N.Y. State Finance Law 92-X – Tobacco settlement fund
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§ 92-x. Tobacco settlement fund. 1. There is hereby established in the sole custody of the comptroller a special fund, to be known as the "tobacco settlement fund".
Terms Used In N.Y. State Finance Law 92-X
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- 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.
- Statute: A law passed by a legislature.
2. Such fund shall consist of moneys received by the state, as a result of the settlement of litigation in the case of State of New York and Dennis C. Vacco v. Philip Morris, Incorporated, et al. (Supreme Court, New York County, Index No. 400361/97), pursuant to the escrow arrangement provided in the master settlement agreement entered into by, inter alia, the Attorney General of the State of New York and the Tobacco Industry, on November 23, 1998. All monies shall remain in such fund unless otherwise directed by statute.