2006 New York Code - Definitions And Index Of Definitions



 
  Section 9--102. Definitions And Index of Definitions.
    (a) Article 9 definitions. In this article:
         (1) "Accession" means goods that are physically united with other
             goods  in  such  a  manner  that the identity of the original
             goods is not lost.
         (2) "Account", except as used in "account for", means a right  to
             payment  of  a  monetary obligation, whether or not earned by
             performance, (i) for property that has been or is to be sold,
             leased, licensed, assigned, or otherwise  disposed  of,  (ii)
             for  services  rendered or to be rendered, (iii) for a policy
             of insurance issued or to be issued,  (iv)  for  a  secondary
             obligation  incurred  or  to  be  incurred,  (v)  for  energy
             provided or to be provided, (vi) for the use  or  hire  of  a
             vessel  under  a charter or other contract, (vii) arising out
             of the  use  of  a  credit  or  charge  card  or  information
             contained  on or for use with the card, or (viii) as winnings
             in a lottery or other game of chance operated or sponsored by
             a state, governmental unit of a State, or person licensed  or
             authorized  to  operate  the  game by a State or governmental
             unit of a  State.  The  term  includes  health-care-insurance
             receivables.  The term does not include (i) rights to payment
             evidenced by chattel paper or an instrument, (ii)  commercial
             tort   claims,   (iii) deposit   accounts,   (iv)  investment
             property, (v) letter-of-credit rights or letters  of  credit,
             or  (vi)  rights  to  payment  for money or funds advanced or
             sold, other than rights arising out of the use of a credit or
             charge card or information contained on or for use  with  the
             card.
         (3) "Account  debtor"  means  a  person  obligated on an account,
             chattel paper, or  general  intangible.  The  term  does  not
             include  persons  obligated  to  pay a negotiable instrument,
             even if the instrument constitutes part of chattel paper.
         (4) "Accounting", except as used in  "accounting  for",  means  a
             record:
             (A) authenticated by a secured party;
             (B) indicating the aggregate unpaid secured obligations as of
                 a  date  not  more  than 35 days earlier or 35 days later
                 than the date of the record; and
             (C) identifying  the  components  of   the   obligations   in
                 reasonable detail.
         (5) "Agricultural  lien" means an interest, other than a security
             interest, in farm products:
             (A) which secures payment or  performance  of  an  obligation
                 for:
                 (i) goods  or  services  furnished  in  connection with a
                     debtor's farming operation; or
                 (ii) rent  on  real  property  leased  by  a  debtor   in
                      connection with its farming operation; and
             (B) which is created by statute in favor of a person that:
                 (i) in  the  ordinary  course  of  its business furnished
                     goods or services to a debtor in  connection  with  a
                     debtor's farming operation; or
                 (ii) leased  real property to a debtor in connection with
                      the debtor's farming operation; and
             (C) whose effectiveness  does  not  depend  on  the  person's
                 possession of the personal property.
         (6) "As-extracted collateral" means:
             (A) oil,  gas,  or  other  minerals  that  are  subject  to a
                 security interest that:
                 (i) is  created  by  a  debtor  having an interest in the
                     minerals before extraction; and
                 (ii) attaches to the minerals as extracted; or
             (B) accounts arising out of  the  sale  at  the  wellhead  or
                 minehead  of  oil,  gas,  or  other minerals in which the
                 debtor had an interest before extraction.
         (7) "Authenticate" means:
             (A) to sign; or
             (B) to execute or otherwise adopt a  symbol,  or  encrypt  or
                 similarly  process a record in whole or in part, with the
                 present intent of the authenticating person  to  identify
                 the person and adopt or accept a record.
         (8) "Bank"  means an organization that is engaged in the business
             of banking. The term includes savings banks, savings and loan
             associations, credit unions, and trust companies.
         (9) "Cash  proceeds"  means  proceeds  that  are  money,  checks,
             deposit accounts, or the like.
         (10) "Certificate  of  title"  means  a certificate of title with
              respect  to  which  a  statute  provides  for  the  security
              interest in question to be indicated on the certificate as a
              condition  or  result  of  the security interest's obtaining
              priority over the rights of a lien creditor with respect  to
              the collateral.
         (11) "Chattel paper" means a record or records that evidence both
              a  monetary  obligation  and a security interest in specific
              goods, a security interest in specific  goods  and  software
              used in the goods, a security interest in specific goods and
              license  of  software used in the goods, a lease of specific
              goods, or a lease of specific goods and license of  software
              used  in the goods. In this paragraph, "monetary obligation"
              means a monetary obligation secured by  the  goods  or  owed
              under   a  lease  of  the  goods  and  includes  a  monetary
              obligation with respect to software used in the  goods.  The
              term  does  not  include  (i)  charters  or  other contracts
              involving the use or hire of a vessel or (ii)  records  that
              evidence  a  right  to  payment  arising out of the use of a
              credit or charge card or information contained on or for use
              with the card. If a transaction is evidenced by records that
              include an instrument or series of instruments, the group of
              records taken together constitutes chattel paper.
         (11-a) "Check" means (i) a draft, other than a documentary draft,
                payable on demand and drawn on a bank or (ii) a  cashier's
                check  or  a  teller's check. An instrument may be a check
                even though it is described on its face by  another  term,
                such as "money order". An instrument that (i) meets all of
                the requirements stated in Article 3 of this chapter to be
                a  negotiable  instrument  other  than  stating that it is
                payable to order or bearer and (ii) otherwise qualifies as
                a check is a negotiable instrument and a check.
         (12) "Collateral"  means  the  property  subject  to  a  security
              interest or agricultural lien. The term includes:
             (A) proceeds to which a security interest attaches;
             (B) accounts,   chattel   paper,   payment  intangibles,  and
                 promissory notes that have been sold; and
             (C) goods that are the subject of a consignment.
         (13) "Commercial tort claim" means a claim arising in  tort  with
              respect to which:
             (A) the claimant is an organization; or
             (B) the claimant is an individual and the claim:
                 (i) arose  in  the  course  of the claimant's business or
                     profession; and
                 (ii) does not include damages  arising  out  of  personal
                      injury to or the death of an individual.
         (14) "Commodity   account"  means  an  account  maintained  by  a
              commodity intermediary in  which  a  commodity  contract  is
              carried for a commodity customer.
         (15) "Commodity  contract" means a commodity futures contract, an
              option on a commodity futures contract, a commodity  option,
              or another contract if the contract or option is:
             (A) traded  on  or  subject  to the rules of a board of trade
                 that has been designated as a contract market for such  a
                 contract pursuant to federal commodities laws; or
             (B) traded  on  a foreign commodity board of trade, exchange,
                 or market, and is carried on the  books  of  a  commodity
                 intermediary for a commodity customer.
         (16) "Commodity  customer"  means  a person for which a commodity
              intermediary carries a commodity contract on its books.
         (17) "Commodity intermediary" means a person that:
             (A) is registered as  a  futures  commission  merchant  under
                 federal commodities law; or
             (B) in the ordinary course of its business provides clearance
                 or settlement services for a board of trade that has been
                 designated  as  a  contract  market  pursuant  to federal
                 commodities law.
         (18) "Communicate" means:
             (A) to send a written or other tangible record;
             (B) to transmit a record by any  means  agreed  upon  by  the
                 persons sending and receiving the record; or
             (C) in the case of transmission of a record to or by a filing
                 office,  to  transmit a record by any means prescribed by
                 filing-office rule.
         (19) "Consignee" means a merchant to which goods are delivered in
              a consignment.
         (20) "Consignment" means a transaction, regardless of  its  form,
              in  which  a  person  delivers  goods  to a merchant for the
              purpose of sale and:
             (A) the merchant:
                 (i) deals in goods of that kind under a name  other  than
                     the name of the person making delivery;
                 (ii) is not an auctioneer; and
                 (iii) is  not  generally  known  by  its  creditors to be
                       substantially  engaged  in  selling  the  goods  of
                       others;
             (B) with respect to each delivery, the aggregate value of the
                 goods is $1,000 or more at the time of delivery;
             (C) the  goods  are  not  consumer  goods  immediately before
                 delivery; and
             (D) the transaction does not create a security interest  that
                 secures an obligation.
         (21) "Consignor"   means  a  person  that  delivers  goods  to  a
              consignee in a consignment.
         (22) "Consumer debtor" means a debtor in a consumer transaction.
         (23) "Consumer goods" means goods that are used or bought for use
              primarily for personal, family, or household purposes.
         (24) "Consumer-goods transaction" means a consumer transaction in
              which:
             (A) an   individual   incurs   an  obligation  primarily  for
                 personal, family, or household purposes; and
             (B) a  security  interest  in  consumer  goods  secures   the
                 obligation.
         (25) "Consumer obligor" means an obligor who is an individual and
              who incurred the obligation as part of a transaction entered
              into primarily for personal, family, or household purposes.
         (26) "Consumer  transaction"  means a transaction in which (i) an
              individual incurs  an  obligation  primarily  for  personal,
              family,  or  household  purposes,  (ii)  a security interest
              secures the obligation, and (iii) the collateral is held  or
              acquired   primarily  for  personal,  family,  or  household
              purposes. The term includes consumer-goods transactions.
         (27) "Continuation statement" means an amendment of  a  financing
              statement which:
             (A) identifies,  by  its  file  number, the initial financing
                 statement to which it relates; and
             (B) indicates that it is a  continuation  statement  for,  or
                 that  it  is  filed to continue the effectiveness of, the
                 identified financing statement.
         (27-a) "Cooperative  addendum"  means  a  record  that  satisfies
                Section 9--502(e).
         (27-b) "Cooperative  interest"  means  an ownership interest in a
                cooperative organization, which interest, when created, is
                coupled with possessory rights of a proprietary nature  in
                identified  physical  space  belonging  to the cooperative
                organization. A subsequent termination of  the  possessory
                rights  shall  not  cause  an  ownership interest to cease
                being a cooperative interest.
         (27-c) "Cooperative organization" means an organization which has
                as its principal asset an interest  in  real  property  in
                this   state  and  in  which  organization  all  ownership
                interests are cooperative interests.
         (27-d) "Cooperative  organization  security  interest"  means   a
                security  interest  which is in a cooperative interest, is
                in favor of the cooperative organization,  is  created  by
                the  cooperative  record,  and  secures  only  obligations
                incident to ownership of that cooperative interest.
         (27-e) "Cooperative record"  means  those  records  which,  as  a
                whole,  evidence  cooperative  interests  and  define  the
                mutual  rights  and  obligations  of  the  owners  of  the
                cooperative interests and the cooperative organization.
         (27-f) "Cooperative  unit"  means  the  physical space associated
                with a cooperative interest.
         (28) "Debtor" means:
             (A) a person  having  an  interest,  other  than  a  security
                 interest or other lien, in the collateral, whether or not
                 the person is an obligor;
             (B) a seller of accounts, chattel paper, payment intangibles,
                 or promissory notes; or
             (C) a consignee.
         (29) "Deposit  account"  means a demand, time, savings, passbook,
              or similar account maintained with a bank. The term does not
              include investment property  or  accounts  evidenced  by  an
              instrument.
         (30) "Document"  means  a  document  of title or a receipt of the
              type described in Section 7--201(2).
         (31) "Electronic chattel paper" means chattel paper evidenced  by
              a  record  or records consisting of information stored in an
              electronic medium.
         (32) "Encumbrance"  means  a  right,  other  than  an   ownership
              interest,  in real property. The term includes mortgages and
              other liens on real property.
         (33) "Equipment" means goods other than inventory, farm products,
              or consumer goods.
         (34) "Farm products" means goods,  other  than  standing  timber,
              with  respect  to  which  the debtor is engaged in a farming
              operation and which are:
             (A) crops grown, growing, or to be grown, including:
                 (i) crops produced on trees, vines, and bushes; and
                 (ii) aquatic goods produced in aquacultural operations;
             (B) livestock,  born  or  unborn,  including  aquatic   goods
                 produced in aquacultural operations;
             (C) supplies used or produced in a farming operation; or
             (D) products  of  crops  or livestock in their unmanufactured
                 states.
         (35) "Farming operation" means raising, cultivating, propagating,
              fattening, grazing, or  any  other  farming,  livestock,  or
              aquacultural operation.
         (36) "File  number"  means  the  number  assigned  to  an initial
              financing statement pursuant to Section 9--519(a).
         (37) "Filing office" means an office designated in Section 9--501
              as the place to file a financing statement.
         (38) "Filing-office  rule"  means  a  rule  adopted  pursuant  to
              Section 9--526.
         (39) "Financing  statement" means a record or records composed of
              an initial financing statement and any filed record relating
              to the initial financing statement.
         (40) "Fixture filing" means the filing of a  financing  statement
              covering  goods  that  are  or  are  to  become fixtures and
              satisfying Section 9--502(a) and (b). The term includes  the
              filing   of  a  financing  statement  covering  goods  of  a
              transmitting utility which are or are to become fixtures.
         (41) "Fixtures" means  goods  that  have  become  so  related  to
              particular  real  property  that  an interest in them arises
              under real property law.
         (42) "General intangible" means any personal property,  including
              things  in  action,  other  than  accounts,  chattel  paper,
              commercial tort claims, deposit accounts, documents,  goods,
              instruments,  investment  property, letter-of-credit rights,
              letters of credit, money, and oil, gas,  or  other  minerals
              before extraction. The term includes payment intangibles and
              software.
         (43) "Good  faith"  means  honesty  in fact and the observance of
              reasonable commercial standards of fair dealing.
         (44) "Goods" means all things that are movable  when  a  security
              interest  attaches.  The  term  includes  (i) fixtures, (ii)
              standing timber that is  to  be  cut  and  removed  under  a
              conveyance  or  contract for sale, (iii) the unborn young of
              animals, (iv) crops grown, growing, or to be grown, even  if
              the  crops  are produced on trees, vines, or bushes, and (v)
              manufactured  homes.  The  term  also  includes  a  computer
              program  embedded  in  goods  and any supporting information
              provided in connection with a transaction  relating  to  the
              program  if  (i) the program is associated with the goods in
              such a manner that it customarily is considered part of  the
              goods,  or (ii) by becoming the owner of the goods, a person
              acquires a right to use the program in connection  with  the
              goods. The term does not include a computer program embedded
              in  goods  that  consists  solely of the medium in which the
              program  is  embedded.  The  term  also  does  not   include
              accounts,  chattel  paper,  commercial  tort claims, deposit
              accounts,  documents,  general   intangibles,   instruments,
              investment  property,  letter-of-credit  rights,  letters of
              credit,  money,  or  oil,  gas,  or  other  minerals  before
              extraction.
         (45) "Governmental unit" means a subdivision, agency, department,
              county,   parish,   municipality,   or  other  unit  of  the
              government of the United  States,  a  state,  or  a  foreign
              country. The term includes an organization having a separate
              corporate existence if the organization is eligible to issue
              debt  on which interest is exempt from income taxation under
              the laws of the United States.
         (46) "Health-care-insurance receivable" means an interest  in  or
              claim  under  a  policy  of  insurance  which  is a right to
              payment of a monetary obligation for  health-care  goods  or
              services provided.
         (47) "Instrument"  means  a  negotiable  instrument  or any other
              writing that evidences a right to the payment of a  monetary
              obligation, is not itself a security agreement or lease, and
              is  of  a  type  that  in  ordinary  course  of  business is
              transferred by delivery with any  necessary  indorsement  or
              assignment.   The  term  does  not  include  (i)  investment
              property, (ii) letters of credit,  or  (iii)  writings  that
              evidence  a  right  to  payment  arising out of the use of a
              credit or charge card or information contained on or for use
              with the card.
         (48) "Inventory" means goods, other than farm products, which:
             (A) are leased by a person as lessor;
             (B) are held by a person for sale or lease or to be furnished
                 under a contract of service;
             (C) are furnished by a person under a contract of service; or
             (D) consist of raw materials, work in process,  or  materials
                 used or consumed in a business.
         (49) "Investment property" means a security, whether certificated
              or uncertificated, security entitlement, securities account,
              commodity contract, or commodity account.
         (50) "Jurisdiction of organization", with respect to a registered
              organization,  means  the  jurisdiction  under whose law the
              organization is organized.
         (51) "Letter-of-credit  right"  means  a  right  to  payment   or
              performance  under  a  letter  of credit, whether or not the
              beneficiary has demanded or  is  at  the  time  entitled  to
              demand payment or performance. The term does not include the
              right  of  a  beneficiary  to  demand payment or performance
              under a letter of credit.
         (52) "Lien creditor" means:
             (A) a creditor that has  acquired  a  lien  on  the  property
                 involved by attachment, levy, or the like;
             (B) an  assignee  for  benefit  of creditors from the time of
                 assignment;
             (C) a  trustee  in  bankruptcy from the date of the filing of
                 the petition; or
             (D) a receiver in equity from the time of appointment.
         (53) "Manufactured home" means a structure, transportable in  one
              or  more  sections,  which,  in the traveling mode, is eight
              body feet or more in width  or  40  body  feet  or  more  in
              length,  or,  when  erected  on  site, is 320 or more square
              feet, and which is built on a permanent chassis and designed
              to be used  as  a  dwelling  with  or  without  a  permanent
              foundation  when  connected  to  the required utilities, and
              includes  the  plumbing,  heating,   air-conditioning,   and
              electrical  systems contained therein. The term includes any
              structure  that  meets  all  of  the  requirements  of  this
              paragraph  except  the size requirements and with respect to
              which the manufacturer  voluntarily  files  a  certification
              required by the United States Secretary of Housing and Urban
              Development  and  complies  with  the  standards established
              under Title 42 of the United States Code.
         (54) "Manufactured-home transaction" means a secured transaction:
             (A) that creates a  purchase-money  security  interest  in  a
                 manufactured home, other than a manufactured home held as
                 inventory; or
             (B) in  which  a manufactured home, other than a manufactured
                 home held as inventory, is the primary collateral.
         (55) "Mortgage" means a consensual  interest  in  real  property,
              including  fixtures, which secures payment or performance of
              an obligation.
         (56) "New debtor" means a person that  becomes  bound  as  debtor
              under  Section  9--203(d) by a security agreement previously
              entered into by another person.
         (57) "New value" means (i) money, (ii) money's worth in property,
              services, or new credit, or (iii) release by a transferee of
              an  interest  in  property  previously  transferred  to  the
              transferee.   The   term  does  not  include  an  obligation
              substituted for another obligation.
         (58) "Noncash proceeds" means proceeds other than cash proceeds.
         (59) "Obligor" means a person that, with respect to an obligation
              secured by a security interest in or an agricultural lien on
              the collateral, (i) owes payment or other performance of the
              obligation,  (ii) has  provided  property  other  than   the
              collateral  to  secure  payment  or other performance of the
              obligation, or (iii) is otherwise accountable in whole or in
              part for payment or other performance of the obligation. The
              term does not include issuers or nominated persons  under  a
              letter of credit.
         (60) "Original  debtor",  except  as  used  in Section 9--310(c),
              means a person that, as  debtor,  entered  into  a  security
              agreement  to  which  a  new  debtor  has become bound under
              Section 9--203(d).
         (61) "Payment intangible" means a general intangible under  which
              the  account  debtor's  principal  obligation  is a monetary
              obligation.
         (62) "Person related to", with respect to an individual, means:
             (A) the spouse of the individual;
             (B) a brother, brother-in-law, sister,  or  sister-in-law  of
                 the individual;
             (C) an ancestor or lineal descendant of the individual or the
                 individual's spouse; or
             (D) any   other  relative,  by  blood  or  marriage,  of  the
                 individual or the individual's spouse who shares the same
                 home with the individual.
         (63) "Person related to", with respect to an organization, means:
             (A) a person directly or indirectly  controlling,  controlled
                 by, or under common control with the organization;
             (B) an officer or director of, or a person performing similar
                 functions with respect to, the organization;
             (C) an officer or director of, or a person performing similar
                 functions   with   respect  to,  a  person  described  in
                 subparagraph (A);
             (D) the spouse of an  individual  described  in  subparagraph
                 (A), (B), or (C); or
             (E) an  individual  who is related by blood or marriage to an
                 individual described in subparagraph (A),  (B),  (C),  or
                 (D) and shares the same home with the individual.
         (64) "Proceeds",  except  as used in Section 9--609(b), means the
              following property:
             (A) Whatever is  acquired  upon  the  sale,  lease,  license,
                 exchange, or other disposition of collateral;
             (B) whatever  is  collected on, or distributed on account of,
                 collateral;
             (C) rights arising out of collateral;
             (D) to the extent of the value of collateral, claims  arising
                 out  of the loss, nonconformity, or interference with the
                 use of, defects or infringement of rights in,  or  damage
                 to, the collateral; or
             (E) to  the  extent  of  the  value  of collateral and to the
                 extent payable  to  the  debtor  or  the  secured  party,
                 insurance  payable by reason of the loss or nonconformity
                 of, defects or infringement of rights in, or  damage  to,
                 the collateral.
         (65) "Promissory  note"  means  an  instrument  that  evidences a
              promise to pay a monetary obligation, does not  evidence  an
              order  to  pay,  and does not contain an acknowledgment by a
              bank that the bank has received for deposit a sum  of  money
              or funds.
         (66) "Proposal"  means  a record authenticated by a secured party
              which includes the terms  on  which  the  secured  party  is
              willing to accept collateral in full or partial satisfaction
              of  the  obligation  it secures pursuant to Sections 9--620,
              9--621, and 9--622.
         (66-a) "Prove" with respect to a fact means to meet the burden of
                establishing the fact (Section 1-201(8)).
         (67) "Public-finance transaction" means a secured transaction  in
              connection with which:
             (A) debt securities are issued;
             (B) all or a portion of the securities issued have an initial
                 stated maturity of at least 20 years; and
             (C) the  debtor,  obligor,  secured  party, account debtor or
                 other  person  obligated  on  collateral,   assignor   or
                 assignee of a secured obligation, or assignor or assignee
                 of  a security interest is a state or a governmental unit
                 of a state.
         (68) "Pursuant to commitment", with respect to an advance made or
              other value given by a secured party, means pursuant to  the
              secured  party's  obligation,  whether  or  not a subsequent
              event of default or  other  event  not  within  the  secured
              party's  control  has  relieved  or  may relieve the secured
              party from its obligation.
         (69) "Record",  except  as  used  in  "for  record", "of record",
              "record  or  legal  title",  and   "record   owner",   means
              information  that is inscribed on a tangible medium or which
              is  stored  in  an  electronic  or  other  medium   and   is
              retrievable in perceivable form.
         (70) "Registered  organization"  means  an organization organized
              solely under the law of a single state or the United  States
              and as to which the state or the United States must maintain
              a  public  record  showing  the  organization  to  have been
              organized.
         (71) "Secondary obligor" means an obligor to the extent that:
             (A) the obligor's obligation is secondary; or
             (B) the obligor has a right of recourse with  respect  to  an
                 obligation  secured  by  collateral  against  the debtor,
                 another obligor, or property of either.
         (72) "Secured party" means:
             (A) a person in whose favor a security interest is created or
                 provided for under a security agreement, whether  or  not
                 any obligation to be secured is outstanding;
             (B) a person that holds an agricultural lien;
             (C) a consignor;
             (D) a  person  to  which  accounts,  chattel  paper,  payment
                 intangibles, or promissory notes have been sold;
             (E) a trustee, indenture trustee, agent, collateral agent, or
                 other representative in whose favor a  security  interest
                 or agricultural lien is created or provided for; or
             (F) a  person  that  holds  a security interest arising under
                 Section 2--401, 2--505, 2--711(3), 2-A-508(5), 4--210, or
                 5--118.
         (73) "Security agreement" means  an  agreement  that  creates  or
              provides  for a security interest. A cooperative record that
              provides that the owner of a  cooperative  interest  has  an
              obligation  to  pay  amounts to the cooperative organization
              incident to ownership of that cooperative interest and which
              states that the cooperative organization has a direct remedy
              against that cooperative interest if such  amounts  are  not
              paid   is   a  security  agreement  creating  a  cooperative
              organization security interest.
         (74) "Send", in connection with a record or notification, means:
             (A) to deposit in the  mail,  deliver  for  transmission,  or
                 transmit  by any other usual means of communication, with
                 postage or cost of transmission provided  for,  addressed
                 to any address reasonable under the circumstances; or
             (B) to cause the record or notification to be received within
                 the  time  that  it  would have been received if properly
                 sent under subparagraph (A).
         (75) "Software" means  a  computer  program  and  any  supporting
              information   provided  in  connection  with  a  transaction
              relating to  the  program.  The  term  does  not  include  a
              computer  program  that  is  included  in  the definition of
              goods.
         (76) "State" means a state of the United States, the District  of
              Columbia,  Puerto Rico, the United States Virgin Islands, or
              any  territory  or  insular  possession   subject   to   the
              jurisdiction of the United States.
         (77) "Supporting  obligation"  means  a letter-of-credit right or
              secondary  obligation   that   supports   the   payment   or
              performance  of  an  account,  chattel  paper, a document, a
              general intangible, an instrument, or investment property.
         (78) "Tangible chattel paper" means chattel paper evidenced by  a
              record   or   records  consisting  of  information  that  is
              inscribed on a tangible medium.
         (79) "Termination statement" means an amendment  of  a  financing
              statement which:
             (A) identifies,  by  its  file  number, the initial financing
                 statement to which it relates; and
             (B) indicates either that it is a  termination  statement  or
                 that  the  identified  financing  statement  is no longer
                 effective.
         (80) "Transmitting utility" means a person primarily  engaged  in
              the business of:
             (A) operating  a railroad, subway, street railway, or trolley
                 bus;
             (B) transmitting         communications         electrically,
                 electromagnetically, or by light;
             (C) transmitting goods by pipeline or sewer; or
             (D) transmitting  or  producing and transmitting electricity,
                 steam, gas, or water.
  (b) Definitions in other articles. The following  definitions  in  other
  articles apply to this article:
 
       "Applicant"                                  Section 5--102.
       "Beneficiary"                                Section 5--102.
       "Broker"                                     Section 8--102.
       "Certificated security"                      Section 8--102.
       "Clearing corporation"                       Section 8--102.
       "Contract for sale"                          Section 2--106.
       "Customer"                                   Section 4--104.
       "Entitlement holder"                         Section 8--102.
       "Financial asset"                            Section 8--102.
       "Holder in due course"                       Section 3--302.
       "Issuer" (with respect to a letter of
          credit or letter-of-credit right)         Section 5--102.
       "Issuer" (with respect to a security)        Section 8--201.
       "Lease"                                      Section 2-A-103.
       "Lease agreement"                            Section 2-A-103.
       "Lease contract"                             Section 2-A-103.
       "Leasehold interest"                         Section 2-A-103.
       "Lessee"                                     Section 2-A-103.
       "Lessee in ordinary course of business"      Section 2-A-103.
       "Lessor"                                     Section 2-A-103.
       "Lessor's residual interest"                 Section 2-A-103.
       "Letter of credit"                           Section 5--102.
       "Merchant"                                   Section 2--104.
       "Negotiable instrument"                      Section 3--104.
       "Nominated person"                           Section 5--102.
       "Note"                                       Section 3--104.
       "Proceeds of a letter of credit"             Section 5--114.
       "Sale"                                       Section 2--106.
       "Securities account"                         Section 8--501.
       "Securities intermediary"                    Section 8--102.
       "Security"                                   Section 8--102.
       "Security certificate"                       Section 8--102.
       "Security entitlement"                       Section 8--102.
       "Uncertificated security"                    Section 8--102.
  (c) Article  1  definitions  and  principles. Article 1 contains general
  definitions and principles of construction and interpretation applicable
  throughout this article.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.