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This entry was published on 2019-11-29
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SECTION 2
Definitions
Banking (BNK) CHAPTER 2, ARTICLE 1
§ 2. Definitions. 1. Bank. The term, "bank," when used in this
chapter, unless a different meaning appears from the context, means any
corporation, other than a trust company, organized under or subject to
the provisions of article three of this chapter.

2. Trust company. The term, "trust company," when used in this
chapter, unless a different meaning appears from the context, means any
corporation or limited liability trust company organized under or
subject to the provisions of article three of this chapter, having, in
addition to the other powers specified in such article, the fiduciary
powers specified therein. The definitions set forth in section two-b of
this article shall be utilized when the provisions of this chapter are
applied to the formation and operation of limited liability trust
companies.

3. Private banker. The term, "private banker," when used in this
chapter, means an individual or partnership duly authorized by the
superintendent to engage in the business of a private banker pursuant to
the provisions of article four of this chapter.

4. Savings bank. The term, "savings bank," when used in this chapter,
means any corporation organized under or subject to the provisions of
article six of this chapter. Such term shall include stock-form savings
banks which shall be subject to the provisions of article six of this
chapter to the extent not otherwise provided by the superintendent of
financial services pursuant to regulations promulgated under section
fourteen-e of this chapter.

6. Safe deposit company. The term, "safe deposit company," when used
in this chapter, means any corporation organized under or subject to the
provisions of article eight of this chapter.

7. Licensed lender. The term, "licensed lender," when used in this
chapter, means any person or other entity duly authorized by the
superintendent to engage in business pursuant to the provisions of
article nine of this chapter. The terms, "licensee," and "licensees,"
when used in article nine of this chapter, mean a licensed lender or
licensed lenders.

8. Savings and loan association. The term, "savings and loan
association," when used in this chapter, means any corporation organized
under or subject to the provisions of article ten of this chapter. Such
term shall include stock-form savings and loan associations which shall
be subject to the provisions of article ten of this chapter to the
extent not otherwise provided by the superintendent of financial
services pursuant to regulations promulgated under section fourteen-e of
this chapter.

9. Credit union. The term, "credit union," when used in this chapter,
means any corporation organized under article eleven of chapter six
hundred eighty-nine of the laws of nineteen hundred nine, as amended by
chapter five hundred eighty-two of the laws of nineteen hundred
thirteen, or under article eleven of this chapter. Every such
corporation shall be a non-stock corporation.

10. Investment company. The term, "investment company," when used in
this chapter, means any corporation or limited liability investment
company organized under or subject to the provisions of article twelve
of this chapter. The definitions set forth in section two-a of this
article shall be utilized when the provisions of this chapter are
applied to the formation and operation of limited liability investment
companies.

10-a. Mutual trust investment company. The term "mutual trust
investment company" when used in this chapter, means an investment
company as defined by an act of congress entitled the "Investment
Company Act of 1940", approved August twenty-second, nineteen hundred
forty, as amended, provided that (a) such company is organized under or
subject to the provisions of article twelve-A of this chapter; and (b)
all of the stock and shares, other than stock or shares required by law
to qualify directors of such investment company, are or are to be owned
by trust companies or national banks having trust powers and having
their principal offices within the state of New York or their nominees
or the nominees of such corporate fiduciaries and individual
co-fiduciaries.

11. Banking organizations. The term, "banking organizations," when
used in this chapter, means and includes all banks, trust companies,
private bankers, savings banks, safe deposit companies, savings and loan
associations, credit unions and investment companies.

12. Time deposits. The term, "time deposits," when used in this
chapter, and except as provided otherwise by regulation of the
superintendent of financial services, means all deposits the payment of
which cannot legally be required within fourteen days.

13. Demand deposits. The term, "demand deposits," when used in this
chapter, and except as provided otherwise by regulation of the
superintendent of financial services, means deposits payment of which
can legally be required within fourteen days.

14. Net demand deposits. The term, "net demand deposits," when used in
this chapter, means the total of all deposits, and of all amounts due to
banking corporations and private bankers and of all amounts due on
certified and officers' checks, letters of credit and travelers' checks
sold for cash, and for unpaid dividends, less the following items:

(a) Time deposits;

(b) Amounts due on demand from banking corporations organized under
the laws of the United States or any state of the United States and
private bankers other than a federal reserve bank and reserve
depositaries.

15. Reserves on hand. The term, "reserves on hand," when used in this
chapter, means the reserves against deposits kept in the vault of any
banking organization.

16. Reserves on deposit. The term, "reserves on deposit," when used in
this chapter, means the reserves against deposits maintained with a
federal reserve bank located in this state and with reserve depositaries
by any banking organization, pursuant to the provisions of this chapter.

17. Total reserves. The term, "total reserves," when used in this
chapter, means the aggregate of reserves on hand and reserves on deposit
maintained pursuant to the provisions of this chapter.

18. Reserve depositary. The term, "reserve depositary," when used in
this chapter, means a banking corporation or private banker designated
by the superintendent as a depositary for reserves on deposit.

19. Stockholder. The term, "stockholder," when used in this chapter,
unless otherwise qualified, means a person who appears by the books of a
stock corporation to be the owner and holder of one or more shares of
the stock of such corporation.

20. Shareholder. The term, "shareholder," when used in this chapter,
means a member of a mutual savings and loan association or a member of a
credit union.

21. Population. The term, "population," when used in this chapter,
means population as determined by the latest federal census; or when
used in connection with the words "unincorporated village," as
determined by the superintendent from the best available sources of
information.

22. Capital stock. The term, "capital stock," when used in this
chapter in connection with any stock corporation subject to this
chapter, means the aggregate par value of all outstanding shares of
every class.

24. Deed of trust. The term "mortgage", when used in this chapter,
shall, unless the context otherwise requires, include a deed of trust
securing a loan; provided, however, that in applying the recording
provisions of this chapter in the case of any obligation secured by a
deed of trust, such provisions shall be deemed to require only that such
deed of trust be recorded in the name of the trustee or trustees
thereunder.

25. Bond and mortgage. The term "bond and mortgage", when used in this
chapter, in referring to investments in or loans secured by mortgages on
real estate, shall, unless the context otherwise requires, include a
note secured by such mortgage.

26. Minor or infant. The term, "minor" or "infant", when used in this
chapter, shall mean a person who has not attained the age of eighteen
years; provided, however, that such definition shall not be applicable
to any provision relating to the New York Uniform Transfers to Minors
Act.

27. Trust office. The term "trust office", when used in this chapter,
means an office of a trust company at which the activities conducted are
limited to one or more of the fiduciary activities permitted for a trust
company under this chapter and such non-fiduciary activities as may be
ancillary to those activities. A trust office shall not be considered to
be a branch office pursuant to any other provisions of this chapter.

(28) Department. The term "department" means the department of
financial services of this state.

(29) Superintendent. The term "superintendent" means the
superintendent of financial services of this state.

30. Consummation of a mortgage loan. The term "consummation of a
mortgage loan" means, for purposes of the act of congress entitled Truth
in Lending Act and the regulations thereunder and the Real Estate
Settlement Procedures Act of 1974, as amended, and the regulations
thereunder, when the applicant for the mortgage loan executes the
promissory note and mortgage including by electronic signature, in
accordance with applicable federal and state laws, rules, and
regulations.

31. Members of a borrower's social network. The term "members of a
borrower's social network" means a group of individuals authorized by a
borrower to be part of his or her social media communications and
network.