to six family residence and the mortgage investing institution having a mortgage thereon, into which the mortgage investing institution shall deposit money collected from the mortgagor for the purpose of paying taxes. See N.Y. Real Property Tax Law 952
Recipient: means an applicant to whom a certificate of eligibility has been issued pursuant to this title, or the successor in interest of such applicant, provided that where a person who has entered into a lease or purchase agreement with the owner or lessee of exempt property has been a co-applicant, such person or the successor in interest of such person shall be the recipient. See N.Y. Real Property Tax Law 489-AAAA
Recipient: means an applicant to whom a certificate of eligibility has been issued pursuant to this title, or the successor in interest of such applicant, provided that where a person who has entered into a lease or purchase agreement with the owner or lessee of exempt property has been a co-applicant, such person or the successor in interest of such person shall be the recipient. See N.Y. Real Property Tax Law 489-AAAAA
Reconstruction: means the modernization, rehabilitation, expansion or other improvement of an existing commercial or industrial structure where the total proposed project cost is in an amount equal to at least twenty percentum of the assessed value of the property at the time an application for a certificate of eligibility pursuant to this title is made, and where such modernization, rehabilitation, expansion or other improvement is physically and functionally integrated with the existing structure and does not create additional usable square footage greater than fifty per centum of the usable square footage of the existing structure except in a case where the existing structure has been substantially destroyed by fire or other casualty;

8. See N.Y. Real Property Tax Law 489-AAA
Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
Regular exemption area: means an area in which a regular exemption from taxes in accordance with subdivision three of section four hundred eighty-nine-bbbb of this title shall be available to a recipient who performs commercial construction work. See N.Y. Real Property Tax Law 489-AAAA
Reinsurance: means cessions qualifying for credit under section six thousand nine hundred six of this article. See N.Y. Insurance Law 6901
Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
Renovation construction work: means the modernization, rehabilitation, expansion or improvement of an existing building or structure, or portion thereof, for use as commercial property in a renovation exemption area where such modernization, rehabilitation, expansion or improvement is physically and functionally integrated with the existing building or structure, or portion thereof, does not increase the bulk of the existing building or structure by more than thirty per centum and does not increase the height of the existing building or structure by more than thirty per centum. See N.Y. Real Property Tax Law 489-AAAA
Renovation construction work: means the modernization, rehabilitation, expansion or improvement of an existing building or structure where such modernization, rehabilitation, expansion or improvement is physically and functionally integrated with the existing building or structure, or portion thereof, does not increase the bulk of the existing building or structure by more than thirty percent, and does not increase the height of the existing building or structure by more than thirty percent. See N.Y. Real Property Tax Law 489-AAAAAA
Renovation exemption area: means the area specified in paragraph (d) of subdivision five of section four hundred eighty-nine-cccc of this title in which a renovation exemption from taxes in accordance with subdivision five of section four hundred eighty-nine-bbbb of this title shall be available to a recipient who performs renovation construction work. See N.Y. Real Property Tax Law 489-AAAA
Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
Residential construction work: means any construction, modernization, rehabilitation, expansion or improvement of dwelling units other than dwelling units in a hotel. See N.Y. Real Property Tax Law 489-AAAA
Residential construction work: means the creation, modernization, rehabilitation, expansion or other improvement of dwelling units, other than dwelling units in a hotel, in the portion of mixed-use property to be used for residential purposes. See N.Y. Real Property Tax Law 489-AAAAA
Residential construction work: means any construction, modernization, rehabilitation, expansion or improvement of dwelling units other than dwelling units in a hotel. See N.Y. Real Property Tax Law 489-AAAAAA
Residential property: means property, other than property used for hotel purposes, on which exists or will exist, upon completion of construction work, a building or structure used for residential purposes. See N.Y. Real Property Tax Law 489-AAAA
Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
Restricted activity: means any entertainment activity which the department of finance has identified in regulations promulgated pursuant to a local law enacted pursuant to this title as an activity which, in the public interest, should not be encouraged through the benefits of this title. See N.Y. Real Property Tax Law 489-AAAA
Restricted activity: means any entertainment activity which the department of finance has identified in rules as an activity which, in the public interest, should not be encouraged through the benefits of this title. See N.Y. Real Property Tax Law 489-AAAAA
Restricted activity: means any entertainment activity that the department has identified in rules promulgated pursuant to a local law enacted pursuant to this title as an activity which, in the public interest, should not be encouraged through the benefits of this title. See N.Y. Real Property Tax Law 489-AAAAAA
Retail purposes: means any activity that consists predominately of (a) the final sale of tangible personal property or services by a vendor as defined in § 1101 of the tax law, (b) the sale of services that generally involve the physical, mental, and/or spiritual care of individuals or the physical care of the personal property of individuals, (c) retail banking services, or (d) the final sale of food and/or beverage by a vendor as defined in § 1101 of the tax law, including the assembly, processing or packaging of goods, provided that sales of such tangible personal property or services are predominantly to purchasers who personally visit the facilities at which such sales are made or such property and services are provided. See N.Y. Real Property Tax Law 489-AAAAAA
Risk retention group: means any corporation or other limited liability association formed pursuant to the federal liability risk retention act of 1986:

(1) whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members;

(2) which is organized for the primary purpose of conducting the activity described under paragraph one of this subsection;

(3) which:

(A) is chartered and licensed as a liability insurance company and authorized to engage in the business of insurance under the laws of any state; or

(B) before January first, nineteen hundred eighty-five, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before such date, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of such state, except that any such group shall be considered to be a risk retention group only if it has been engaged in business continuously since such date and only for the purpose of continuing to provide insurance to cover product liability or completed operations liability;

(4) which does not exclude any person from membership in the group solely to provide for members of such a group a competitive advantage over such a person;

(5) which:

(A) has as its owners only persons who comprise the membership of the risk retention group and who are provided insurance by such group; or

(B) has as its sole owner an organization which has as its members only persons who comprise the membership of the risk retention group and which organization has as its owners only persons who comprise the membership of the risk retention group and who are provided insurance by the risk retention group;

(6) whose members are engaged in businesses or activities similar or related with respect to the liability of which such members are exposed by virtue of any related, similar, or common business trade, product, services, premises or operations;

(7) whose activities do not include the provision of insurance other than:

(A) liability insurance for assuming and spreading all or any portion of the liability of its group members; and

(B) reinsurance with respect to the liability of any other risk retention group (or any member of such other risk retention group) which is engaged in businesses or activities which meet the requirement described in paragraph six of this subsection for membership in the risk retention group which provides such reinsurance; and

(8) the name of which includes the phrase "risk retention group". See N.Y. Insurance Law 5902
Scope criteria: means the designated exposure bases along with minimum magnitudes thereof for the specified data year, used to establish a preliminary list of insurers considered scoped into the NAIC liquidity stress test framework for that data year. See N.Y. Insurance Law 1702
Separate account subsidiary: means a subsidiary acquired or held under section four thousand two hundred forty of this chapter. See N.Y. Insurance Law 1702
Service of process: The service of writs or summonses to the appropriate party.
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.
Solar electric generating system: shall mean a system that uses solar energy to generate electricity. See N.Y. Real Property Tax Law 499-AAAA
Special assessing unit: shall mean an assessing unit with a population of one million or more. See N.Y. Real Property Tax Law 522
Special assessing unit: shall mean an assessing unit with a population of one million or more. See N.Y. Real Property Tax Law 701
Special exemption area: means an area in which the commission has determined that a special exemption from real property taxes in accordance with subdivision two of section four hundred eighty-nine-bbbb of this title shall be available to a recipient who performs commercial construction work and, in addition, means the area specified in paragraph (d) of subdivision four of section four hundred eighty-nine-cccc of this title. See N.Y. Real Property Tax Law 489-AAAA
State: means any state of the United States or the District of Columbia. See N.Y. Insurance Law 5902
Statute: A law passed by a legislature.
Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
Subpoena: A command to a witness to appear and give testimony.
Subsidiary: means subsidiaries of the types described in subsection (b) of section one thousand seven hundred four of this article and subsidiaries acquired or held under this article, section one thousand four hundred five or section four thousand two hundred forty of this chapter, but shall not include a subsidiary acquired or held under section one thousand four hundred four of this chapter or a subsidiary acquired or held by an insurer authorized to make investments by subsection (c) of section one thousand four hundred three of this chapter. See N.Y. Insurance Law 1702
Subsidized railroad real property: means any railroad real property for which a rail service continuation subsidy is paid by the United States or the state of New York. See N.Y. Real Property Tax Law 489-BB
Summary plan description: means the certificate of coverage or booklet delivered to employees or retirees enrolled in the plan, summarizing the essential terms and conditions of coverage for employees or retirees and their dependents. See N.Y. Insurance Law 4702
Summons: Another word for subpoena used by the criminal justice system.
Superintendent: means the superintendent of financial services of this state. See N.Y. Insurance Law 5902
Tax district: means a county, city, town, village, school district or special district by or on behalf of which a tax or special ad valorem levy is imposed. See N.Y. Real Property Tax Law 729
tax district: as used in this title means (a) a county, city, town, village, school district or special district, having the power to levy, assess and enforce the collection of taxes, special ad valorem levies, special assessments or other charges imposed upon real property by or on behalf of a municipal corporation or special district or (b) a city school district governed by Article fifty-one of the education law. See N.Y. Real Property Tax Law 910
Tax district: means : (a) a county, other than (i) a county for which the cities and towns enforce delinquent taxes pursuant to the county administrative code, or (ii) a county wholly contained within a city;

(b) a city, other than a city for which the county enforces delinquent taxes pursuant to the city charter;

(c) a village, other than a village for which the county enforces delinquent taxes pursuant to section fourteen hundred forty-two of this chapter; or

(d) a town in a county in which towns enforce delinquent taxes pursuant to the county administrative code. See N.Y. Real Property Tax Law 1102
Tax levying body: means the governing board of a municipal corporation which annexes a warrant for the collection of taxes to a final assessment roll. See N.Y. Real Property Tax Law 550
Tax roll: means a final assessment roll upon which taxes have been extended and to which a warrant has been annexed. See N.Y. Real Property Tax Law 550
taxable assessed value: means the assessed valuation of real property less partial exemptions. See N.Y. Real Property Tax Law 522
taxable assessed value: means the assessed valuation of real property less partial exemptions. See N.Y. Real Property Tax Law 701
taxable assessed value: means the assessed valuation of real property less partial exemptions. See N.Y. Real Property Tax Law 729
taxation: means an ad valorem charge or special ad valorem levy imposed upon real property by or on behalf of a county, city, town, village, school district or special district. See N.Y. Real Property Tax Law 489-B
taxation: means an ad valorem charge or special ad valorem levy imposed upon real property by or on behalf of a county, city, town, village, school district or special district. See N.Y. Real Property Tax Law 489-BB
Taxation: means an ad valorem levy or special assessment for which public utility mass real property is otherwise liable pursuant to this chapter. See N.Y. Real Property Tax Law 499-HHHH
taxation: shall be construed to include special assessments. See N.Y. Real Property Tax Law 530
taxes: means a charge imposed upon real property by or on behalf of a county, city, town, village or school district for municipal or school district purposes, including a special ad valorem levy, special assessment or any similar charge. See N.Y. Real Property Tax Law 952
taxes: as used in this title shall include special assessments which are levied by the county legislative body at the time and in the manner provided by law for the levy of county and town taxes. See N.Y. Real Property Tax Law 972
Temporary commercial incentive area boundary commission: means a commission as defined in section four hundred eighty-nine-gggggg of this title. See N.Y. Real Property Tax Law 489-AAAAAA
tenant: includes "expansion tenant" "new tenant" and "renewal tenant. See N.Y. Real Property Tax Law 499-A
tenant: includes "expansion tenant" "new tenant" and "renewal tenant. See N.Y. Real Property Tax Law 499-AA
Testify: Answer questions in court.
Testimony: Evidence presented orally by witnesses during trials or before grand juries.
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.
Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
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.
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}
Unlawful entry: means :

(a) an entry on the taxable portion of the assessment roll or the tax roll, or both, of the assessed valuation of real property which, except for the provisions of section four hundred ninety of this chapter, is wholly exempt from taxation; or

(b) an entry on an assessment roll or a tax roll, or both, of the assessed valuation of real property which is entirely outside the boundaries of the assessing unit, the school district or the special district in which the real property is designated as being located, but not an entry on an assessment roll or a tax roll, or both, of the assessed valuation of real property assessed pursuant to subdivisions two through five of section five hundred of this article; or

(c) an entry of assessed valuation on an assessment roll or on a tax roll, or both, which has been made by a person or body without the authority to make such entry; or

(d) an entry of assessed valuation of state land subject to taxation on an assessment roll or on a tax roll, or both, which exceeds the assessment of such land approved by the commissioner; or

(e) an entry of assessed valuation of a special franchise on an assessment roll or on a tax roll, or both, which exceeds the final assessment thereof as determined by the commissioner pursuant to subdivision one of section six hundred six of this chapter, or the full value of that special franchise as determined by the commissioner pursuant to subdivision two of section six hundred six of this chapter adjusted by the final state equalization rate established by the commissioner for the assessment roll upon which that value appears. See N.Y. Real Property Tax Law 550
Uphold: The decision of an appellate court not to reverse a lower court decision.
Utility first mortgage obligation: means any obligation of an issuer secured by a first priority mortgage on utility property owned by or leased to an investor-owned or cooperative-owned utility company and located in the United States, Canada or a member country of the Organisation for Economic Co-operation and Development having a sovereign rating in one of the top two generic lettered rating classifications by a nationally recognized statistical rating organization acceptable to the superintendent; provided that the utility or utility property or the usage fees or other similar utility rates or charges are subject to regulation or oversight by a governmental unit. See N.Y. Insurance Law 6901
Utility property: means property and equipment as described in paragraphs (c), (d), (e), (f) and (i) of subdivision twelve of section one hundred two of this chapter that is used in the ordinary course of business by its owner or any other entity or property as described in paragraphs (a) and (b) of subdivision twelve of section one hundred two of this chapter that is owned by any entity that uses in the ordinary course of business property and equipment as described in paragraphs (c), (d), (e), (f) and (i) of subdivision twelve of section one hundred two of this chapter, without regard to the classification of such property and equipment for real property tax purposes pursuant to section eighteen hundred two of this chapter, except that any such property and equipment used solely to serve the building to which they are attached shall not be deemed utility property. See N.Y. Real Property Tax Law 489-AAAAAA
Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
Venue: The geographical location in which a case is tried.
Verdict: The decision of a petit jury or a judge.
Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
Watershed agricultural easement: means a watershed conservation easement which allows the land subject to such easement to be utilized in agricultural production. See N.Y. Real Property Tax Law 583
Watershed conservation easement: means an easement, covenant, restriction or other interest in real property purchased by or on behalf of the city of New York that is located in those areas of the counties of Delaware, Dutchess, Greene, Putnam, Schoharie, Sullivan, Ulster and Westchester located in the watershed of the New York city water supply, created under and subject to the provisions of Article 49 of the environmental conservation law which, for the purpose of maintaining the open space, natural condition, or character of the real property in a manner consistent with the protection of water quality generally and the New York city water supply specifically, limits or restricts development, management or use of such real property. See N.Y. Real Property Tax Law 583
World Trade Center site: shall mean anywhere below a line starting from the Hudson River and Canal Street; east on Canal Street to Pike Street; south on Pike Street to the East River; and extending to the lower tip of Manhattan. See N.Y. Retirement and Social Security Law 2
Writ: A formal written command, issued from the court, requiring the performance of a specific act.
Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.

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New York Laws > Banking > Article 2 – Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers

Terms Used In New York Laws > Banking > Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers

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