Terms Used In New York Laws > Real Property > Article 4-A - Trust Indentures and Interests Therein

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bondholder: shall mean and include any person, firm, association or corporation owning or holding a mortgage investment. See N.Y. Real Property Law 125
• Committee: shall mean and include a person or group of persons, however known or designated, appointed by agreement, assignment, proxy, consent, authorization, power of attorney, or other similar instrument to act as an agency to receive and hold mortgage investments deposited by bondholders and to administer or do any act in respect to the same for the bondholders. See N.Y. Real Property Law 125
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Deposit agreement: shall include any agreement, assignment, proxy, consent, authorization, power of attorney or other similar instrument whereby a mortgage investment is deposited with or assigned to a committee. See N.Y. Real Property Law 125
• Depositary: shall mean and include any person, firm, association or corporation designated in any trust indenture, deed of trust, or deposit agreement as the custodian or depositary of mortgage investments. See N.Y. Real Property Law 125
• 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.
• Executor: A male person named in a will to carry out the decedent
• 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}
• 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.
• industrial securities: shall be construed to mean the bonds, debentures, notes or other evidences of indebtedness of individuals, partnerships, associations or corporations not engaged in the business of owning, improving or operating real property but whose ownership of such real property shall be merely incidental to the operation and conduct of its business and which real property shall be used as incidental and additional security for such bonds, notes, debentures or other evidences of indebtedness. See N.Y. Real Property Law 125
• Inter vivos: Transfer of property from one living person to another living person.
• 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.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage investments: shall mean and include any and all shares and interests, heretofore or hereafter acquired, in an issue of bonds, notes or other evidence of indebtedness of individuals, partnerships, associations or corporations, held by more than one person and secured by a mortgage or mortgages upon real property, or by a deed or deeds of trust, trust indenture or indentures or other evidence of interest in real property, the payment of which is not guaranteed by any title and mortgage guaranty corporation or investment company and shall include certificates of deposit issued by or on behalf of a bondholders' protective committee or similar group and also any bonds, notes or other evidences of indebtedness taken in lieu of such real property by foreclosure or otherwise, provided, however, that it shall not include industrial securities. See N.Y. Real Property Law 125
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• 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.
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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}
• Property: shall mean and include all of the real property or any incidental personal property constituting the underlying security for mortgage investments. See N.Y. Real Property Law 125
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
• Trustee: A person or institution holding and administering property in trust.
• Trustee: shall mean and include any person, firm, association or corporation named, appointed or designated as such in any deed of trust, trust indenture or other similar instrument or any successor of such trustee. See N.Y. Real Property Law 125