N.Y. Real Property Law 337 – Definitions
§ 337. Definitions. As used in this article: 1. The words "subdivided lands" and "subdivision" mean vacant land or lands sold or leased on the installment plan or offered for sale or lease on such plan and also vacant land or lands situated outside the state of New York and sold or leased or offered for sale or lease on the installment plan or upon any and all other plans, terms and conditions of sale or lease.
Terms Used In N.Y. Real Property Law 337
- 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.
- Fraud: Intentional deception resulting in injury to another.
- 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
- 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.
- 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.
- subdivider: shall include every person, partnership, corporation, company or association who or which engages directly or through an agent in the business of selling, leasing or offering for sale or lease subdivided lands and subdivisions to the public in this state. See N.Y. Real Property Law 337
2. The word "subdivider" shall include every person, partnership, corporation, company or association who or which engages directly or through an agent in the business of selling, leasing or offering for sale or lease subdivided lands and subdivisions to the public in this state.
3. The words "installment plan" mean any plan, arrangement or agreement pursuant to the terms, covenants and conditions whereof the proposed purchaser of vacant land or lands to be acquired amortizes the purchase price by periodic payments and whereby the conveyance of title to the purchaser of such vacant land or lands is deferred until such time as all said periodic payments have been made and shall also include the provision in a plan, arrangement or agreement or lease requiring a consideration from the lessee in addition to the periodic payments as a condition precedent to the conveyance of title to the lessee.
4. The words "a lease of land or lands on the installment plan" mean and include a plan, arrangement or agreement whereunder the periodic payments made are designated as rent and upon the completion of such payments the lessee is entitled to a conveyance of title to the vacant land or lands leased.
5. The words "fraudulent practice" or "fraudulent practices" mean any device, scheme or artifice employed by a subdivider to defraud or obtain money or property by means of any false pretense, representation or promise, or that a subdivider makes or attempts to make fictitious or pretended purchases, sales or leases of vacant land or lands to the public in this state, or engages in or is about to engage in any practice or transaction or course of business relating to the purchase, sale or lease of vacant land or lands which is fraudulent or in violation of law and which has operated or which would operate as a fraud upon the purchaser, or that any owner or subdivider as hereinbefore defined has sold or offered for sale or is attempting to sell or is offering for sale any vacant land or lands in violation of the provisions of this article.