2013 New York Consolidated Laws
BNK - Banking
Article 13-C - (653 - 659) STATE TRANSMITTER OF MONEY INSURANCE FUND
653 - Definitions.

 
    § 653.  Definitions. 1. "Claimant", when used in this article, means a
  purchaser or holder of a New York instrument.
    2. "Federal insuring agency", when used in  this  article,  means  the
  Federal  Deposit  Insurance  Corporation  or  the  National Credit Union
  Administration.
    3. "Fund", when used in this article, means the state  transmitter  of
  money insurance fund as provided for in this article.
    4.  "Holder",  when used in this article, means a person, other than a
  purchaser, who is either (i) in possession of a New York instrument  and
  is  the  named  payee  thereon,  or  (ii)  in  possession  of a New York
  instrument issued or endorsed to him or bearer or  in  blank;  provided,
  however, that no person who is in possession of a lost, stolen or forged
  New  York instrument or who is in possession of a New York instrument by
  virtue of the fact  that  he  is  the  surety  on  a  bond  required  by
  subdivision one of section six hundred forty-three of this chapter or is
  a  receiver  or  trustee,  whether  in  bankruptcy  or otherwise, for an
  uninsured transmitter of money shall be deemed a "holder" thereof.
    5. "Insured transmitter of money" means a transmitter of  money  whose
  New York instruments are insured by a federal insuring agency.
    6.  "New  York  instrument" means a money order, check, draft or other
  instrument or document for the transmission  or  payment  of  money,  or
  which  evidences an obligation for the transmission or payment of money,
  or which evidences the purchase or deposit of funds for the purchase  of
  any such instrument or document, sold in New York, but shall not include
  a New York traveler's check.
    7.  "Purchaser"  means  a  person  who  buys  or has bought a New York
  instrument from an uninsured transmitter of money or agent thereof.
    8. "Transmitter of money" means a licensee, as such term is defined in
  subdivision two of section six hundred forty of this  chapter,  a  bank,
  trust  company,  private  banker,  savings  bank  and  savings  and loan
  association,  a  credit  union,  foreign  banking  corporation  licensed
  pursuant to article two of this chapter and any investment company which
  either  directly  or through agents transacts the business in this state
  of selling or issuing New York instruments.
    9. "New York traveler's check" means an instrument, regardless of  its
  form,  specifically  identified on the instrument as a traveler's check,
  and issued in either written form,  with  a  provision  for  a  specimen
  signature of the purchaser to be completed at the time of purchase and a
  counter-signature  of  the  purchaser to be completed at the time of its
  negotiation, or in electronic form with  provision  for  the  electronic
  equivalent  of  the  specimen  signature  and counter signature, and, in
  either case, sold in New York. An instrument shall not be identified  as
  a  traveler's  check  if  it  fails  to comply, as the case may be, with
  either  the  written  or  electronic  signature  requirements  of   this
  subdivision.
    10.  "Uninsured  transmitter  of  money"  means a transmitter of money
  other than a  banking  organization,  whose  New  York  instruments  are
  uninsured by a federal insuring agency.